NEW DELHI India's finance ministry on Wednesday backed a call by the Reserve Bank of India to set up an institution similar to a "bad bank," saying urgency was needed to address troubled loans weighing on the banking sector that were hobbling investment and growth.
LONDON Britain's business minister said on Wednesday he will set out proposals over the government's stance towards the possible foreign takeover of British firms, particularly in critically important areas such as nuclear power, in the coming weeks.
MUMBAI The Reserve Bank of India's six-member monetary policy committee cited concerns about inflation in holding rates in February, with three of them specifying the need to shift the policy stance to "neutral" from "accommodative," according to minutes from the meeting.
MUMBAI/NEW DELHI Indian bankers on Wednesday poured scepticism on a proposal by the RBI to set up new private or state companies to buy up bad debt from lenders, warning that the plan would add more complexity and delay restructuring.
GENEVA A World Trade Organization agreement to cut red tape and streamline border checks came into force on Wednesday, with expectations of a 0.5 percent boost to the world economy by 2030, WTO Director General Roberto Azevedo said.
LONDON Britain's economy accelerated at the end of 2016 but growth for the whole year was weaker than previously thought and there are signs of weakness ahead, data showed, suggesting the Brexit vote will start to take its toll in 2017.
MILAN Italian banks are stuck in what stressed-debt experts call purgatory, still forced to pay a heavy price for their past sins despite loan data that suggests they are turning a corner.
ZURICH Swiss engineering group ABB revealed the discovery of what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million pre-tax charge.
Oil giant Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to assist with its upcoming mammoth IPO and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said.
PARIS Airbus called for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft on Wednesday, after taking a fresh 1.2-billion-euro ($1.3 billion) charge in the latest blow to Europe's largest defence project.