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News Corp pays out over hacking claims

6:01pm GMT

LONDON - The British newspaper arm of Rupert Murdoch's News Corp has agreed to settle a string of legal claims over phone hacking, after victims said the company had admitted its management knew about the practice and tried to cover up.

Relief in Spain, tension in Greece for euro zone

6:52pm GMT

MADRID/ATHENS - The embattled euro zone cleared a major funding test Thursday when Spain romped through a key bond sale, while signs pointed to only a mild recession for the 17-nation bloc.

An Eastman Kodak Brownie Special Six-20 camera, circa 1938-1942, is shown January 12, 2012 in this studio illustration in Washington. The camera originally sold for $4. Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known companies. REUTERS/Gary Cameron
Kodak

Focus on past glory kept Kodak from digital win

NEW YORK - Kodak's long decline, culminating in a bankruptcy filing, can be traced back to one source: the former king of photography's failure to reinvent itself in the digital age.  Full Article | Video 

A pile of one pound coins is seen, in central London June 17, 2008. Reuters/Toby Melville
Business

Economy in mild recession - Reuters poll

The British economy is languishing in a mild recession but will return to modest growth by April-June as the Bank of England maintains its ultra-loose monetary policy and the euro zone muddles through its debt crisis, a Reuters poll finds.  Full Article 

Workers prepare to remove a wooden sculptural decoration from the Prague Astronomical Clock at the Old Town Square in Prague January 13, 2012. Sculptures from the clock are removed for a month for their restoration. REUTERS/David W Cerny
Greece

Little progress on Greek debt talks as clock ticks

LONDON/ATHENS - Greece and its bondholders have made little progress since resuming stalled talks on a debt swap, three sources close to the talks say, with time to strike a deal and avoid a messy default running out rapidly.  Full Article | Haircut calculator 

People walk at the archaeological site of the Acropolis in Athens January 19, 2012. Greece's culture ministry decided to deescalate the fees for filming or photographing monuments and archaeological sites throughout the country, as well as the fees which were needed to be paid concerning printed publications. REUTERS/Yiorgos Karahalis (GREECE - Tags: POLITICS SOCIETY TRAVEL)
Funds

Hermes sees "age of broken promises"

Prolonged financial crisis and shifts in economic power herald an age of uncertainty which the financial industry and its clients are not equipped to understand, says one of Britain's most powerful institutional investors, BT pension fund manager Hermes.  Full Article 

Children play at a flood canal construction site in Jakarta July 9, 2009. REUTERS/Beawiharta
Special Report

The missing BRIC in Indonesia's wall

TANJUNG RAJA GIHAM, Indonesia - Investing in infrastructure in Southeast Asia's biggest economy isn't for the fainthearted. Getting land, licenses and locals onboard requires a hearts-and-minds campaign, despite Indonesia's return to investment grade.  Full Article 

A view of the Costa Concordia cruise ship that ran aground off the west coast of Italy, at Giglio island, January 18, 2012. REUTERS/ Max Rossi
Carnival

Italian ship rescue seen ending within 24 hours

ROME - Rescuers have a 12-24 hour window to complete the search for survivors in the wreck of the capsized Italian cruise liner , the head of a firefighters' diving team says.  Full Article | Video 

People arrive at departures at Heathrow Airport Terminal 3, in west London November 30, 2011. Reuters/Paul Hackett
Business Travel

Heathrow plans for the great Olympic exodus

Olympic athletes and spectators might be counting down to the opening ceremony, but Heathrow Airport managers are focusing much of their attention on the day after the closing ceremony.  Full Article 

Breakingviews

Anti-corruption activist Anna Hazare adjusts his glasses after returning to the stage during his three-day fast at the Bandra-Kurla Complex (BKC) grounds in Mumbai December 28, 2011. REUTERS/Vivek Prakash

Unravelling India, Part 2: Corruption

By Jeff Glekin and Hugo Dixon

What’s the best way for India to slay corruption: punish the culprits or make government so transparent that it is hard for bribery to find places to latch onto in the first place? The answer is both.  Full Article 

Opinion

Edward Hadas

Social VAT – great idea for after the revolution

By Edward Hadas

A shift of taxes from labour to consumption might help euro zone members rebalance trade. But the actual effect would be limited. The real appeal is conceptual. When goods are ample and jobs are scarce, taxes should not discourage hiring.  Commentary 

opinion

Antony Currie

Goldman bankers rank ahead of shareholders again

By Antony Currie

Lower taxes and compensation helped Goldman Sachs to beat Q4 estimates. But 2011 return on equity was still a sad 3.7 percent. Applying JPMorgan’s pay rate would have boosted investor returns by half. Instead, Goldman bankers retain a dubious league-table crown.  Commentary 

Opinion

Mohamed El-Erian, CEO and Co-Chief Investment Officer of PIMCO, is interviewed at the 2011 The Milken Institute Global Conference in Beverly Hills, California May 2, 2011. REUTERS/Fred Prouser

Davos at a distance

By Mohamed El-Erian

I’ve never been to Davos, despite attempts by many over the years to persuade me to go. The organisers want their event to influence policy at the national, regional, and global levels. Yet, over the years, and in the context of an increasingly unsettled world, Davos has not had much impact.  Commentary 

Opinion

John Lloyd

Why doesn’t unemployment create more crime?

By John Lloyd

A change in culture over the past half-century seems to have broken the link between high jobless and crime rates. But a new wave of long-term, chronic unemployment for young men with few prospects could reverse that.  Commentary 

Feature

The shadow of an anti-Mubarak protester is seen as he holds an Egyptian flag in front of riot police as they stand guard outside the police academy where former Egyptian President Hosni Mubarak is on trial in Cairo January 17, 2012. REUTERS/Suhaib Salem (EGYPT - Tags: POLITICS CIVIL UNREST)

Egypt's entrepreneurs see new dawn

CAIRO - With the end of 30 years of rule by Hosni Mubarak, during which much of Egypt's economy was dominated by state-run companies and businessmen linked to the Mubarak regime, young entrepreneurs like Ahmed Essam think hard work and commercial vision have a greater chance of succeeding.  Full Article 

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