World Business News

Below you’ll find the latest world business news headlines. You can access business news in a variety of other categories here.

CNNMoney.com

U.S. losing competitive edge - The United States continues to lose its edge in international competitiveness, according to a report released Thursday by the World Economic Forum.

U.K. fines Goldman $27 million in 'Fab' case - Britain's Financial Services Authority said Thursday it has fined Goldman Sachs International nearly $27 million for not disclosing its investigation by the U.S. Securities and Exchange Commission.

Chinese tycoons snub Buffett and Gates - In the world of business, who in their right mind would turn down the opportunity to dine with Bill Gates and Warren Buffett? Chinese tycoons, apparently.

Why the Gates Foundation aims to knock out polio - Jeff Raikes worked with Bill Gates at Microsoft, most recently as president of the business division, for almost 29 years before joining the Bill & Melinda Gates Foundation as CEO in 2008. The last two years, he's worked building relationships with partners of the $33 billion foundation.

What peak oil? Why an oil glut is ahead - In May, less than a month after the blowout of the Deepwater Horizon oil rig in the Gulf of Mexico, a key milestone was achieved with little notice: Total U.S. supplies of petroleum and products refined from it (including the Strategic Petroleum Reserve) surpassed 1.8 billion barrels, reaching the highest level in the last 20 years. Since then the total has continued to edge upward, hitting 1.87 billion barrels in the week ended August 27, according to the Energy Information Administration.

International Business Times

Crude Range-bounded Despite Better-than-expected Eco Data. OPEC Downgrades 2011 Growth - Risk sentiment remained firm as US initial jobless claims fell more than expected last week while trade deficits narrowed. Wall Street strengthened with DJIA and S&P 500 climbing +0.27% and +0.48% respectively. Both indices soared more than +0.5% in early trading session but gains were pared as details of the data were not as bullish as the headlines suggested.

After record rally, gold climbs down in India - After setting new record, gold prices climbed down in Indian markets on Thursday following a rush to sell scrap gold jewellery. Trading sentiment dampened as some retail customers preferred to sell old scrap gold jewellery at existing higher levels amid reports of a marginal fall in global markets.

Coffee - Daily Technical Forecast - Coffee closed lower due to profit taking on Thursday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term.

India's July IIP up 13.8 percent, driven by capital goods industry - India's Index of Industrial Production (IIP) stands at 330.8, which is 13.8 percent higher as compared to the level in the month of July 2009, showed a government data released on Friday.

Hackers breach UK counter spy agency’s website - Britain's counter-intelligence agency, the MI5, has been caught off guard when hackers breached its website by exploiting the vulnerability of a search engine related to the site.

BusinessWeek – Asia

Looking for Holes in China's Great Firewall - AnchorFree's Hotspot Shield censor avoidance service gives users Web access they'd otherwise be denied

Tech Companies Go Shopping Abroad - To avoid taxes, some companies are using their cash overseas

Malaysia Aims to Be Islamic Finance Hub - The central bank wants to make Malaysian law "the law of choice for Islamic finance transactions globally"

How China Can Succeed in the M&A World - As Chinese companies move to expand globally, they need to know five things, write columnists Phil Leung and Larry Zhu

Japanese Stocks Advance on U.S. Jobs Data, Yen; Canon Climbs - Japanese stocks rose, sending benchmark gauges to their second straight weekly gain, as fewer people than estimated applied for jobless benefits in the U.S. and after the yen weakened.

BusinessWeek – Europe

British Airways Seeks a Bride to Regain Altitude - After taking on its unions, the airline needs a global partner to grow

Emirates Order for 90 A380s 'Not Enough' - Emirates, the world’s biggest airline by international traffic, said the 90 Airbus SAS A380 superjumbos it’s buying won’t be sufficient to meet the carrier’s projected demand.

BMW Cooks Up Partnership with Chef Keller - Bayerische Motoren Werke AG, the world’s largest maker of luxury autos, has a new ingredient to target high-end customers: Chef Thomas Keller.

Sahara Solar Energy Could Power Europe Inc. - Europe is pursuing a plan to tap into the desert's solar energy, but financing will be a problem, as will securing cooperation from many players

Greens Attack Iberdrola's 'Windfall Profit' - Spanish environmentalists are starting to campaign for a levy on “windfall profits” earned by Iberdrola SA and Endesa SA, the country’s biggest utilities.

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