NEW DELHI (AFP) ― India and the United States said Thursday they have resolved a row over food subsidies that has been blocking a landmark global trade agreement.India refused to endorse the Trade Facilitation Agreement in July unless its food stockpiles were exempted from possible punitive measures, prompting the U.S. to accuse it of taking the World Trade Organization “to the brink of crisis.”But on Thursday both sides agreed India’s food security programs would not be challenged under WTO rul

WASHINGTON (AFP) ― The United States warned Wednesday that the global economy cannot endure a “European lost decade,” criticizing “status quo policies” in the eurozone ahead of the G20 summit this week.Treasury Secretary Jacob Lew said in a speech that monetary easing by the European Central Bank is not enough to avoid a deeper slump across Europe.And he said that other countries should not rely on the U.S. economy to prop up global growth.“The world cannot afford a European lost decade,” Lew sa

‘Singles Day’ rings up $9.3 billion in new record

China will overtake the U.S. as the world’s biggest oil consumer within two decades, according to the International Energy Agency. “A landmark is reached in the early 2030s, when China becomes the largest oil-consuming country, crossing paths with the United States,” the agency said in a summary of its World Energy Outlook, which forecasts long-term energy trends. The full findings of the report will be presented at a press conference in London Wednesday. Growth in oil demand to 2040 will also b

WASHINGTON (AP) ― President Barack Obama on Monday embraced a radical change in how the government treats Internet service, coming down on the side of consumer activists who fear slower download speeds and higher costs but angering Republicans and the nation’s cable giants who say the plan would kill jobs. Obama called on the Federal Communications Commission to more heavily regulate Internet providers and treat broadband much as it would any other public utility. He said the FCC should explicit

SpaceX chief Elon Musk. (Bloomberg)SAN FRANCISCO (AFP) ― High-tech entrepreneur Elon Musk has reportedly added global Internet access from satellites to his vision of a future alongside sporty electric cars and private space exploration.The billionaire behind automaker Tesla and the SpaceX program is working on the project with satellite-industry veteran Greg Wyler, who spent some time devoted to a similar mission at Google, according to a report in the Wall Street Journal.Musk and Wyler are try

SAN FRANCISCO (AP) ― Google has signed a long-term lease for part of a historic Navy air base, where it plans to renovate three massive hangars and use them for projects involving aviation, space exploration and robotics.The giant Internet company will pay $1.16 billion in rent over 60 years for the property, which also includes a working air field, golf course and other buildings. The 400-hectare site is part of the former Moffett Field Naval Air Station on the San Francisco Peninsula. The Goog

U.S. policy makers should be confident that inflation is heading higher before raising interest rates, said Federal Reserve Bank of Boston President Eric Rosengren. “Until there is stronger evidence that inflation will return to 2 percent ― versus a repeated forecast that it will ― I believe monetary policy makers should remain patient about removing accommodation,” he said in the text of remarks he is scheduled to deliver Tuesday in Lexington, Virginia. Most Fed officials expect to raise intere

Pedestrians walk under a board listing foreign currency rates against the Russian ruble outside an exchange office in Moscow on Monday. (AFP-Yonhap)MOSCOW (AP) ― As an acrobat in one of Moscow’s circuses, Yuri Friyuk is an expert at gyrating without falling on his face. Lately, he’s worried about whether the rubles he’s paid with can be as deft.Plagued by the Western sanctions imposed over the Ukraine crisis and by falling oil prices, Russia’s economy is struggling and the ruble is taking a head