Business  January 30, 2015
Creditor 'troika': Greece's loathed symbol of austerity
Pilloried by the new Greek authorities, the "troika" of creditors -- the IMF, whose headquarters are pictured here in Washington, DC, on May 16, 2011, EU and ECB -- was formed in 2010 to rescue debt-riddled GreecePilloried by the new Greek authorities, the "troika" of creditors -- the International Monetary Fund, European Union and European Central Bank -- was formed in 2010 to rescue debt-riddled Greece.Since then, the three have become a widely disdained symbol of painful austerity in the eurozone country under the bite of the lenders' program of radical ...  Full Story
Under fire, Germany suspends minimum wage for transit truckers
German Minister for Labour and Social Affairs Andrea Nahles (R) and her Polish counterpart Wladyslaw Kosiniak-Kamysz address a joint press conference in Berlin on January 30, 2015Germany slammed the brakes Friday on applying its new minimum wage to foreign truck drivers transiting the country in a move welcomed by Poland which vigorously opposed the system.Just weeks after the minimum wage took effect, German Labour Minister Andrea Nahles said after talks with her Polish counterpart in Berlin that the suspension was decided...  Full Story
Cheap oil: Chevron slashes investment, share buybacks
Chevron slashes $5 billion from its investment budget and shuts down its share buyback program as the crude price plunge continues to savage budgets of oil industry powerhousesChevron slashed $5 billion from its investment budget and shut down its share buyback program Friday as the crude price plunge continued to savage budgets of oil industry powerhouses.Chevron said it would spend $35 billion on exploration and production projects, 13 percent less than last year, in response to the nearly 60 percent fall of the oil pr...  Full Story
Brazil economy posts first budget gap in 12 years
BrazilBrazil on Friday posted its first budget deficit in 12 years -- more bad news for an economy already battling high inflation and facing deep spending cuts.The central Bank released data showing a public sector primary deficit equal to 0.63 percent of gross domestic product in 2014.It marks the first time that the figure has been in the red since 20...  Full Story
Oil prices rocket by nearly $4 a barrel
The US governmentOil prices surged by nearly $4 a barrel in late trade Friday, rebounding from six-year lows on month-end covering and signs the industry is quickly tightening exploration activities.After a day trading slightly higher, around the $45 level, the US benchmark West Texas Intermediate crude for March delivery suddenly rocketed to more than $48.At the e...  Full Story
Shell revises down annual net profit after error
Oil giant Shell revises down its 2014 net profit, after uncovering an error in the value of its downstream operations one day after posting annual resultsOil giant Shell revised down Friday its 2014 net profit, after uncovering an error in the value of its downstream operations one day after posting annual results.Shell announced in a new statement that annual net profits fell nine percent to $14.874 billion (13.17 billion euros) last year compared with 2013, hit by collapsing global oil prices.The ...  Full Story
Spain returns to growth after six-year slump
People wait in line at a government employment office on Paseo de las Acacias in Madrid on December 2, 2014Spain returned to growth in 2014 after a six-year slump, official data showed Friday, but the recovery is far from being felt as one in five Spaniards is still unemployed. The eurozone's fourth-largest expanded by 1.4 percent last year after contracting by 1.2 percent in 2013, according to provisional figures from the National Statistics Office.It ...  Full Story
Qatar Airways takes 10% stake in BA-owner IAG
Qatar Airways has bought almost 10% of IAG, parent of British Airways and Spanish carrier IberiaQatar Airways on Friday snapped up almost 10 percent of IAG, parent of British Airways and Spanish carrier Iberia, in the second European entry by a Gulf carrier."As part of efforts to enhance operations and strengthen existing commercial ties... Qatar Airways has acquired a 9.99 percent stake in IAG," the company said in a statement.The airline's ...  Full Story
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