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Oil prices fall after record highs (Jul 4)
LONDON: Oil prices fell Friday on profit-taking, a day after surging to record highs on the back of a weak dollar and concerns over tight supplies, traders said.


Austrian bankers convicted of massive fraud (Jul 4)
VIENNA: An Austrian court convicted on Friday the former chief executive of BAWAG bank and eight others of gambling away 1.72 billion euros (2.7 billion US dollars) in speculative investments in the country's biggest-ever fraud scandal.


Subprime-hit UBS could break even or report slight loss for Q2 (Jul 4)
ZURICH: Swiss banking giant UBS, which had been hit hard by the sub-prime crisis, on Friday said it would break even or report a slight loss for its second quarter thanks to a substantial tax credit.


Australia's Origin to recommend rejection of BG bid (Jul 4)
SYDNEY : Australia's Origin Energy said Friday it planned to recommended that shareholders reject a 13.8-billion-dollar (13.1 billion US) hostile takeover bid by Britain's BG Group.


TPG ends plan to invest in British bank Bradford & Bingley (Jul 4)
LONDON : Bradford & Bingley said on Friday that US investment group TPG Capital had pulled out of an agreement to buy about one quarter of the struggling British bank.


Millions of truckers in India call off strike (Jul 4)
NEW DELHI : Millions of Indian truckers ended a strike early Friday after the government agreed to supply diesel at a uniform price across the country and not hike road toll taxes.


World Bank reports biofuels behind food price hikes (Jul 4)
LONDON: Biofuels have caused world food prices to increase by 75 per cent, according to the findings of an unpublished World Bank report published in The Guardian newspaper on Friday.


Indian inflation up 11.63%, rate hike seen (Jul 4)
NEW DELHI: India's annual rate of inflation rose to 11.63 per cent as the country continued to feel the impact of a hike in state-set fuel prices, government data released Friday showed.


Emerging Asia 'highly vulnerable' to oil surge: ADB (Jul 4)
TOKYO : Asia's emerging economies are "highly vulnerable" to skyrocketing oil prices, making inflation the number one concern for policymakers, the head of the Asian Development Bank said Friday.


Indonesian president to launch massive Total gas fields (Jul 4)
SENIPAH, Indonesia : Indonesian President Susilo Bambang Yudhoyono is due to inaugurate Friday a massive new gas operation off Borneo by French giant Total, the company said.