Trade ministers from the United States and 11 other countries opened talks Saturday in an attempt to meet a U.S. deadline to forge a trans-Pacific trade pact before the end of the year.

However, analysts said an agreement on the proposed Trans-Pacific Partnership (TPP) was unlikely to be reached during the four-day meeting, and activists slammed the U.S. for its "manipulative" tactics in a bid to get a deal done.

EU Trade Commissioner Karl De Gucht said Saturday a hard-won agreement on international commerce had saved the World Trade Organization from "the darkness of irrelevance".

"I am relieved because today marks the return of the WTO from the darkness of multilateral irrelevance into the light of multilateral action and success," he said in a statement.

Economists slapped down speculation that Nelson Mandela's death could prompt an economic and financial slump in South Africa, but warned the gains he inspired remain fragile.

Analysts pointed to a strong showing by the Johannesburg Stock Exchange on Friday and the rand despite news of his death, dismissing doomsayers who predicted the 95-year-old's demise would spark a crisis.

Greece's parliament prepared Saturday to approve next year's budget, which forecasts an end to the recession that has gripped the country since 2008.

The coalition government has a four-seat majority in parliament, and the budget is expected to pass, notably since more controversial legislation covering property issues will be debated separately next week.

Anglo-Dutch oil giant Shell has abandoned plans to build a U.S. facility to convert natural gas into diesel and other fuels, citing high costs.

"Royal Dutch Shell plc ... announces that the company will not move forward with the proposed 140,000 barrels per day Gulf Coast gas-to-liquids (GTL) project in Louisiana and will suspend any further work on the project," it said in a statement issued late on Thursday.

Germany's central bank raised its growth forecast for the German economy next year to 1.7 percent on Friday, citing expanding domestic demand in its upbeat assessment.

The forecast was up from the Bundesbank's prediction made in June of 1.5 percent gross domestic product growth for 2014 based on an easing of the wider eurozone crisis.

World commerce ministers engaged in feverish bargaining Friday, trying to salvage a trade package on the final day of a WTO meeting amid warnings that failure could permanently cripple the global trade body.

New World Trade Organization chief Roberto Azevedo of Brazil is pushing for agreement on a modest package of measures at a conference on the Indonesian resort island of Bali.

Ensuring greater access to affordable health care is a crucial factor in alleviating poverty and promoting economic growth, World Bank President Jim Yong Kim said Friday in announcing ambitious targets for preventing and treating chronic illnesses in developing countries.

About 100 million people are impoverished by medical expenses each year. The World Bank and World Health Organization aim by 2020 to reduce that figure by half and by 2030 to eliminate it altogether.

China Mobile, the world's biggest wireless operator, said Thursday it is still negotiating with U.S. technology giant Apple over offering iPhones on its huge network and that a deal has yet to be reached.

The Wall Street Journal quoted unnamed sources as saying that the two companies have inked an agreement to add iPhones to the colossal telecom firm's roster of compatible devices later this month.

Australian carrier Qantas announced the axing of 1,000 jobs and warned of "immense" challenges ahead in a shock profit downgrade Thursday, flagging a half-year loss of up to Aus$300 million (U.S.$271 million).

Chief executive Alan Joyce said conditions had seen a "marked" deterioration and the airline was battling "extraordinary circumstances" including record fuel costs, a strong Australian dollar and fierce competition from subsidized rivals.