Warren Buffett’s MidAmerican Energy Holdings utility agreed to buy the $2 billion Topaz project in southern California, branching into solar power after the industry was battered by stock markets around the world.The Topaz Solar Farm will be one of the world’s largest photovoltaic power plants and is being developed by the seller, First Solar Inc. of Tempe, Arizona, according to a joint statement Wednesdday. Terms weren’t disclosed. The project’s 550- megawatt capacity is equal to about half a n

Foreign firms, employees under tough pressure from pension, tax changesBEIJING (AP) ― Foreign companies that are looking to China to shore up wilting global sales have been hit by higher payroll taxes, surcharges to subsidize unions and other changes that are making conditions tougher just as economic growth slows. The biggest worry for many is an abrupt order for foreign workers and their employers to start paying up to 40 percent of their wages for pensions and other welfare. Automakers face a

Most global investors predict China will face a banking crisis within the next five years, paring their appetite for the nation’s shares and eroding confidence in its leadership, a Bloomberg Global Poll indicated. Sixty-one percent of respondents said they anticipate a crash in the financial industry by late 2016, and only 10 percent were confident China’s banks will escape trouble, according to the quarterly poll of 1,097 investors, analysts and traders who are Bloomberg subscribers conducted D

China sees an increase in domestic costs and a slowdown in overseas demand putting “severe” pressure on its exports next year, a sign that policy makers may have little appetite to allow faster gains in the yuan. Premier Wen Jiabao’s embrace of higher wages, along with a jump in land and raw-materials prices and a stronger yuan are restraining shipments, the Commerce Ministry said Wednesday. While the nation can achieve export gains as long as Europe’s crisis doesn’t deepen, it will need to focu

E-book publishers owned by Lagardere, Pearson Plc, News Corp.and two other firms  under investigationBRUSSELS (AP) ― The European Union’s antitrust watchdog is probing whether Apple helped five major publishing houses illegally raise prices for e-books when it launched its iPad tablet and iBookstore in 2010.The probe, announced Tuesday by the European Commission, offers a glimpse into the fierce fight for share of the growing e-book market as Apple tries to take on Amazon and its Kindle e-book r

ATHENS (AP) ― Greece’s lawmakers overwhelmingly approved next year’s austerity budget early Wednesday, extending tough spending cuts that have already left Greeks struggling as the country tries to slash its vast debts and tame a severe recession.With three parties, including the majority socialists and their rival conservatives, participating in Greece’s new coalition government, the budget was passed with a 258-41 majority in the 300-seat Parliament.“This is a difficult budget ... with ambitio

East Asian economies face greater downside risks on global slowdownHONG KONG (AFP) ― The Asian Development Bank trimmed its 2012 growth forecast for emerging East Asian economies including China, as the eurozone turmoil threatens to drag the global economy back into crisis.The Manila-based bank on Tuesday cut its gross domestic product growth forecast to 7.2 percent for the 10-country Association of Southeast Asian Nations plus China, Hong Kong, South Korea and Taiwan, from 7.5 percent in Septe

SYDNEY (AFP) ― Australia’s central bank cut interest rates to 4.25 percent Tuesday with the global economy continuing to pose risks despite expectations of strong domestic growth in the September quarter.It was the second month in a row the Reserve Bank of Australia has slashed rates by 25 basis points, having cut in November for the first time since April 2009 amid slowing inflation and fears of a major world economic downturn.Economists were split on whether they would move again ahead of a su

PARIS (AP) ― The leaders of France and Germany called forcefully Monday for a new European Union treaty that would automatically punish countries that use the euro if they violate existing limits on overspending.Stocks and the euro rose while European government bond yields dropped sharply as investors viewed the proposal for a closer fiscal union among the 17 countries as an important step to save the euro.Implementing treaty changes could take months, but a commitment to tighter coordination c

Honda Motor Co. says replenished vehicle inventory and new Honda and Acura models planned for the next 24 months will spur a U.S. sales rebound next year after natural disasters dashed its 2011 goals. Honda’s loss of some North American output in October and November due to parts shortages caused by floods in Thailand led to it being the only large automaker to post a U.S. sales decline last month as total sales jumped 14 percent. That came after six months of declines resulting from reduced aut

ROME (AFP) ― Italy kicked off a crucial week of economic diplomacy for the future of the euro with a draconian austerity package of cuts, taxes and pension reforms to be presented to parliament on Monday.The cabinet gave its go ahead to the crisis-busting plan on Sunday estimating that it would save 30 billion euros ($40.3 billion) but warning that it would not prevent the economy from slipping back into recession next year.“This is a decree to save Italy,” Prime Minister Mario Monti told report

SAN FRANCISCO (AP) ― SAP said Saturday it is paying $3.4 billion to acquire SuccessFactors, a software company specializing in human resources tasks. It is the latest move in the escalating rivalry between SAP and Oracle Corp., and underscores the increased interest in technology companies that deliver software over the Internet, or in the so-called “cloud.”The deal calls for subsidiary SAP America Inc. to pay $40 per share in cash for SuccessFactors. That is a 52 percent premium over SuccessFac