Greece, eurozone thrash out high-stakes debt rescue changes

Greece goes into talks with its eurozone partners Monday demanding changes to a massive international bailout which could lead to its exit from the single currency bloc and into the unknown.In the worst case scenario, a chaotic "Grexit" could jeopardize the whole euro project but analysts say this is very much less likely now than it was at the height of the debt crisis three or four years ago.Brussels is in favor of a straight rollover of the current program that ends this month, but new hard-l

Feb. 16, 2015

G20 ‘determined’ to lift growth but rifts remain

ISTANBUL (AFP) ― The world’s top 20 economies on Tuesday expressed determination to raise global growth but struggled to overcome divisions over the most suitable methods and how best to resolve the Greek debt crisis.G20 finance ministers and central bank chiefs meeting in Istanbul acknowledged that global economic growth remained “uneven” and the recovery “slow,” especially in the eurozone and Japan as well as some emerging market economies.They also warned of the risk of “persistent stagnation

Feb. 11, 2015

China’s inflation falls to 5-year-low

BEIJING (AFP) ― China’s inflation plunged to 0.8 percent in January, its lowest level for more than five years, official data showed Tuesday, fuelling fears the world’s second-largest economy is on the brink of a deflationary spiral.The rise in the consumer price index was sharply down from the 1.5 percent recorded in December, and was the weakest since 0.6 percent recorded in November 2009, according to the National Bureau of Statistics.It was also short of the median forecast of 1.0 percent in

Feb. 10, 2015

Rapidly-growing Asian airlines race to find qualified pilots

The deadly crash of a TransAsia plane into a river in Taiwan is again focusing the world's attention on the safety challenges facing fast-growing Asian airlines. TransAsia has been adding new routes rapidly since the Taiwanese carrier went public in 2011. TransAsia and others like it are rushing to keep up with a travel boom driven by the region's growing middle class. The ease and increasing affordability of flying helps fuel economic growth and a better lifestyle for Asian consumers. But as ai

Feb. 5, 2015

Greek debt restructuring plan cheers markets

Greece on Tuesday floated proposals to ease the economic pressure generated by its massive foreign debt, boosting stock markets as hopes rose for a deal with its European Union partners.  Italian Prime Minister Matteo Renzi said he believed an accord on the debt terms was possible, and promised Greek counterpart Alexis Tsipras, whom he met in Rome, of Italy's support in trying to achieve it.  "There has to be change in Europe," Tsipras said. "We have to put social cohesion and growth before the

Feb. 4, 2015

Jack Ma defends Alibaba amid fakes row

Alibaba founder Jack Ma has defended his company's reputation after authorities accused it of allowing "illegal" actions on its multi-billion-dollar online shopping platform, saying he does not want it to be seen as a hub for fake products.  The Chinese billionaire spoke out after a powerful Beijing regulator delivered an unusual dressing down of the prominent company, publishing a survey saying only about a third of products sampled from Alibaba's consumer-to-consumer marketplace Taobao were ge

Feb. 3, 2015

Alibaba vows to act against fake goods

BEIJING (AP) ― E-commerce giant Alibaba pledged Friday to do more to fight online sales of counterfeit goods, quickly settling a public dispute with a Chinese regulator after the value of its U.S.-traded shares plunged.Alibaba founder Jack Ma and the director of the Cabinet’s State Administration of Industry and Commerce met and pledged to cooperate more closely to combat sales of fakes, the agency said in a statement.A report Wednesday by the SAIC accused Alibaba of lax oversight and allowing s

Feb. 1, 2015

Google revenue falls short as competition on mobile intensifies

Google’s fourth-quarter sales and profit missed estimates as the Web company’s advertising business faced more competition on mobile devices. Revenue, excluding sales passed on to partners, rose 6.9 percent to $14.5 billion, the company said in a statement Thursday, missing analysts’ average projection for $14.7 billion, according to estimates compiled by Bloomberg. Chief Executive Officer Larry Page is battling Facebook Inc. and other Web companies that are seeking to lure away users and advert

Jan. 30, 2015

Facebook rides mobile to strong profit gains

SAN FRANCISCO (AFP) ― Facebook on Wednesday reported that its quarterly profit jumped 33.8 percent from last year to $696 million as ad revenue and membership grew at the leading social network.The California-based Internet titan said that revenue in the final quarter of last year hit $3.85 billion as the number of active monthly users increased 13 percent to 1.39 billion.“We got a lot done in 2014,” said Facebook cofounder and chief executive Mark Zuckerberg.“Our community continues to grow and

Jan. 29, 2015

Boeing 747-8 picked for next Air Force One: U.S. military

WASHINGTON (AFP) ― The U.S. military said Wednesday it has chosen Boeing’s 747-8 aircraft for a new fleet of Air Force One presidential planes, opting against an airliner made by Airbus.The current aircraft used by the U.S. president ― with its famous blue-and-white color scheme ― is also a 747, but a much older model that dates back more than two decades.“The Boeing 747-8 is the only aircraft manufactured in the United States that, when fully missionized, meets the necessary capabilities establ

Jan. 29, 2015