Dubai has shocked investors by asking for a debt standstill at Dubai World, the government's flagship holding company that has developed some of the world's most extravagant real estate projects.
Dubai has shocked investors by asking for a debt standstill at Dubai World, the government's flagship holding company that has developed some of the world's most extravagant real estate projects.
Global stock markets endured heavy selling on Thursday as investors were spooked by the spectre of a default by Dubai and after a febrile foreign exchange market saw the yen surge to a 14-year high against the dollar.
Big banks will have to disclose how many of their UK employees are paid more than £1million ($1.65M) under recommendations to be published today by City banker Sir David Walker.
UK banks on Wednesday won a surprise victory on overdraft fees on personal bank accounts after the Supreme Court ruled that the charges cannot be assessed for fairness by the competition regulator.
Facebook has followed Google's lead and introduced a dual-class stock structure, the clearest sign yet that the world's most popular social networking site is preparing for an eventual public offering.
China's banks are preparing to raise tens of billions of dollars in additional capital to meet regulatory requirements following an unprecedented expansion of new loans this year, according to people familiar with the matter.
The Bank of England extended secret emergency financing to Royal Bank of Scotland and to what was then HBOS during the banking panic last October, indicating the two banks were even closer to collapse than had been thought.
Lloyds Banking Group on Tuesday launched the UK's largest rights issue to raise £13.5 billion ($22 billion), offering investors new shares at 37 pence each (61 cents), a discount of nearly 40 percent ahead of a shareholder vote on Thursday.
It's not just winners of TV show "The Apprentice" who can benefit from the guidance of a mentor. Learning from someone with more professional experience than you can give you access to their accumulated wisdom, and allow you to learn from their mistakes.
Australian power generators have threatened legal action if the government does not dramatically increase the level of compensation in its proposed carbon emissions trading scheme.
Grant Thornton Hong Kong and the accountant's international network face potentially damaging fresh claims regarding their responsibility in an alleged multi-million dollar fraud committed by a former managing partner in the city.
Cadbury is expecting a friendly bid from Hershey if the US confectioner can arrange the financing for a takeover offer.
Microsoft has had discussions with News Corp over a plan that would involve the media company's being paid to "de-index" its news websites from Google, setting the scene for a search engine battle that could offer a ray of light to the newspaper industry.
Coca-Cola, the world's largest soft drinks company, is planning to more than double its number of bottling plants in China over the coming decade as part of the group's aim to triple the size of its sales to the country's rapidly emerging middle class.
Tim Flannery believes the future peace and stability of the world rides on action at next month's United Nations Climate Change Conference in Copenhagen.
The long-running saga of ITV's search for a chairman finally ended yesterday with the appointment of Archie Norman, the former Tory MP and ex-chief executive of Asda.
The long-running saga of ITV's search for a chairman finally ended yesterday with the appointment of Archie Norman, the former Tory MP and ex-chief executive of Asda.
A Chinese court has ruled that Microsoft infringed a Chinese software maker's intellectual property rights in a surprise decision that has renewed worries among foreign patent experts about China's management of IPR disputes.
As U.S. President Barack Obama shakes hands with Chinese President Hu Jintao and the highest-ranking members of the Chinese Politburo, one has to wonder if he is sizing up the competition.
When the power brokers of the business world meet, the accountants are never far behind.
Higher fuel costs weighed on full-year profits at EasyJet after the low-cost airline hedged a lot of its fuel needs at high prices.
As Barack Obama undertakes his first official visit to China, the fate of the renminbi is again in the spotlight of the international currency market.
Japan's economy grew at an annualized rate of 4.8 percent last quarter, the fastest pace in two years.
China's President Hu Jintao has urged the global community to fight the forces of protectionism in the aftermath of the global financial crisis.
British Airways and Iberia announced late Thursday that they have agreed the basis for a proposed merger between the two airlines which is expected to be completed in late 2010.
The Fearful, The Engaged, The Apocalyptic: They're not new Hollywood blockbusters, they're three of the seven types of recession-era employees identified by a new survey.
The eurozone escaped recession in the third quarter, with Germany's recovery gaining strength, but the rebound was less dramatic than expected and less strong than in the US.
While economists fret whether the sharp "V"-shaped drop of the financial crisis will turn into a double-dipped "W" recovery, Tan Pheng Hock is most worried about the "P" word: Protectionism.
The boards of British Airways and Iberia are holding separate meetings on Thursday amid mounting speculation they are close to sealing a merger to create Europe's third-biggest airline.
Gold marched to a fresh peak but Asian and European stocks paused for breath on Thursday after Wall Street finished in positive territory overnight, but well off the 13-month highs achieved earlier in the session.
General Motors has promised a more independent Opel and vowed to support its European unit with fresh money as the US carmaker tried to calm the fury sparked by last week's decision to keep the unit.
The International Energy Agency has rejected reported allegations from a whistleblower that world oil reserves have been exaggerated to avoid panic buying in the oil market.
China's economic recovery accelerated in October with industrial output increasing at the fastest rate since March of last year, while retail sales also grew strongly.
The world economy is placing a bet on its future with China, but some Chinese are placing bets on their future with plastic.
The most coveted property on Hong Kong island is called "The Peak," overlooking the city's stunning Victoria Harbor.
The president of General Motors Europe, Carl Peter Forster, plans to resign in the wake of GM's decision this week not to sell its European wing, a source told CNN on Friday.
These days there's no such thing as a safe job, but one way to improve your chances of staying employed is by "managing up," experts say.
Lloyds Banking Group has announced 5,000 job cuts as the government-backed bank moves to integrate its wide-ranging businesses.
The concept of personal branding has been around for more than a decade, but the Internet and social networking have made it easier than ever to sell brand "you."
Close to one million strollers have been recalled by their manufacturer following reports at least 12 babies or toddlers had their fingers amputated after they were caught in the hinges.
Barclays and HSBC both reported good news on bad loans on Tuesday as their investment banking arms continued to drive growth.
The editor of China's most influential independent news magazine stepped down on Monday, raising concerns that a freer press might be on the retreat.
Dressed in Louis Vuitton from head to toe with the exception of a Gucci belt, Richard Eng stands out in his neighborhood in Hong Kong's New Territories. When we arrive at his home, the 45 year old father of one warmly welcomes us. His manners are as impeccable as the hairstyle and clothes that he proudly wears. But it's not the chic and manicured man standing in front of us that's caught our attention -- but the bright yellow Lamborghini parked in his driveway.
Cadbury on Monday rejected a hostile cash and shares bid from Kraft that valued the UK confectionery group at £9.8 billion ($16.5 billion) or 717p a share, after the U.S. foods group formalized the terms of an indicative offer it made two months ago.
As travel budgets are squeezed and slashed in the recession, companies are increasingly seeking innovative ways of bringing employees together for conferences and meetings remotely.
Australia's AMP has teamed up with French rival Axa to engineer an A$11bn US$10.2bn bid for Axa Asia Pacific, the Australian listed asset manager, in one of the largest takeover offers in the financial services sector since the onset of the financial crisis.
The board of Cadbury, the UK food group, is preparing to meet on Monday amid expectations that Kraft will go hostile with its takeover offer.
It's a city jostling for space -- and work.
Gordon Brown, the British prime minister, rapidly backpedaled from his proposal for a financial transactions tax on Sunday after a chorus of criticism of his plan set out in a speech on Saturday to a meeting of global finance ministers.
Manmohan Singh, India's prime minister, on Sunday sought to override divisions in his ruling coalition by pledging to fulfil a deep financial reform program in Asia's third-largest economy.
Key players in the Group of 20 refused to support a plan create an insurance fund to pay for bailouts if governments have to step in again to save giant businesses on the brink of collapse.
British Prime Minister Gordon Brown told a meeting of G-20 ministers in his home region in Scotland Saturday that the public must be protected from the failure of the banking system in future.
British Airways reported a record pre-tax loss Friday of more than $485 million, another setback for the airline as it faces the threat of strikes over the Christmas period.
Thousands of Opel workers went on strike in Germany on Thursday in protest at the decision by U.S. parent General Motors to abandon the sale of the automaker.
As political and business leaders representing more than half of the world's economic output start to gather in Singapore for the weeklong annual summit of the Asia-Pacific Economic Cooperation, a question looms: Does APEC matter?
The Bank of England's monetary policy committee voted on Thursday to expand its vast program to pump cash into the UK economy by £25bn ($41bn), in a sign that it remains worried about the outlook in spite of incipient signs of recovery.
Union officials were going to court Thursday in London to try to stop British Airways from imposing contractual changes on its 14,000-member cabin crew.
Toyota Motor scaled back its loss forecast for the year to next March on Thursday, reflecting an aggressive cost-cutting drive and improved sales of some vehicles -- particularly low-emission cars such as its Prius hybrid, which have been made more affordable by government subsidies.
The restructuring plan of Opel by automobile giant General Motors would include cuts of as many as 10,000 jobs at the European subsidiary.
Toyota Motor has decided to follow Honda and BMW out of Formula One racing to save costs as the Japanese carmaker braces for its second straight annual loss, a person with knowledge of the situation said on Wednesday.
Warren Buffett on Tuesday struck the biggest deal of his life with the $26.6bn purchase of Burlington Northern Santa Fe, one of the largest US railroad operators, in what the billionaire investor called an "all-in wager" on America's economic future.
GM has abandoned its planned sale of Opel to Canada's Magna and Russia's Sberbank . The surprise move will be an embarrassment for the German government which has expended a lot of political capital on the controversial deal.
Adventurous job seekers may have their sight sets on more favorable job markets in foreign countries, but there's more to working abroad than just buying a plane ticket to the nearest country with a growing economy.
Lloyds Banking Group and Royal Bank of Scotland on Tuesday announced that they were raising £54.5 billion ($88 billion) in moves agreed with the UK government and the European Commission.
Australia's central bank on Tuesday raised interest rates for the second time in just over a month as evidence mounts the nation's economic recovery is building momentum.
Signs of recovery after a torrid year reverberated around the world on Monday as manufacturers reported rising output and improved employment prospects in the US, Europe and Asia.
Royal Bank of Scotland on Monday said it was considering further asset sales "not initially contemplated", as part of the talks with the government aimed at breaking free from a state-backed asset insurance scheme.
China ranks second only to the United States in the number of billionaires, according to an annual report of the 1,000 richest people in the country.
Japan's unemployment rate fell to 5.3 percent in September, the government reported on Friday.
The political and economic elite of countries that account for more than half the world's GDP are gathering this week in Singapore for the 20th anniversary of the Asia-Pacific Economic Cooperation.
The rights to the Terminator film franchise will be auctioned this month in a deal that will test Hollywood intellectual property valuations at a time when film industry profits are under pressure from falling DVD sales.
A book about the 1929 Great Depression was Thursday named the business book of the year.
Some 35 million pieces of mail have been delayed by this week's British postal strikes, Royal Mail said Friday.
The concept of personal branding has been around for more than a decade, but the Internet and social networking have made it easier than ever to sell brand "you."
Iceland is losing its only three McDonald's restaurants as a result of the poor economic situation in the country.
China and the US resolved several thorny trade disputes on Thursday even as Beijing confirmed it was investigating potential dumping of US-made cars in the Chinese market.
Japan's unemployment rate fell to 5.3 percent in September, the government reported on Friday, according to Kyodo news Service.
Postal workers in Britain began a second round of strikes Thursday, disrupting deliveries across the country and deepening concern about mail services over the Christmas season.
Royal Dutch Shell said on Thursday that a total of 5,000 staff would be leaving the Anglo-Dutch oil and gas group as part of a restructuring begun earlier this year.
China is preparing to launch a trade investigation into whether US carmakers are being unfairly subsidised by the US government, according to people familiar with the matter.
Fashion house Gianni Versace will cut 25 percent of its global workforce by the middle of next year as part of cost-saving measures, a spokeswoman told CNN on Wednesday.
An elaborate publicity stunt by a Swedish mobile phone company involving a faked meteorite strike in a Latvian meadow has provided a new case study on how a marketing campaign can backfire.
BP, Europe's second-biggest oil company, said on Tuesday that its cost-cutting programme would yield $1bn (£610m) more in savings this year than it had been expecting.
Rising Chinese demand helped drive South Korea's economy to its fastest growth in seven years in the third quarter, underscoring how Asia is leading the global economy and trade out of the worldwide downturn.
Bank of England Governor Mervyn King this week launched a scathing attack on Britain's banking sector, calling for a break-up of behemoth financial institutions that have taken billions of public money to stay afloat.
Britain's gross domestic product suffered another decline in the third quarter of 2009, figures showed Friday, meaning the country remains mired in recession.
Technologies that let employees work remotely have given rise to a growing phenomenon -- virtual internships.
Britain's gross domestic product suffered another decline in the third quarter of 2009, figures showed Friday, meaning the country remains mired in recession.
Anyone scanning recent business headlines in China would not recognise the country where people supposedly save and never spend. In September, China Mobile's customer base crossed the half billion mark -- a powerful symbol of the awesome size of the Chinese consumer market.
China's GDP increased 8.9 percent for the third quarter, moving closer toward the goal of 8 percent growth for the year.
China needs an "urgent" tightening of monetary policy to prevent the huge stimulus measures introduced this year from inflating stock and property bubbles, one of the country's leading bankers has warned.
Bank of England Governor Mervyn King this week launched a scathing attack on Britain's banking sector, calling for a break-up of behemoth financial institutions that have taken billions of public money to stay afloat.
BHP Billiton on Wednesday added its voice to tentative signs of a more broad-based global recovery when the Anglo-Australian mining group reported record iron ore production in the three months ended September.
Sun Microsystems on Tuesday announced plans to slash 3,000 jobs over the next year, putting the move down to the delay in getting European Commission clearance for its agreed $7bn acquisition by Oracle.
Apple profits jumped 47 percent on surging iPhone and Macintosh computer sales in the latest quarter, capping a remarkable boom year for a company whose rivals were lucky to tread water.
Ben Bernanke said on Monday that it was "extraordinarily urgent" that the US and Asia adopt policies that prevent a revival of global economic imbalances as the financial crisis ebbs.
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