Quake's economic costs emerging
Asian governments and international agencies are reeling at the potential economic devastation left by the Asian tsunami and floods. World Bank presid…
Bush to outline 'toughest' budget
President Bush is to send his toughest budget proposals to date to the US Congress, seeking large cuts in domestic spending to lower the deficit. Abou…
Yukos unit fetches $9bn at auction
A little-known Russian company has bought the main production unit of oil giant Yukos at auction in Moscow. Baikal Finance Group outbid favourite Gazp…
Germany calls for EU reform
German Chancellor Gerhard Schroeder has called for radical reform of the EU's stability pact to grant countries more flexibility over their budget def…
Beijingers fume over parking fees
Choking traffic jams in Beijing are prompting officials to look at reorganising car parking charges. Car ownership has risen fast in recent years, and…
Iraq and Afghanistan in WTO talks
The World Trade Organisation (WTO) is to hold membership talks with both Iraq and Afghanistan. But Iran's bid to join the trade body has been refused …
Italy to get economic action plan
Italian Prime Minister Silvio Berlusconi will unveil plans aimed at kickstarting the country's sputtering economy on Thursday night in Rome. He will p…
Ban on forced retirement under 65
Employers will no longer be able to force workers to retire before 65, unless they can justify it. The government has announced that firms will be bar…
China bans new tobacco factories
The world's biggest tobacco consumer, China, has said it will not allow any new tobacco factories to be built. China already has more than enough ciga…
Wal-Mart to pay $14m in gun suit
The world's largest retailer, Wal-Mart, has agreed to pay a total of $14.5m (£7.74m) to settle a lawsuit over gun sales violations in California. The …
Disaster claims 'less than $10bn'
Insurers have sought to calm fears that they face huge losses after an earthquake and giant waves killed at least 38,000 people in southern Asia. Muni…
Criminal probe on Citigroup deals
Traders at US banking giant Citigroup are facing a criminal investigation in Germany over a controversial bond deal. The deal saw the sale of 11bn eur…
Japan turns to beer alternatives
Japanese brewers are increasingly making money from beer-flavoured drinks rather than beer itself Beer and spirits are heavily taxed in Japan, driving…
Yukos seeks court action on sale
Yukos will return to a US court on Wednesday to seek sanctions against Baikal Finance Group, the little-known firm which has bought its main asset. Yu…
EC calls truce in deficit battle
The European Commission (EC) has called a truce in its battle with France and Germany over breaching deficit limits. The move came after France and Ge…
Business fears over sluggish EU economy
As European leaders gather in Rome on Friday to sign the new EU constitution, many companies will be focusing on matters much closer to home - namely …
Five million Germans out of work
Germany's unemployment figure rose above the psychologically important level of five million last month. On Wednesday, the German Federal Labour Agenc…
Making your office work for you
Our mission to brighten up your working lives continues - and this time, we're taking a long hard look at your offices. Over the next few months, our …
Strong quarterly growth for Nike
Nike has reported its best second-quarter earnings, helped by strong demand for its athletic shoes and Converse sneakers. The global sports giant said…
Rover deal 'may cost 2,000 jobs'
Some 2,000 jobs at MG Rover's Midlands plant may be cut if investment in the firm by a Chinese car maker goes ahead, the Financial Times has reported.…
G7 backs Africa debt relief plan
G7 finance ministers have backed plans to write off up to 100% of the debts of some of the world's poorest countries. UK chancellor Gordon Brown said …
India's Deccan seals $1.8bn deal
Air Deccan has ordered 30 Airbus A320 planes in a $1.8bn (£931m) deal as India's first low-cost airline expands in the fast-growing domestic market. A…
Argentina, Venezuela in oil deal
Argentina and Venezuela have extended a food-for-oil deal, which helped the former to overcome a severe energy crisis last year. Argentine President N…
Iran budget seeks state sell-offs
Iran's president, Mohammad Khatami, has unveiled a budget designed to expand public spending by 30% but loosen the Islamic republic's dependence on oi…
German jobless rate at new record
More than 5.2 million Germans were out of work in February, new figures show. The figure of 5.216 million people, or 12.6% of the working-age populati…
Chinese dam firm 'defies Beijing'
The China Three Gorges Project Corp is refusing to obey a government order to stop construction of one of its giant dams, the Chinese state press has …
Japanese banking battle at an end
Japan's Sumitomo Mitsui Financial has withdrawn its takeover offer for rival bank UFJ Holdings, enabling the latter to merge with Mitsubishi Tokyo. Su…
Palestinian economy in decline
Despite a short-lived increase in Palestinian jobs in 2003, the economy is performing well below its potential, said a World Bank report. Unemployment…
US industrial output growth eases
US industrial production continued to rise in November, albeit at a slower pace than the previous month. The US Federal Reserve said output from facto…
Peugeot deal boosts Mitsubishi
Struggling Japanese car maker Mitsubishi Motors has struck a deal to supply French car maker Peugeot with 30,000 sports utility vehicles (SUV). The tw…
MG Rover China tie-up 'delayed'
MG Rover's proposed tie-up with China's top carmaker has been delayed due to concerns by Chinese regulators, according to the Financial Times. The pap…
India seeks to boost construction
India has cleared a proposal allowing up to 100% foreign direct investment in its construction sector. Kamal Nath, Commerce and Industry Minister, ann…
French wine gets 70m euro top-up
The French government is to hand its struggling wine industry 70m euros ($91m) in aid to help it battle falling sales and damaging overproduction. The…
WMC profits up amid bid criticism
Australian mining firm WMC Resources has seen a fivefold rise in profits while continuing to be the target of a hostile takeover bid. WMC said it made…
Turkey-Iran mobile deal 'at risk'
Turkey's investment in Iran's mobile industry looks set to be scrapped after its biggest mobile firm saw its investment there slashed by MPs. Iran's p…
India and Iran in gas export deal
India has signed a $40bn (£21bn) deal to import millions of tonnes of liquefied natural gas from Iran. Firms led by the Oil & Natural Gas Corporation …
EU 'too slow' on economic reforms
Most EU countries have failed to put in place policies aimed at making Europe the world's most competitive economy by the end of the decade, a report …
Further rise in UK jobless total
The UK's jobless total rose for the second month in a row in December, official figures show. The number of people out of work rose 32,000 to 1.41 mil…
India opens skies to competition
India will allow domestic commercial airlines to fly long haul international routes, a move it hopes will stoke competition and drive down prices. How…
Iraqi voters turn to economic issues
Beyond the desperate security situation in Iraq lies an economy in tatters. A vicious cycle of unemployment, poor social services and poverty has been…
Steel firm 'to cut' 45,000 jobs
Mittal Steel, one of the world's largest steel producers, could cut up to 45,000 jobs over the next five years, its chief executive has said. The Neth…
Feta cheese battle reaches court
A row over whether only Greece should be allowed to label its cheese feta has reached the European Court of Justice. The Danish and German governments…
Christmas shoppers flock to tills
Shops all over the UK reported strong sales on the last Saturday before Christmas with some claiming record-breaking numbers of festive shoppers. A sp…
Mixed Christmas for US retailers
US retailers posted mixed results for December - with luxury retailers faring well while many others were forced to slash prices to lift sales. Upscal…
China now top trader with Japan
China overtook the US to become Japan's biggest trading partner in 2004, according to numbers released by Japan's Finance Ministry on Wednesday. China…
Rich grab half Colombia poor fund
Half of the money put aside by the Colombian government to help the country's poor is benefiting people who do not need it, a study has found. A total…
China had role in Yukos split-up
China lent Russia $6bn (£3.2bn) to help the Russian government renationalise the key Yuganskneftegas unit of oil group Yukos, it has been revealed. Th…
FAO warns on impact of subsidies
Billions of farmers' livelihoods are at risk from falling commodity prices and protectionism, the UN's Food & Agriculture Organisation has warned. Tra…
Cars pull down US retail figures
US retail sales fell 0.3% in January, the biggest monthly decline since last August, driven down by a heavy fall in car sales. The 3.3% fall in car sa…
BMW drives record sales in Asia
BMW has forecast sales growth of at least 10% in Asia this year after registering record sales there in 2004. The luxury carmaker saw strong sales of …
Millions 'to lose textile jobs'
Millions of the world's poorest textile trade workers will lose their jobs under new trade rules to be introduced in the new year, a charity has warne…
House prices suffer festive fall
UK house prices fell 0.7% in December, according to figures from the Office of the Deputy Prime Minister. Nationally, house prices rose at an annual r…
Aids and climate top Davos agenda
Climate change and the fight against Aids are leading the list of concerns for the first day of the World Economic Forum in the Swiss resort of Davos.…
US manufacturing expands
US industrial production increased in December, according to the latest survey from the Institute for Supply Management (ISM). Its index of national m…
India's Deccan gets more planes
Air Deccan has signed a deal to acquire 36 planes from Avions de Transport Regional (ATR). The value of the deal has not been revealed, because of a c…
Argentina closes $102.6bn debt swap
Argentina is set to close its $102.6bn (£53.51bn) debt restructuring offer for bondholders later on Friday, with the government hopeful that most cred…
Alfa Romeos 'to get GM engines'
Fiat is to stop making six-cylinder petrol engines for its sporty Alfa Romeo subsidiary, unions at the Italian carmaker have said. The unions claim Fi…
India unveils anti-poverty budget
India is to boost spending on primary schools and health in a budget flagged as a boost for the ordinary citizen. India's defence budget has also been…
Stormy year for property insurers
A string of storms, typhoons and earthquakes has made 2004 the most expensive year on record for property insurers, according to Swiss Re. The world's…
BMW cash to fuel Mini production
Less than four years after the new Mini was launched, German car maker BMW has announced £100m of new investment. Some 200 new jobs are to be created …
Asia quake increases poverty risk
Nearly two million people across Asia could be thrown into poverty because of the Indian Ocean tsunami, the Asian Development Bank (ADB) has said. In …
Salary scandal in Cameroon
Cameroon says widespread corruption in its finance ministry has cost it 1bn CFA francs ($2m; £1m) a month. About 500 officials are accused of either a…
Aviation firms eye booming India
India's defence minister has opened the country's Aero India 2005 air show with an invitation for global aerospace firms to outsource jobs to the nati…
Crossrail link 'to get go-ahead'
The £10bn Crossrail transport plan, backed by business groups, is to get the go-ahead this month, according to The Mail on Sunday. It says the UK Trea…
Nissan names successor to Ghosn
Nissan has named a lifetime employee to run its operations after Carlos Ghosn, its highly successful boss, takes charge at Renault. As chief operating…
IMF agrees fresh Turkey funding
Turkey has agreed a draft proposal with the International Monetary Fund to borrow $10bn (£5.19bn), extending its ongoing financial support until 2007.…
Ukraine revisits state sell-offs
Ukraine is preparing what could be a wholesale review of the privatisation of thousands of businesses by the previous administration. The new Presiden…
Newest EU members underpin growth
The European Union's newest members will bolster Europe's economic growth in 2005, according to a new report. The eight central European states which …
Go-ahead for Balkan oil pipeline
Albania, Bulgaria and Macedonia has given the go ahead for the construction of a $1.2bn oil pipeline that will pass through the Balkan peninsula. The …
GM, Ford cut output as sales fall
US car firms General Motors (GM) and Ford have been forced to cut production in the face of falling car sales. US sales at GM sank 12.7% in February c…
China suspends 26 power projects
China has ordered a halt to construction work on 26 big power stations, including two at the Three Gorges Dam, on environmental grounds. The move is a…
Ukraine steel sell-off 'illegal'
The controversial sell-off of a Ukrainian steel mill to a relative of the former president was illegal, a court has ruled. The mill, Krivorizhstal, wa…
Honda wins China copyright ruling
Japan's Honda has won a copyright case in Beijing, further evidence that China is taking a tougher line on protecting intellectual property rights. A …
Georgia plans hidden asset pardon
Georgia is offering a one-off 'tax amnesty' to people who hid their earnings under the regime of former president Eduard Shevardnadze. The country's n…
India and Russia in energy talks
India and Russia are to work together in a series of energy deals, part of a pact which could see India invest up to $20bn in oil and gas projects. On…
India widens access to telecoms
India has raised the limit for foreign direct investment in telecoms companies from 49% to 74%. Communications Minister Dayanidhi Maran said that ther…
Indy buys into India paper
Irish publishing group Independent News & Media is buying up a 26% stake in Indian newspaper company Jagran in a deal worth 25m euros ($34.1m). Jagran…
Egypt and Israel seal trade deal
In a sign of a thaw in relations between Egypt and Israel, the two countries have signed a trade protocol with the US, allowing Egyptian goods made in…
US in EU tariff chaos trade row
The US has asked the World Trade Organisation to investigate European Union customs tariffs, which it says are inconsistent and hamper trade. The EU's…
Germany nears 1990 jobless level
German unemployment rose for the 11th consecutive month in December - making the year's average jobless total the highest since reunification. The sea…
Consumers drive French economy
France's economic growth accelerated in the last three months of 2004, driven by consumer spending, a report shows. Gross domestic product (GDP) rose …
Pension hitch for long-living men
Male life expectancy is much higher than originally estimated, leading pension researchers have said. The Pensions Policy Institute (PPI) said life ex…
Yangtze Electric's profits double
Yangtze Electric Power, the operator of China's Three Gorges Dam, has said its profits more than doubled in 2004. The firm has benefited from increase…
India's Reliance family feud heats up
The ongoing public spat between the two heirs of India's biggest conglomerate, Reliance Group, has spilled over to the board meeting of a leading comp…
Boeing secures giant Japan order
Boeing is to supply Japan Airlines with up to 50 of its forthcoming 7E7 planes in a deal that could be worth as much as $6bn (£3.1bn) for the US giant…
India calls for fair trade rules
India, which attends the G7 meeting of seven leading industrialised nations on Friday, is unlikely to be cowed by its newcomer status. In London on Th…
Green reports shun supply chain
Nearly 20% more UK top 250 firms produced non-financial reports on social and environment issues than last year. But of the 145 companies reporting, 7…
Golden rule boost for Chancellor
Chancellor Gordon Brown has been given a £2.1bn boost in his attempts to meet his golden economic rule, which allows him to borrow only for investment…
Electronics firms eye plasma deal
Consumer electronics giants Hitachi and Matshushita Electric are joining forces to share and develop technology for flat screen televisions. The tie-u…
Hyundai to build new India plant
South Korea's Hyundai Motor has announced that it plans to build a second plant in India to meet the country's growing demand for cars. The company di…
Indian oil firm eyes Yukos assets
India's biggest oil exploration firm, Oil & Natural Gas Corp (ONGC), says it is in talks to buy the former assets of troubled Russian crude producer Y…
World leaders gather to face uncertainty
More than 2,000 business and political leaders from around the globe are arriving in the Swiss mountain resort Davos for the annual World Economic For…
Indonesia 'declines debt freeze'
Indonesia no longer needs the debt freeze offered by the Paris Club group of creditors, Economics Minister Aburizal Bakrie has reportedly said. Indone…
Businesses fail to plan for HIV
Companies fail to draw up plans to cope with HIV/Aids until it affects 20% of people in a country, new research says. The finding comes in a report pu…
Record year for Chilean copper
Chile's copper industry has registered record earnings of $14.2bn in 2004, the governmental Chilean Copper Commission (Cochilco) has reported. Strong …
Tsunami slows Sri Lanka's growth
Sri Lanka's president has launched a reconstruction drive worth $3.5bn (£1.8bn) by appealing for peace and national unity. President Kumaratunga said …
Venezuela reviews foreign deals
Venezuela is to review all foreign investment in its mining industries in an effort to strengthen its indigenous industrial output. President Hugo Cha…
Trade gap narrows as exports rise
The UK's trade gap narrowed in November, helped by a 7.5% rise in exports outside the European Union. According to the Office for National Statistics,…
Cash gives way to flexible friend
Spending on credit and debit cards has overtaken cash spending in the UK for the first time. The moment that plastic finally toppled cash happened at …
Brazil jobless rate hits new low
Brazil's unemployment rate fell to its lowest level in three years in December, according to the government. The Brazilian Institute for Geography and…
BBC poll indicates economic gloom
Citizens in a majority of nations surveyed in a BBC World Service poll believe the world economy is worsening. Most respondents also said their nation…
Renault boss hails 'great year'
Strong sales outside western Europe helped Renault boost its profits by more than 40% in 2004 although the firm warned of lower margins this year. Fra…