Chancellor of the Exchequer George Osborne was urged by businesses and his political opponents to reconsider the U.K.’s austerity strategy, as economists warned the nation could face a “triple-dip” recession. The London-based Sunday Times newspaper reported economists’ concerns that the euro-area crisis and a possible Greek exit from the region could push the U.K. into a recession again next spring. The opposition Labor Party’s finance spokesman Ed Balls renewed his attack on Osborne, saying the

German, Italian leaders agree to do everything to protect eurozone; to meet next monthBERLIN (AP) ― The German and Italian leaders have pledged to do everything to protect the eurozone, adding to a string of assurances over recent days that Europe is determined to get a grip on the continent’s debt crisis ― but their governments again gave no details of any action. Sunday’s statement from Germany and Italy came before markets open for a week in which close attention will be focused on Thursday’s

NEW YORK (AFP) - Computer and smartphone maker Apple has been discussing with social media company Twitter the possibility of making a significant investment in it, The New York Times reported late Friday.Citing unnamed "people briefed on the matter," the newspaper said Apple was considering investing into Twitter hundreds of millions of dollars, which could increase Twitter's valuation from $8.4

ECB president raises hopes for more aggressive and unconventional  intervention in European financial marketsFRANKFURT, Germany (AP) ― European Central Bank president Mario Draghi promised Thursday to do whatever it takes to save the European single currency and raised expectations that he could step in to lower the high borrowing costs that are crippling countries like Spain and Italy.Draghi told an audience of business leaders in London that the ECB would “do whatever it takes to preserve the

Mario Draghi, president of the European Central Bank (ECB), arrives to attend a global business summit at Lancaster House in London, U.K., on Thursday, July 26, 2012 (Bloomberg)European Central Bank President Mario Draghi promised Thursday to do whatever it takes to save the European single currency and raised expectations that he could step in to lower the high borrowing costs that are crippling

Facebook Inc., owner of the largest social network, is working with HTC Corp. to build its own smartphone for release as soon as mid-2013, people with knowledge of the matter said. The companies had intended to release the device as early as the end of this year, and pushed back the timetable to give HTC more time to work on other products, said some of the people, who requested anonymity because the plans aren’t public. Facebook is also developing a modified operating system for the device and

Company sold 4.97m vehicles worldwide in first half, in tight race with General MotorsTOKYO (AP) ― Toyota bounced back from safety recalls and natural disasters, selling 4.97 million vehicles globally in the first half of the year to retake its crown as the world’s top automaker from General Motors Co.The Japanese company sold about 300,000 more cars and trucks than GM did in the first half of the year, a lead large enough that it will be difficult for GM to catch Toyota in the final six months

MEXICO CITY (AP) ― Mexican regulators have levied a $28 million fine against the Mexico subsidiary of London-based HSBC bank for failing to prevent money laundering through accounts at the bank.Mexico’s National Securities and Banking Commission said Wednesday that HSBC has paid the fines, equivalent to 379 million pesos, or about half of the subsidiary’s 2011 annual profits.The commission, and a report by a U.S. senate investigative committee, found the bank failed to control suspicious flows o

WASHINGTON (AFP) ― Moody’s on Wednesday downgraded the outlook for 17 German banks after a similar move against the government’s credit rating earlier this week.Moody’s cut the outlook on a swathe of state-backed regional banks, known in Germany as Landesbank, but also included IKB Deutsche Industriebank and Deutsche Postbank.Many of the landesbank have struggled since the 2008 financial crisis and amid Europe’s ongoing economic crisis, which has seen growth slow.Moody’s noted that several of th