Business  September 25, 2016
Sudan needs swift reforms to revive ailing economy: World Bank
Rising inflation and the loss of nearly 75 percent of oil earnings following the north-south split in 2011 have led to a steady decline in the SudanThe World Bank on Sunday urged Sudan to undertake swift structural reforms to revive its ailing economy, which a top Sudanese official insisted had been adversely impacted by US trade sanctions.Rising inflation and the loss of nearly 75 percent of oil earnings following the north-south split in 2011 have led to a steady decline in the country's eco...  Full Story
French fighter jet deal: an Indian saga
A Rafale fighter jet, manufactured by FranceThe less-than-supersonic sale of French Rafale fighter jets to India has highlighted the obstacles facing foreign arms firms seeking to do business with the world's biggest weapons importer.India has signed a series of key defence deals under Prime Minister Narendra Modi as part of a $100 billion upgrade of its Soviet-era military hardware, making ...  Full Story
Firefighting: Samsung recall threatens reputation, bottom line
A blown-up Samsung Galaxy Note7 smartphone pictured in GwangjuExploding batteries and an embarrassing recall of a flagship gadget during a controversial, closely-watched leadership transition -- it's been a bad year for Samsung, and analysts warn the trouble isn't over yet.With ever-fiercer competition in the saturated smartphone market, South Korea's biggest firm is desperate to avoid a full-blown disaster t...  Full Story
After striking murky gas deal, Ukraine bows to West
Ukrtransgaz moves about half the gas purchased by Europe from Russia and charges Moscow fees that added up to nearly a billion dollars last yearThe scandal was complex but its outcome potentially simple -- Ukraine tried to fiddle with its murky gas sector and upset its EU partners enough to freeze huge sums of financial help.The fight for control over a profitable company that transports Russia's blue fuel to Europe also exposes the clan warfare and backstabbing that surrounds Ukrainian Pr...  Full Story
Ex-IMF boss Rato on trial over bankers' luxury sprees
Former IMF head and former Spanish economy minister Rodrigo Rato (L) will stand trial with 65 other former executives and board members at Caja Madrid and BankiaFormer IMF chief Rodrigo Rato stands trial Monday accused of overseeing a "corrupt system" that helped him and other executives misuse funds on hotels, parties and luxury shopping when he was a Spanish bank boss.Uncovered in 2013 by a journalist who saw a hacked email alluding to "black credit cards," the case threatens to land the former economy m...  Full Story
Turkish PM hits out at 'biased' Moody's after debt ratings cut
Turkish Prime Minister Binali Yildirim dismissed MoodyTurkish Prime Minister Binali Yildirim hit out at Moody's on Saturday, claiming it was biased after it cut Turkey's sovereign debt rating to "junk" status.Amid months of political turmoil, the ratings agency cut Turkey to "Ba1" level, saying the country's finances had weakened while its reaction to the July 15 attempted coup set back expected refor...  Full Story
Portugal to probe CGD, country's largest bank
The Expresso weekly said the inquiry into state-owned Caixa General de Depositos bank will focus on leadership at the bank, post-2000 including loans issued between 2005 and 2010 during former socialist prime minister Jose SocratesPortugal has launched a probe into the state-owned Caixa General de Depositos bank, prosecutors said Saturday, with local media reporting that the investigation would centre on allegations of mismanagement and ruinous investments.The Expresso weekly said the inquiry will focus on leadership at the bank, Portugal's largest by assets, post-2000, incl...  Full Story
North Korea air show thumbs nose at sanctions
A North Korean soldier watches as Hughes MD-500 helicopters perform a fly-by during the first Wonsan Friendship Air FestivalJust weeks after carrying out its fifth nuclear test, North Korea put on an unprecedented civilian and military air force display Saturday at the country's first ever public aviation show.The two-day Wonsan International Friendship Air Festival was held at the newly refurbished Kalma Airport -- previously a military airfield -- completed last year ...  Full Story