TOKYO (AFP) ― The Bank of Japan on Wednesday kept its view that Japan’s economy was recovering, despite GDP data that showed the country had slipped into recession.Wrapping up a two-day policy meeting, the central bank kept policy unchanged ― after expanding its already huge stimulus package last month ― as investors eye BOJ governor Haruhiko Kuroda’s press briefing later in the day.Markets want to see what Kuroda says about the government’s decision to delay a sales tax rise next year, after a

Nov. 19, 2014

Russia’s economy will sink into a recession next year if the price of oil slumps to $60 a barrel and the U.S. and its allies tighten sanctions over the conflict in Ukraine, Finance Minister Anton Siluanov said. The economy of the world’s largest energy exporter won’t grow faster than 1 percent in 2015 even if oil prices hold steady and the severity of sanctions remains unchanged, Siluanov said in an interview in Singapore. The price of Brent has slumped by almost a third this year to below $80 a

Nov. 19, 2014

WASHINGTON (AP) ― The Democratic-controlled Senate rejected legislation Tuesday aimed at forcing completion of a Canada-to Texas oil pipeline, a massive project at the center of a fierce environmental dispute.Republicans, fresh from sweeping midterm election victories, vowed resurrect the controversial issue next year, when they will control both chambers of the new Congress that takes office in January. The Keystone XL pipeline has divided Democrats, with President Barack Obama opposing the mea

Nov. 19, 2014

With Japan’s slump into its fourth recession since 2008 threatening the failure of the Abenomics reflation program, Prime Minister Shinzo Abe’s administration is taking steps to shore up growth for the coming year.Economy Minister Akira Amari told reporters Monday in Tokyo there is a high chance of a stimulus package. Etsuro Honda, an adviser to Abe, said a 3 trillion yen ($26 billion) program was appropriate and should go toward measures that directly help households, such as child care support

Nov. 18, 2014

NEW YORK (AP) ― In a deal that shows just how quickly falling prices can upend the energy industry, Halliburton is buying rival oilfield services company Baker Hughes for cash and stock worth $34.6 billion.Global oil prices have tumbled 31 percent over the past five months to levels not seen in four years. That has forced the industry to cut costs by delaying or scaling back drilling ― which means less work for Halliburton and Baker Hughes, companies that manage oil and gas fields for energy com

Nov. 18, 2014

The Federal Reserve is meeting with lenders including Barclays Plc, JPMorgan Chase & Co., Bank of America Corp. and Goldman Sachs Group Inc., in addition to the Japanese and U.K. central banks, to discuss alternatives to the London interbank offered rate. The discussion at the Federal Reserve Bank of New York is aimed at developing reference rates based on risk-free or near risk-free rates, the Fed said in a statement. It follows recommendations made in a July report by the Financial Stability B

Nov. 18, 2014

LONDON (AP) ― The European Central Bank stands ready to buy government bonds if inflation in the 18-country eurozone fails to rise as anticipated, its president said Monday in a hint that helped shore up the region’s stock markets and put pressure on the euro.Addressing lawmakers of the European Parliament, Mario Draghi said the bank’s governing council remains unanimous in its commitment to using additional unconventional instruments within its mandate.“Other unconventional measures might entai

Nov. 18, 2014

LONDON (AP) ― The global economy’s problems seem to be multiplying.Hours after the leaders of the world’s 20 most developed economies sought to boost confidence by promising to increase global output by $2 trillion over five years, Japan said it had fallen into recession.That leaves the country ― the world’s third-largest economy ― on a long and growing list of troubled economies. China is slowing as well, and Europe can’t seem to take off.Among major economies, only the United States and Britai

Nov. 18, 2014

HONG KONG (AFP) ― A landmark trading link that is expected to see billions of dollars in cross-border transactions between Hong Kong and Shanghai’s stock exchanges officially launched Monday, but figures show mainlanders are holding back from piling into Hong Kong.The Shanghai-Hong Kong Stock Connect is expected to allow the equivalent of $3.8 billion a day in cross-border transactions and open up the mainland’s closeted equities markets to the world.At the opening ceremony Charles Li, chief exe

Nov. 17, 2014

KUWAIT CITY (AFP) ― Kuwait warned Sunday that action was needed from OPEC members to halt the “sharp decline” in oil prices after the value of global crude hit a four-year low. A joint meeting by the oil-rich emirate‘s cabinet and its Supreme Petroleum Council ― the highest decision-making body on energy ― chaired by Prime Minister Sheikh Jaber Mubarak al-Sabah reviewed “necessary steps that need to be taken” to halt the price slide, said a statement cited by the official KUNA news agency.The me

Nov. 17, 2014

NEW YORK (AFP) ― Botox-maker Allergan is nearing a deal to be purchased by Actavis that could produce one of the world’s top pharmaceutical companies, The Wall Street Journal reported Sunday.Long sought by Canadian rival Valeant, Allergan appears to have reached an outline of an agreement with Actavis, the Journal reported. The agreement, also confirmed by the Financial Times, is due to be formalized Monday before the opening of the New York Stock Exchange.According to the Times, Actavis is offe

Nov. 17, 2014

MOSCOW (AFP) ― Russians sighed with relief when the ruble rebounded in recent days, but with painful memories of the financial crisis still fresh, many are rattled and fear the respite could prove short-lived.The ruble has been sliding for months, but it turned into a plunge at the beginning of the month, with the currency losing nearly 10 percent of its value in the space of just a few days amid renewed tensions over Ukraine and a fall in global oil prices that threatens Russia’s finances.“I wa

Nov. 17, 2014

LONDON (AFP) ― Prime Minister David Cameron on Sunday warned Britain’s economic recovery faced a “real risk” from instability in the world economy fuelled by Middle East unrest, Ebola, Ukraine and stalled trade talks.In an article on The Guardian website that will appear in Monday’s edition of the newspaper after the G20 summit, Cameron said that “red warning lights are once again flashing on the dashboard of the global economy.”He also said the eurozone was “teetering on the brink of a possible

Nov. 17, 2014