WASHINGTON (AFP) ― The United States on Friday imposed sanctions on Iran’s petrochemical industry, vowing to target more of the Islamic regime’s sources of revenue after curbing its vital oil exports.Washington also announced action against companies based in Cyprus, Kyrgyzstan, Ukraine and the United Arab Emirates for support to Iranian entities accused of involvement in the country’s controversial nuclear program.U.S. officials said they were taking action against Iran’s petrochemical industry

A Starbucks in Hong Kong’s financial district allegedly has used water from a bathroom sink to brew its coffee for the last two years, according to a local newspaper report.The reports said the store had been using tap water from the nearby bathroom five times a day since it opened in October 2011.A photograph taken by the Hong Kong-based newspaper shows a sign reading “Starbucks Only” attached to the tap near a urinal in the men’s restroom.The news shocked many customers in Hong Kong and they v

Japan has suspended some imports of U.S. wheat after a genetically engineered version of the grain was found on a U.S. farm.The Agriculture Department announced the discovery of the modified wheat on Wednesday. No genetically engineered wheat has been approved for U.S. farming.Japan is one of the largest export markets for U.S. wheat growers. Katsuhiro Saka, a counselor at the Japanese Embassy in Washington, said Thursday that Japan had canceled orders of western white wheat from the Pacific Nor

The U.S. economy grew at a modest 2.4 percent annual rate from January through March, slightly slower than initially estimated. Consumer spending was stronger than first thought, but businesses restocked more slowly and state and local government spending cuts were deeper.The Commerce Department said Thursday that economic growth in the first quarter was only marginally below the 2.5 percent annual rate the government had estimated last month. That's still much faster than the 0.4 percent growth

Japan's industrial production picked up in April with a 1.7 percent rise over a month earlier, official data showed Friday, as Tokyo works to stoke growth in the world's third-largest economy.In a statement, the economy ministry said the month-on-month rise was evidence that "industrial production shows signs of picking up at a moderate pace".However a survey of manufacturers released with the data showed producers were cautious, predicting that factory output for May would be flat and then fall

BRUSSELS (AP) ― The European Union softened its demands for austerity Wednesday when it gave France, Spain and four other member states more time to bring their deficit levels under control so that they can support their ailing economies.The EU Commission, the 27-nation bloc’s executive arm, said the countries must instead overhaul their labor markets and implement fundamental reforms to make their economies more competitive.Issuing a series of country-specific policy recommendations in Brussels

Apple chief Tim Cook on Tuesday said he sees promise in computers shrunk down and worn like watches or other accessories, but drew the line at Internet-linked eyewear such as Google Glass.Google Glass is "not likely to be a mass market item" but Apple is "incredibly interested" in the broader area of wearable computing, Cook said in an on-stage interview at an AllThingsD conference in California.He predicted there will be "tons of companies playing" in the wearable computing sector but sidestepp

The International Monetary Fund on Wednesday cut its growth forecast for China in 2013 to "around 7.75 percent", down from its earlier forecast of 8.0 percent, citing a sluggish global recovery which hurt exports."The Chinese economy is expected to grow at around 7.75% this year and at about the same pace next year," David Lipton, IMF first deputy managing director, told reporters in Beijing.China is the world's second-largest economy and seen as a potential driver of global recovery in the face

German Chancellor Angela Merkel said Sunday she would use her country's economic clout to prevent the European Union from imposing punitive tariffs on some Chinese products to avoid a trade war.Germany will push for “very intense talks” between the EU and China to seek a negotiated solution as swiftly as possible, the leader of Europe's biggest economy told visiting Chinese Premier Li Keqiang.The EU Commission, the 27-nation bloc's executive arm, accuses China of pricing its solar panels and som