Bundesbank upgrades German growth forecast for 2012
FRANKFURT: The Bundesbank has upgraded its forecast for growth of the German economy this year, even as new data showed Europe's top economy is increasingly feeling the pain from the eurozone debt crisis.
Asian markets end lower
HONG KONG : Asian markets fell on Friday as European debt woes and disappointment at US Fed chief Ben Bernanke's failure to commit to any new stimulus measures overshadowed a surprise Chinese interest rate cut.
Thai court jails banker who helped spark Asia crisis
BANGKOK: A Thai court on Friday sentenced a former Indian financier to 10 years in prison over a multi-million-dollar fraud case that helped trigger the 1997 Asian financial crisis.
German trade surplus grows in April
FRANKFURT: The German trade surplus grew in April, as imports declined faster than exports, official data showed on Friday.
Olympus to cut 2,700 jobs, book small profit
TOKYO: Scandal-hit Japanese camera and medical equipment maker Olympus said on Friday it will cut about seven percent of its workforce — and eke out a small profit this year — as it tries to recover from a loss cover-up scandal.
Qantas shares plunge on S&P warning
SYDNEY – Shares in flagship Australian airline Qantas dropped below A$1 (98.5 US cents) Friday for the first time since the carrier's float in 1995 after it was put on credit watch by Standard & Poor's.
US Fed chairman sounds EU alarm
BERLIN: US Federal Reserve Chairman Ben Bernanke became the latest to sound the alarm over the European crisis as German Chancellor Angela Merkel pushed for a stronger European political union.
Apple faces US$2.22m fine over Australian '4G' iPad
SYDNEY: Apple agreed on Friday to a A$2.25 million (US$2.22 million) fine for misleading Australian customers about the local 4G capability of its next-generation iPad, in a case brought by regulators.
Oil falls on fading US stimulus hopes
SINGAPORE: Oil prices fell in Asian trade Friday as hopes dimmed for stimulus measures to re-energise the faltering US economy, analysts said.
S. Korea freezes key rate for 12th month
SEOUL: South Korea's central bank Friday froze its key interest rate at 3.25 per cent for a 12th straight month, dismissing a rate cut despite renewed worries about eurozone turmoil.
Japan data point to fragile economic recovery
TOKYO – Japan's economy grew faster than first thought between January and March, official data showed Friday, but analysts warned of a slowdown caused by a strong yen, Europe's debt woes and weakness in China.
Japan current account surplus down 21.2% in April
TOKYO: Japan's current account surplus unexpectedly shrank 21.2 per cent in April from a year earlier, weighed down by higher energy costs, official data showed Friday.
US Fed agrees Basel III banking rules
WASHINGTON: The US Federal Reserve on Thursday signed off on proposed new regulations to bring US banks in line with the Basel III global standards, aimed at giving banks more crisis-resistant footings.