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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 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
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
European leaders are pressuring Paul Wolfowitz to resign his position as Wold Bank president. Wolfowitz, who has withheld World Bank loans from several countries until they show greater progress in fighting corruption, recently arranged for his girl
Russian and Chinese representatives signed 17 agreements covering energy, scientific cooperation, mining, car assembly, and more. Russia will build two natural gas pipelines to China and, to bring oil to northeast China, they will add a new branch t
Influential economist Milton Friedman died at the age of 94 last week. The 1976 Nobel Prize winner's belief in free markets influenced the policies of Britain's Margaret Thatcher, Chile's Augusto Pinochet, and US presidents Richard Nixon, Gerald For
The newspaper industry has worried about increasing competition from internet companies for classified advertising, or local advertising by individual people for jobs and items for sale. A group of seven US newspaper chains representing 176 daily ne
In its 103-year history, Ford Motor Company has never needed to pledge its plants, equipment, or other property as collateral to secure loans, but they're doing it now. As they slipped to the number four position in the US auto market, they announce
An executive board member of the German technology company Siemens has been arrested as part of a bribery investigation. Johannes Feldmayer is accused of paying 34 million to Wilhelm Schelsky, the former head of the AUB trade union who is now in jai
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
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
Leading computer database software maker Oracle is suing SAP, the German company known for their Enterprise Resource Planning (ERP) software. Oracle, which has been moving into the ERP market themselves, accuses employees at SAP's TomorrowNow subsid
In April of 2005, Jacques Chirac and the German Chancellor at the time, Gerhard Schrder, announced plans to spend over a billion euros on a joint French-German search engine to compete with the American company Google. The project would be called Qu
The German automaker DaimlerChrysler made over $7 billion last year, but the American Chrysler division that they acquired in 1998 lost nearly $1.5 billion and has announced plant closings and a cut of 13,000 US jobs. Now, there is talk of Chrysler
The Shanghai stock index went down 9% last Tuesday and then brought down European and American stock markets with it. Rumors that the Chinese government would impose a 20% capital gains tax encouraged a sell-off. A report by the US Commerce Departme
The British Broadcasting Corporation became the first international broadcaster to cut a deal with Google-owned video website YouTube. By showing three channels of their news and entertainment content on YouTube, the BBC hopes to drive web traffic t
Subprime loans are high-interest loans made to borrowers with bad credit ratings. Now that the US housing market bubble has burst, more of these borrowers are defaulting on their mortgages, and this is causing big problems for subprime lenders and p
China has agreed to buy $25 billion worth of liquefied natural gas over the next 25 years from the Malaysian national oil and gas company known as Petronas (short for Petroliam Nasional Berhad). The Chinese want to increase their use of natural gas
A Russian bank has been buying shares of EADS, the parent company of European aircraft company Airbus. According to the Russian newspaper Vedomosti, the state-owned Vneshtorgbank has spent a billion dollars on 4.5% of EADS. The bank has not publicly
James Bond's car maker is up for sale. The ailing Ford Motor Company needs money, and while they currently have no plans to sell their Jaguar or Land Rover lines of luxury cars, they are offering the Aston Martin brand for sale. Astin Martin was fou