TOKYO (AP) ― Japan said Saturday it will take steps to forgive about 300 billion yen ($3.7 billion) of Myanmar’s debt and resume full-fledged development aid as a way to support the country’s democratic and economic reforms.The government made the announcement after a meeting between Prime Minister Yoshihiko Noda and Myanmar President Thein Sein following a summit with leaders from the five nations of the Mekong River region.Myanmar’s military junta last year handed power to a nominally civilian

April 22, 2012

Greece’s four biggest banks reported a combined loss of 27.9 billion euros ($36.9 billion) for last year after participating in the country’s debt exchange, the largest sovereign restructuring in history. The four, including National Bank of Greece, EFG Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA, said they wrote down about 25 billion euros in the combined value of their Greek government bond holdings. Prime Minister Lucas Papademos is trying to finalize a plan to recapitalize Greek

April 22, 2012

American Airlines will cut 1,200 airport baggage and cargo jobs and close an Arizona reservations center under a bankruptcy restructuring plan to trim annual labor spending by $1.25 billion. Wednesday’s announcement of new reductions means all of the carrier’s airport jobs in seven U.S. and two Canadian cities will be outsourced. AMR Corp.’s American detailed changes for the nonunion group 11 weeks after telling other workers it would do away with 13,000 of their jobs, freeze pensions and make w

April 19, 2012

Italian Prime Minister Mario Monti pushed back his balanced-budget goal amid a deepening recession, six weeks after Spain helped reignite Europe’s debt crisis by abandoning its own deficit target. The Italian government, which had vowed to balance the budget in 2013, now expects a shortfall of 0.5 percent of gross domestic product next year, the Cabinet said in an e-mailed statement after meeting in Rome Wednesday to revise its three-year economic plan. The deficit of 0.1 percent previously esti

April 19, 2012

Japan reported the fastest export growth in a year and a smaller-than-expected trade deficit, boosting prospects that the recovery in the world’s third- biggest economy will be sustained. Outbound shipments rose 5.9 percent in March from a year earlier, exceeding the median estimate in a Bloomberg News survey for a gain of 0.2 percent. The deficit was 82.6 billion yen ($1 billion), less than the median forecast for a 223.2 billion yen shortfall. Comparisons are distorted by the earthquake in Mar

April 19, 2012

TOKYO (AFP) ― Japanese electronics giant Toshiba said Tuesday it would pay about $850.0 million for IBM’s retail products unit, with the U.S. firm saying it would create the world’s leading point-of-sale company.The transaction was expected to be completed later in the year, with the move aimed at retailers who “will benefit from accelerated development of new products and solutions,” the Japanese firm said in a statement.The deal comes as Japanese firms take advantage of a high yen to explore o

April 18, 2012

TOKYO (AP) ― A Tokyo developer took visitors up the world’s tallest freestanding broadcast structure on Tuesday, a 634-meter tower with special technology meant to withstand earthquakes that often strike Japan.The Tokyo Skytree is the world’s second-tallest structure behind the 828-meter Burj Khalifa in Dubai, according to owner Tobu Tower Skytree Co.The needle-like radio and television tower opens to the public on May 22.Journalists given a tour Tuesday saw sweeping if hazy views of the Tokyo s

April 18, 2012

Firm says expansion overseas, higher prices drove profit jump in Q1NEW YORK (AP) ― The Coca-Cola Co. is continuing to expand its reach worldwide and turning to a variety of smaller drink sizes to boost profits and keep rising commodity costs in check.The world’s biggest soda maker on Tuesday reported better-than-expected profit for its first quarter as it sold more of its drinks around the globe.Although the volume growth came from all regions, Coke said increases were far greater in emerging m

April 18, 2012

NEW YORK (AFP) ― U.S. ratings agency Moody’s on Tuesday downgraded oil firm YPF to “B3” from “Ba3” after Argentina announced the takeover of the subsidiary of Spain’s Repsol, sparking a row with Madrid.“Moody’s downgraded YPF’s Global Local Currency Rating to “B3” from “Ba3” and National Scale Rating to “Baa3.ar” from “Aa2.ar.” All ratings remain on review for downgrade,” the agency said in a statement.“Given YPF’s expected impending partial nationalization by the “B3” rated Argentine government

April 18, 2012

MUMBAI (AP) ― India’s central bank cut its key interest rate by a bigger-than-expected half percentage point Tuesday, the first cut in three years, and warned that stalled reforms are diminishing the growth potential of Asia’s third-biggest economy.The Reserve Bank of India cut its short term lending rate ― the repo rate ― to 8.0 percent from 8.5 percent. Many economists had expected a quarter point cut.The bank said it decided to cut the rate because economic growth has slowed to below what it

April 18, 2012

NEW YORK (AP) ― Citigroup has become the first Wall Street bank to get a thumbs-down from shareholders over outsized executive pay. At its annual meeting Tuesday, 55 percent of the bank’s shareholders voted against the pay packages that have been granted to Citigroup’s top executives, including CEO Vikram Pandit’s $15 million for last year and $10 million retention pay. The vote is advisory and won’t force the bank to change its pay practices, but it did send a powerful message of discontent to

April 18, 2012

BUENOS AIRES (AFP) ― Argentina said Monday it would take over a 51 percent stake in the country’s biggest oil company, YPF, owned by Spain’s Repsol, provoking an angry response from Madrid.The move was announced to applause at a meeting between President Cristina Kirchner and her cabinet and Argentine governors, and came despite warnings from Madrid and EU officials.Reading a statement at the meeting, an official said YPF-Repsol “is declared a public utility and subject to expropriation of 51 pe

April 17, 2012

SAN FRANCISCO (AP) ― Oracle began Monday trying to convince a jury that Google’s top executives have long known that they stole a key piece of technology to build the Android software that now powers more than more than 300 million smartphones and tablet computers. The unflattering portrait of Google Inc. was drawn by Oracle lawyer Michael Jacobs in the opening phase of a complex trial pitting two Silicon Valley powerhouses in a battle delving into the often mind-numbing minutiae of intellectual

April 17, 2012