China has formally arrested a husband-and-wife team of fraud investigators, one British and one American, diplomats said Thursday, whose firm did work for GlaxoSmithKline (GSK) which is facing a bribery probe.
Police had arrested Peter Humphrey, a British national, and Yu Yingzeng, a naturalised American citizen, diplomats from the two countries told AFP.
Humphrey is the founder of risk advisory…Read more
The timing of the Federal Reserve's plan to reduce its stimulus program remained unclear Wednesday after minutes of its last policy meeting showed divisions over the strength of economic growth.
With turmoil sweeping markets in emerging economies over the prospect of tighter supplies of the US dollar, the minutes confirmed the Fed's intention to begin pulling back on its $85…Read more
Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a "middle income trap", the Asian Development Bank (ADB) cautioned Wednesday.
ADB chief economist Changyong Rhee said the region's low-income economies should focus on developing their manufacturing sectors, which would in turn generate high-quality service jobs and improve agricultural productivity.
"A lion's share…Read more
Two Chinese investors have dropped out of a $4.2 billion bid to buy US insurer AIG's aircraft leasing unit, a source close to the situation told AFP on Wednesday.
New China Trust Co., an investment fund, and China Aviation Industrial Fund have withdrawn from the three-party consortium that agreed to buy International Lease Finance Corporation, leaving P3 Investments as the…Read more
The Iraqi government has agreed to allocate 15 billion dinars (around $12 million) in aid to Syrian refugees who have recently arrived in the thousands in Iraq's northern region.
The aid will be delivered by the Ministry of Displacement and Migration, which initially called for it, according to a statement issued on Wednesday by the Prime Minister's office.
Last week…Read more
Deputy Finance Minister of Poland Antoniszyn Click said that Turkey's connection with Poland made Turkey more powerful in Euro zone.
Click received Turkish journalists in his office and assessed economic relations between Turkey and Poland.
Click pointed out Turkey's rapid economic growth, saying that they were working on encouraging Turkish businessmen to invest in Poland, and Polish businessmen to invest…Read more
German Chancellor Angela Merkel moved to defuse an election issue Wednesday by saying that any decision on a new aid package for debt-mired Greece would not come before next year.
A day after her finance minister, Wolfgang Schaeuble, made waves a month before a German general election by saying at a campaign event that Athens would need another rescue after…Read more
Facebook founder Mark Zuckerberg unveiled a campaign Wednesday with global technology giants to connect billions of people worldwide who lack access to the Internet.
The project is entitled Internet.org and its goal is to extend Internet access to five billion people by cutting the cost of smartphone-based Internet services in developing countries.
"There is no guarantee that most people will…Read more
New head of the Korea Chamber of Commerce and Industry (KCCI), the country's biggest business lobby group, said Wednesday that problems of wealth divide and fair competition should be solved by more flexible measures than regulations.
Park Yong-maan, the chairman of Doosan Group, who took office formally as the KCCI head earlier in the day, told reporters that it is…Read more
Egyptian Finance Minister Ahmad Jalal highly appreciated the Kingdom of Saudi Arabia's stance towards Egypt in the current crisis.
In a press statement, the Egyptian minister also hailed the stances of the United Arab Emirates and Kuwait.Read more