Thursday, 16 May 2013 08:35
Japan's economy, the third-largest in the world, has registered the quickest growth in a year, pointing to economic recovery, as the government stepped up public works spending and eased credit to encourage investment.
Business

Japan's economy, the third-largest in the world, has registered the quickest growth in a year, pointing to economic recovery, as the government stepped up public works spending and eased credit to encourage investment.

The European Commission has carried out surprise inspections at several major oil companies over possible price manipulation in breach of EU anti-trust rules.

A jury has awarded a Hong Kong businessman a $70m judgement against Las Vegas Sands Corp., the casino giant run by billionaire Sheldon Adelson.

France has entered a shallow recession in the first quarter of the year as the economy contracted by 0.2 percent, as figures from Germany also showed that it had got off to an unexpectedly weak start to the year with a marginal growth of just 0.1 percent.

The G7 group of industrialised nations have agreed that collective action is needed to ensure that firms and individuals pay the tax they owe.

The US Federal Reserve has broadened its oversight beyond banks and now monitors a wide-range of financial institutions that could hasten another financial crisis, Chairman Ben Bernanke said.

Telecom Italia has been fined $135 million by Italy's anti-trust agency, which alleged that the telecomms giant abused its market position.

Anglo American Platinum has said it would cut 6,000 mining jobs in South Africa, fewer than half the 14,000 initially proposed, as it strives to restore profits without triggering a backlash from the government and restive unions.

Panasonic Corp, the Japanese consumer electronics company, has reported a near-record net loss of 754bn yen ($7.5 bn) for the fiscal year through March due to restructuring costs and falling sales.

Brazil's Roberto Azevedo has won the race to become the next head of the World Trade Organisation (WTO), in a move seen as helping to confirm the Latin American nation's growing status as a global power.
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