Britain is the last major world power mired in recession, official data showed Wednesday, but economists forecast a return to growth before the end of 2009 and ahead of next years election.The economy shrank by 0.3 percent in the third

Sales of new homes rose last month to the highest level in more than a year as strong activity in the south made up for weakness in the rest of the United States.The Commerce Department said Wednesday that sales rose

General Motors (GM) was grappling with the future of two European sections on Wednesday, seeking options for Saab after a sale collapsed and preparing to show unions its Opel restructuring plan.The US automaker, which emerged from bankruptcy in July after

Irans plan to cut costly fuel and food subsidies brings to a head a debate over economic inefficiency that has raged for years but has become urgent because of the threat of more UN sanctions, analysts say.The stakes are high

Chinas Sinopec has signed a tentative deal to provide financing of $6.5 billion for oil refinery projects in Iran, two Iranian news agencies reported on Wednesday.If such an agreement goes ahead, it would provide Iran, the worlds fifth-largest crude exporter,

Porsche said Wednesday that its revenues declined by 12 percent in the past financial year as the economic crisis hit the car market, but said it expects improving sales in the current year.The sports-car maker said revenues totaled 6.6 billion

Big Oil has led interest in Iraqs oil sector since it was thrown open to investment, but the country also promises to be lucrative for oil-service firms quietly fixing wells and pipelines in the background.Oilfield service companies ranging from big