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Credit markets will gradually recover in coming months amid an eventual realization that financial risks from the subprime crisis have been exaggerated, the Bank of England said Thursday -- even as more data emerged confirming a slowdown in Britain's economic activity. The Bank's Financial Stability Report says some market players will eventually recognize that some assets are cheap relative to fu.. more

Battling risky economic crosscurrents, the Federal Reserve is ready to bump down a key interest rate again to brace the wobbly economy. That rate cut could turn out to be the last one for a while, as zooming energy and food prices heighten inflation concerns. Fed Chairman Ben Bernanke and his colleagues are walking a tightrope. They are trying to shore up economic growth and at the same time they .. more

China's second-biggest oil company, Sinopec, says its first quarter profit fell 69 percent due to government controls that bar it from passing on record crude costs to consumers. Net profit for the three months through March was 6.1 billion yuan ($871 million; 560 million euros), the company, whose full name is China Petroleum & Chemical Co., said late Sunday. Chinese gasoline and diesel sales ar.. more

The collective wealth of Britain's 1,000 richest people went up by nearly 15 percent last year, and more than half the country's 75 billionaires are foreign-born, according to a list published by the Sunday Times newspaper. The newspaper's annual Rich List ranked steel magnate Lakshmi Mittal as Britain's wealthiest man for the fourth year running. It put the Indian-born tycoon's fortune at £27.7.. more

Hundreds of workers at Scotland's only oil refinery began a 48-hour strike on Sunday, forcing BP to shut a pipeline system that delivers almost a third of Britain's North Sea oil. BP said it had completed the closure of the Forties Pipeline System by 6 a.m. (0500 GMT), when 1,200 workers at the Grangemouth refinery in central Scotland walked off the job. The pipeline brings in 700,000 barrels of .. more

The British government on Saturday urged drivers not to hoard gasoline, saying there was plenty to go around despite a looming strike at a Scottish oil refinery that has raised fears of fuel rationing. The 48-hour strike, set to begin Sunday at the Grangemouth oil refinery in central Scotland, is expected to disrupt energy supplies and hinder delivery of Britain's North Sea oil. "There is plenty .. more

Nintendo does not plan to cut prices of its popular Wii gaming console or DS handheld game system anytime soon, the company's president said Friday. While the price of hardware is usually reduced over time, that could leave gamers who bought early feeling ripped off, Satoru Iwata said a day after the company reported record annual profits. "I don't think that model is correct," Iwata said, despit.. more

The U.N. secretary-general sounded a warning about rocketing food prices on Friday, saying the problem has developed into a "real global crisis." Ban Ki-moon said the United Nations was very concerned, as were all members of the international community. "We must take immediate action in a concerted way all throughout the international community," he said. Ban spoke to reporters Friday at Vienna'.. more

Wireless equipment maker LM Ericsson on Friday said its first-quarter profit fell 55 percent -- a result that was still better than expected and sent the share price soaring more than 20 percent. Net profit in the first three months of 2008 was to 2.7 billion kronor ($460 million), compared with 5.8 billion kronor a year ago. Sales rose to 44 billion kronor ($7.4 billion), from 42 billion kronor .. more

The Bank of Korea says South Korea's economic growth slowed during the first three months of this year. The central bank announced Friday that gross domestic product grew 0.7 percent in the first quarter from the previous three months. That was well below the 1.6 percent growth recorded in the final three months of last year. The result was also worse than analyst expectations. The average forec.. more