World Economy

President Barack Obama notified Congress Wednesday that it would launch trade talks with the European Union aimed at forging the world's largest free-trade area.

Global package delivery giant FedEx Wednesday reported lower quarterly earnings and slashed its profit guidance for fiscal 2013, citing weakness in the international freight market.

Cyprus closed its banks this week to avert a run on savings and secure a bailout for its near-bankrupt economy, but the move has dealt another blow to companies already hit by the global financial crisis.

Beijing and Washington have "enormous shared interests", China's new President Xi Jinping told the US Treasury chief on Tuesday in his first major diplomatic meeting since taking office.

China has overtaken Britain to become the world's fifth largest arms exporter with five percent of the global trade, its highest position since the Cold War, a Swedish think tank said on Monday.

Cyprus President Nico Anastasiades was Monday seeking the backing of MPs for an EU bailout deal that slaps a levy on bank savings under harsh terms that have jolted global markets and raised fears of a new eurozone debt crisis.

China has overtaken Britain to become the world's fifth-largest arms exporter with five percent of the global trade, its highest position since the Cold War, a Swedish think-tank said.

A conservation victory restricting global trade in more shark species will take a fresh bite at Hong Kong's market in fins, which has already been hit hard by persistent attacks from anti-fin campaigners.

Prime Minister Shinzo Abe said Friday that Japan wants to take part in talks aimed at forging a huge free trade agreement that could involve 40 percent of the world's economy.

Canadian Finance Minister Jim Flaherty will unveil his next budget on March 21, he announced on Thursday.

Japan, China and other nations that support shark fishing lost a bid to overturn a landmark deal that offers global trade protection for several species of the ocean's oldest predator.

Economic growth in G20 countries climbed by 0.5 percent in the fourth quarter of 2012, slowing only slightly from the 0.6 percent pace recorded in the previous three-month period despite heavy contractions across Europe, preliminary estimates from the OECD showed Wednesday.

Cathay Pacific said Wednesday that 2012 net profit plunged more than 83 percent, as the Hong Kong flag carrier was buffeted by persistently high fuel prices and the eurozone financial crisis.

The International Energy Agency forecast on Wednesday that global demand for oil would grow at a weak pace of 0.9 percent this year amid uncertainty generated by the US budget negotiations, slower-than-anticipated Chinese business activity and chronically high unemployment in Europe.

Cathay Pacific said on Wednesday that 2012 net profit plunged 83.3 percent, as the Hong Kong flag carrier was hit by persistently high fuel prices and the eurozone financial crisis.

Global oil prices were mixed Monday as supplies remained firm and industrial production in China showed signs of a slowdown, possibly signalling a weaker demand for energy, analysts said.

Five shark species won international trade protection Monday in a move hailed as a breakthrough in efforts to save the world's oldest predator from extinction due to rampant demand for its fins.

Europe's main stock markets rose further on Friday, with traders reacting to positive Chinese economic trade data and an upbeat US jobs report, analysts said.

Osama bin Laden's son-in-law and former spokesman pleaded not guilty Friday to terrorism charges in New York, where he was brought a week ago after a top secret US operation.

Shares in London strengthened at the end of trade on Friday with traders reacting to positive Chinese economic data and upbeat US jobs data.