Finance & Economics | WPN World People News

Improved weather condition, lower inflation and special sales promotion helped U.K. retail sales, including of vehicle fuel, recover at a faster pace than expected in May, latest government data released Thursday revealed.

A Netherlands court has ordered Apple to pay damages to rival Samsung for infringing a patent held by the Korean mobile maker.

Toyota, Australia's largest automotive brand, has posted $32.6 million loss for 2011-12, more than double its $13.2 million loss in the previous year, due to natural disasters in South East Asia and Japan and final payout to laid off workers.

China and Russia have signed an agreement on electrical cooperation on the sidelines of the ongoing St. Petersburg International Forum (SPIEF), Xinhua reported.

Europe's largest airline Air France-KLM is proposing to trip its French workforce by more than 5,000 by the end of 2013 in bid to cut annual costs by $2.5 billion and return to profitability.

European finance ministers are discussing how to tackle Europe's sovereign debt and banking crisis during a two-day meeting in Luxembourg. The talks begin a series of critical economic meetings.

Oracle co-founder and CEO Larry Ellison is set to purchase Lanai, the sixth largest among the Hawaiian islands, known for its rich fruit plantations.

Procter Gamble, the world's largest consumer products maker, cut its fourth-quarter revenue and income forecast Wednesday as it fears the slow growth in developed markets and China to continue.

US President Barack Obama has said he was encouraged by European leaders' plans to tackle the eurozone's debt crisis, a growing menace to the American economy.

A four trillion bond issue will reshape troubled Europe's future says one market analyst.