Microsoft Corp. will pay Nokia Oyj more than $1 billion to promote and develop Windows-based handsets as part of their smartphone software agreement, according to two people with knowledge of the terms.Nokia will pay Microsoft a fee for each copy of Windows used in its phones, costs that will be offset as Nokia curtails its own budget for software research and development, said one of the people,

World Business March 8, 2011

TOKYO (AFP) ― Japan’s latest bullet train, the thin-nosed “Hayabusa” or Falcon, made its 300 kilometer per hour debut, boasting a luxury carriage modeled on airline business class.Japan has built up a network of cutting-edge Shinkansen train lines since the 1960s that criss-cross the island nation and now hopes to sell the infrastructure technology abroad, including to the United States.The latest

World Business March 6, 2011

Fighting in Libya pushes oil prices above $104 per barrelNEW YORK (AP) ― Oil prices rose past $104 a barrel to end the week at a 29-month high, as fighting in Libya intensified and the world’s largest petroleum consumer, the U.S., reported that employers added nearly 200,000 new jobs in February.The Labor Department said Friday that the unemployment rate dropped to 8.9 percent in February. While t

World Business March 6, 2011

WASHINGTON (AP) ― President Barack Obama says he’s willing to make deeper spending cuts if Congress can compromise on a budget deal that would end the threat of a government shutdown.Obama’s appeal for common ground came Saturday in his weekly radio and Internet address, but lacked specifics on how to bridge the $50 billion gulf that divides the White House and Democratic budget proposal from the

World Business March 6, 2011

Apple Inc. is in talks with record companies to give iTunes music buyers easier access to their songs on multiple devices, three people with knowledge of the plans said.Apple is negotiating with music companies, including Vivendi SA’s Universal Music Group, Sony Music Entertainment, Warner Music Group Corp. and EMI Group Ltd., said the people, who asked for anonymity because the talks are private.

World Business March 6, 2011

WASHINGTON (AFP) ― A top International Monetary Fund official expressed concern Wednesday about overall inflation in emerging countries beyond the current spike in food and commodity prices.Naoyuki Shinohara, IMF deputy managing director, highlighted signs of a broadening upward pressure on prices in a speech to Asian central bankers in Colombo, Sri Lanka. Vendors sell vegetables at a produce mark

World Business March 3, 2011

Portugal will accept a financial bailout “within the next few weeks” as the cost of issuing debt becomes unsustainable, said Axa Investment Managers, which oversees $714 billion in assets.“The borrowing costs are just too high” for Portugal, Christopher Iggo, London-based chief investment officer for fixed income at Axa, France’s fourth-largest fund manager, said in a telephone interview two days

World Business March 3, 2011

U.S. pledges assistance as opposition forms its own leadershipZAWIYA, Libya (AP) ― With residents shouting “Free, free Libya,” anti-government rebels who control this battle-scarred city nearest to the capital deployed tanks and anti-aircraft weapons Sunday to brace for an attack by troops loyal to Moammar Gadhafi. The Obama administration offered “any type of assistance” to Libyans seeking to ous

World News Feb. 28, 2011

Security Council imposes arms embargo, urges asset freeze and travel banUNITED NATIONS (AP) ― The U.N. Security Council moved as a powerful bloc Saturday to try to halt Libyan leader Moammar Gadhafi’s deadly crackdown on protesters, slapping sanctions on him, his children and top associates.Voting 15-0 after daylong discussions interrupted with breaks to consult with capitals back home, the counci

World News Feb. 27, 2011

MADISON, Wisconsin (AP) ― With their Senate colleagues still in hiding, Democrats in the Wisconsin Assembly began introducing a barrage of 100 amendments Tuesday to try to stymie the Republican governor’s plan to strip unionized public employees of most of their bargaining rights.Both houses of the GOP-controlled Legislature convened shortly before noon amid noisy protests outside the state Capito

World News Feb. 23, 2011

Moody's downgrades Japan rating outlook from stable to negative on massive national debtTOKYO (AFP) ― Ratings agency Moody’s on Tuesday cut its outlook on Japan’s sovereign debt to “negative,” arguing that government policy may not be strong enough to contain the industrialized world’s biggest debt.The move will put further pressure on Japan’s center-left Prime Minister Naoto Kan, in power less th

World Business Feb. 22, 2011

BEIJING (AP) ― A major Chinese telecoms equipment maker is scrapping its effort to acquire a U.S. computer company after a security panel refused to approve the deal.Huawei Technologies Ltd.’s bid to acquire 3Leaf Systems came amid concern in some countries about China’s growing economic might and political assertiveness. American critics said the deal might allow sensitive technology to be transf

World Business Feb. 21, 2011