The European Union has admitted its last two new members for several years. The EU, a confederation of European countries joined together for greater cooperation on economic, agricultural, and other policy issues, will make Bulgaria and Romania the
A US judge has given approval for a class action suit by American cigarette smokers against several tobacco companies for deceptive advertising. The suit, which seeks damages of up to $200 billion, claims that advertising for cigarettes sold as ligh
This week's good news for Italian telecommunications company Telecom Italia is that they are buying AOL's biggest subsidiary for 675 million euros: AOL's German division, which has over one million DSL subscribers. This fits well with Telecom Italia
Merck of Germany announced plans to buy Swiss Pharmaceutical company Serono for 10.6 billion euros. Earlier this year Merck failed to acquire German competitor Schering, and recently pharmaceutical companies such as GlaxoSmithKline and Novartis had
Viacom, the parent company of MTV and many other American cable television channels, has struck a deal with China's biggest search engine to provide television and music content to Baidu's customers. The Baidu search engine has been called the Googl
Thirteen years after Russia began trying to join the World Trade Organization, the United States has ended their attempts to block Russia's membership. According to US trade representative Susan Schwab, We have an agreement in principle and are fina
A series of kidnappings of foreign workers has reduced Nigerian oil production by over 20% since the beginning of the year. Wednesday, six workers were freed after the government paid a ransom, and Thursday, two more workers were kidnapped. After th
Apple Computer has agreed to pay a $100 million settlement for a license to use technology patented by Creative Technology Limited, the world's second-largest maker of MP3 players after Apple. Creative sued Apple in May, claiming that Apple's iPod p
Another American company moving into China is Wal-Mart. The American store chain is bidding one billion dollars to buy one hundred hypermarkets (a combination of supermarket and department store) in China from Trust-Mart, a Taiwanese company. Althou
New York City-based Pfizer Incorporated, the world's largest pharmaceutical company, has stopped research on torcetrapib, a drug they hoped to sell to treat heart disease. The drug was supposed to raise levels of what is known as good cholesterol. T
The United States and China held two days of talks in Beijing on economic policy with no conclusive results. After the US trade deficit with China reached a record $24.4 billion recently, many Americans feel that the Chinese keep the value of the yu
In more economic news from China, the Chinese government is opening up local business to foreign banks. As one of the conditions for China joining the World Trade Organization five years ago, the country is allowing foreign banks to incorporate in C
Last week was a dramatic one for Thailand's economy. Monday, Thai bank regulators put new rules into effect requiring banks to keep 30% of new foreign currency deposits for at least a year in order to slow the trading on their baht currency. Tuesday
Hong Kong had planned on introducing a sales tax of 5% on good and services, and an extensive television and print ad campaign tried to convince Hong Kong citizens that such a tax would help their economy, but the administration is dropping the plan
The Association of South-East Asian Nations, or Asean, signed an agreement with the United States to strengthen economic ties and reduce trade barriers. Member countries hope to create a common economic unit similar to the European Union in order to
Airbus announced that they will be able to finance the development of their new A350 XWB wide-body aircraft without any government subsidies. The United States government had been preparing to file a suit against Airbus in the World Trade Organizati
The Christmas season in Spain begins with the drawing of the numbers for the world's biggest lottery, El Gordo. This year, El Gordo (or The Fat One) paid out more than 2 billion to lucky ticket holders across Spain, with 18 million going to Rebollo