International News - Page 7

BMW extends joint venture with Chinese auto firm till 2028

BMW declined to comment about the details of the contract extension between the two companies, or say whether this entailed more ambitious expansion plans.

Despite crippling economic crisis, Spain spends millions to support football teams

An Associated Press review of official documents shows that Spain's highly autonomous regions are helping to keep some teams alive through massive direct cash injections. Some politicians and ordinary Spaniards are questioning the generous support amid hospital downsizing, teacher layoffs and chronic delays in payments for needy people.<br />

Will be surprised if India's GDP doesn't grow well over next few years, says Cisco chief

Narendra Modi, India's newly appointed Prime Minister, has an excellent reputation as being "decisive and focused" on business, which is going to be "very good" for the country, John Chambers said.

Obama invites Narendra Modi to visit US despite earlier visa ban

Modi's Bharatiya Janata Party (BJP) and its allies swept India's elections, putting him in position to be prime minister, and ousted the ruling Nehru-Gandhi dynasty in a seismic political shift that gives the Hindu nationalist and his party a mandate for sweeping economic reform.<br />

McDonald's Crimea loss is Burger King's gain. Here's why

Burger King Russia has announced it would open restaurants in Crimea after exit of its rival McDonald's from the peninsula, the media reported.

China draws $10.7 bn FDI in January, investment in manufacturing slumps

FDI inflows into China in 2013 rose to a record $117.6 billion.<br />

Gloomy forecast: Global economy set to end year in a fragile state

A relentless slide in oil prices -- Brent Crude has almost halved in price since June -- while a blessing to most rich world consumers, is becoming a curse for countries reliant on resource exports.

Swiss National Bank to charge 0.25% for deposits from next year

Switzerland's central bank today announced it was introducing negative interest rates, in a bid to stop the Swiss franc -- a safe haven currency -- from gaining further value.

What are the financial markets making out of Janet Yellen's mumbo jumbo

People who head central banks are not the kind who talk in a language that is easily understood. As Alan Greenspan, the Chairman of the Federal Reserve of the United States, the American central bank, from 1988 to 2006, once said "I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said."

Our economy will rebound, says Vladimir Putin

President Vladimir Putin said on Thursday Russia's economy would inevitably rebound after the rouble's dramatic slide this year but offered no remedy to a deepening financial crisis.<br />

Sanctions may last for decades, says Russian Economy Minister

Western sanctions over Russia's role in the Ukraine crisis are likely to last "for a very long time", possibly decades, Economy Minister Alexei Ulyukayev told Vedomosti newspaper.

No safe haven: Swiss National Bank to charge 0.25% for deposits

The Swiss National Bank on Thursday said it would introduce a negative exchange rate of -0.25 percent on sight deposit account balances at the central bank as it seeks to deter safe-haven buying.

Will overcome economic crisis, says Russian PM

Russian Prime Minister Dmitry Medvedev today assured ministers and industry leaders that the country had enough monetary resources to overcome the economic crisis despite the ruble's plunge in value.

Russian woes to not have any impact on US Fed rate decision

A sturdy US recovery is expected to trump global economic worries as the Federal Reserve concludes its last policy meeting of 2014 on Wednesday, with officials likely to signal they are still on track to raise interest rates next year.

Saudi Arabi to continue massive public spending despite fall in crude prices

Saudi Arabia will continue massive public spending despite a 50 percent drop in the price of oil<br /> which provides the bulk of the kingdom's revenue, the finance minister said today.

Honda to recall over 5.7 lakh cars in China

Japanese carmaker Honda will recall almost 570,000 vehicles in China from February due to potentially defective airbags, China's quality watchdog said.

Emerging markets continue to fall as Brent breaks below $60

A plunge in oil below $60 and the failure of an emergency interest rate rise to stabilise Russia's rouble sent another shock through global financial markets on Tuesday, adding to a growing sense of crisis in a volatile end to 2014.

November US manufacturing output surges to 1.1%

US manufacturing output recorded its largest increase in nine months in November as production expanded across the board, pointing to underlying strength in the economy.

Oil, coal, iron ore prices at pre-2008 crisis levels, more downside expected

Tumbling oil, coal and iron ore prices are now all at levels last seen during or before the financial crisis of 2008/2009, signalling not only the impact of a glut of supplies but deeper weakness in parts of the global economy, analysts say.

Japan snap-polls: Will Abenomics be the people's choice

Japan was voting today in a snap general election Prime Minister Shinzo Abe has billed as a referendum on his economic policies after the initial success of his first two years faded as the country slumped into recession.

OPEC: Crude prices have fallen below fundamentals

The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) said on Sunday the price of oil had fallen further than market fundamentals would have dictated.

Sebi to put in place new mechanism for surveillance of traded debt instruments

In the wake of growing interest in debt market, capital markets regulator Sebi is considering putting in place a new mechanism for surveillance of debt instruments traded on the stock exchanges.

Dreamworks plans new 'family-oriented' channel for Asia by 2015

Singapore-based HBO Asia will manage affiliate sales and marketing as well as technical services for the new channel.<br />

UK's 'Google tax' to target inter-compay payments

Corporate tax avoidance has become a big political issue in Britain in recent years.<br />

Dutch judges ban ride-sharing service UberPOP

Dutch judges today banned the popular ride-sharing service UberPOP from taking bookings via its smartphone app, threatening the US company with fines of up to $123,000.<br />

Operation Fox Hunt: China seeks US help to track down corrupt officials in hiding

China has vowed to expand a "fox hunt" for corrupt officials and business executives beyond its borders but it does not have an extradition treaty with the United States, which China has said is one of the most popular destinations for so-called economic fugitives.

Won't lose mkt share: Saudi Arabia steeply cuts January oil prices for Asia and US buyers

Saudi Arabia steeply cut its January oil prices for Asian and U.S. buyers on Thursday, a move some analysts said showed it was stepping up a battle for market share a week after refusing to support OPEC output cuts.

Uber raises $1.2 bn in new funding round, valued at whopping $40 bn

The funding would allow Uber to invest, particularly in the Asia Pacific region, Chief Executive Travis Kalanick said in a blog post on Thursday.<br /> <br />

German travellers stranded as Lufthansa pilots go on strike

Pilots at Lufthansa started their second strike this week on Thursday, grounding about half of scheduled long-haul flights at the German flagship carrier, in a drawn-out dispute over an early retirement scheme