Business  July 30, 2014
Bailed-out Allied Irish Bank posts return to profit
An AIB Bank Automated Teller Machine in Dublin, Ireland on November 21, 2010Ireland's state-rescued Allied Irish Banks bounced back into profit in the first half as bad loan charges and operating costs fell, it said on Wednesday.Pre-tax profits stood at 437 million euros ($586 million) in the six months to the end of June, a switch from a loss of 838 million euros a year earlier, AIB said in a results statement.Net profits...  Full Story
Cyprus in gas exploration deal with ENI, Kogas
A helicopter ferrying workers to an offshore oil and gas rig takes off from Cyprus’ Limassol port on September 19, 2011Cyprus signed a memorandum of understanding Wednesday with Italian-Korean energy consortium ENI-Kogas to drill for possible offshore gas resources.Italy's ENI holds an 80 percent stake in exploiting Blocks 2, 3 and 9 of Cyprus's Exclusive Economic Zone, while South Korea'’s Kogas holds the balance.Energy Minister George Lakkotrypis told reporters...  Full Story
G7 powers warn Russia of more sanctions over Ukraine
RussiaThe leaders of the world's major developed economies condemned Russia for destabilizing Ukraine on Wednesday and warned it faces still tougher sanctions if it does not change course."Russia still has the opportunity to choose the path of de-escalation, which would lead to the removal of these sanctions," the G7 powers said, in a joint statement rel...  Full Story
Spain bank BBVA posts drop in second quarter profit
A picture taken on June 1, 2014 shows Spanish bank BBVASpain's second-biggest bank by market capitalisation, BBVA, said on Wednesday its first-half profits more than halved from a year ago, dragged down by lower earnings in its South American units.Net profits in the first six months of the year fell by 54 percent to 1.33 billion euros ($1.8 billion) from the first half of 2013, the bank said in a stat...  Full Story
Spanish economic growth picks up, prices fall
A protest in Madrid on April 26, 2014 against education budget cuts and privatisationSpain's economic growth picked up in the second quarter, official data showed Wednesday, but consumer prices fell in July in a sign that consumer demand remains weak.The Spanish economy expanded by a better-than-expected 0.6 percent, up from growth of 0.4 percent in the first quarter, according to preliminary figures from the National Statistics In...  Full Story
European stocks hit by new sanctions on Russia
A broker works at Frankfurt stock exchange on September 6, 2012Europe's stock markets sank on Wednesday, weighed down by concerns that tougher sanctions against Russia could hurt the region's economy despite news of a sharp rebound in US economic growth.Frankfurt's main DAX index lost 0.62 percent compared with Tuesday's closing levels to end the day at 9,593.68 points.London's benchmark FTSE 100 index shed 0....  Full Story
Argentina in 11th-hour talks as default looms
ArgentinaArgentina was locked in 11th-hour talks on Wednesday to seek a deal with "holdout" creditors and prevent a crippling new default -- the second in 13 years -- at day's end.Buenos Aires had until midnight to resolve its dispute with two US hedge funds whose refusal to accept a write-down on debt it defaulted on in 2001 has pushed Latin America's thir...  Full Story
Twitter surges on user growth figures
A banner with the logo of Twitter is set on the front of the New York Stock Exchange on November 7, 2013Twitter shares surged in morning trade Wednesday after the messaging platform eased investor concerns with a quarterly report showing strong user growth and robust revenues.In the first half hour of trading, Twitter rallied 20 percent to $46.15, the highest levels since March.Investors focused on the number of monthly active users hitting 271 milli...  Full Story