China on Saturday cut its growth target for this year to a range of 6.5 to seven percent, as the world's second-largest economy faces a litany of challenges from overcapacity to weak trade.

The country is a key driver of global growth but expansion fell last year to 6.9 percent, its slowest in a quarter of a century, and worries over its health have sent tremors through stock markets around the world.

Moody's has lowered the credit ratings of Oman and Bahrain and placed the remaining Gulf oil exporters on review for downgrade, saying low crude prices have weakened their economies.

The cut was made to "reflect the impact of the continued large fall in oil prices," the ratings agency said in a statement late Friday.

The U.S. trade deficit grew more than expected in January as exports slumped, outpacing the fall in imports amid a slowing global economy, Commerce Department data released Friday showed. 

The trade gap increased 2.2 percent to $45.7 billion in January, the largest shortfall in five months and well above the analyst estimate of $44.0 billion.

Beleaguered German auto giant Volkswagen Friday announced new dates for its 2015 annual results and shareholder meeting after postponing them over the a massive probe into its global emissions-cheating scandal. 

The earnings news conference, which had been scheduled for March 10, will now be held on April 28 at its headquarters in the northern town of Wolfsburg, the carmaker said in a statement.

Luggage giant Samsonite said Friday it would buy U.S. luxury bag maker Tumi in a deal worth $1.8 billion that analysts said would give the firm a foothold in the lucrative Chinese high-end market.

In a statement to the Hong Kong exchange, where it listed five years ago, Samsonite said it would pay $26.75 a share for the firm -- a third more than its value on Wednesday before the likely buyout was sounded.

Britain's car industry on Thursday backed the campaign to stay in the EU, but pro-Brexit supporters warned over red tape costs as the membership referendum battle shakes up the business community.

With less than four months until the vote, car industry body the Society of Motor Manufacturers and Traders (SMMT) revealed three quarters of its members believed staying in Europe was best for business.

Starbucks coffee chain will open its first two cafes in South Africa in April, the company announced Thursday, marking its entry into sub-Saharan Africa.

The coffee shops will be located in upmarket shopping malls in and near the financial capital Johannesburg, catering for South Africa's growing urban coffee market.

Emirates Airline, which was scheduled to launch what it called the world's longest non-stop flight this month  between Dubai and Panama City, said Wednesday it was postponing those plans for around a year.

The launch, which had been slated for March 31, will now occur in late 2016 or early 2017 due to "operational factors," the Dubai airline said in a statement released in Panama.

Russian President Vladimir Putin said Wednesday that he had sealed a pact with the country's oil majors to freeze production as proposed last month by Moscow and Saudi Arabia to curb slumping prices. 

Oil prices fell Wednesday as traders awaited the release of U.S. crude inventory data, which are expected to show a further rise in stockpiles.

At around 1100 GMT, the U.S. benchmark West Texas Intermediate (WTI) for delivery in April slid 74 cents to stand at $33.66 a barrel.