Microsoft Corp. will pay Nokia Oyj more than $1 billion to promote and develop Windows-based handsets as part of their smartphone software agreement, according to two people with knowledge of the terms.Nokia will pay Microsoft a fee for each copy of Windows used in its phones, costs that will be offset as Nokia curtails its own budget for software research and development, said one of the people,

TOKYO (AFP) ― Japan’s latest bullet train, the thin-nosed “Hayabusa” or Falcon, made its 300 kilometer per hour debut, boasting a luxury carriage modeled on airline business class.Japan has built up a network of cutting-edge Shinkansen train lines since the 1960s that criss-cross the island nation and now hopes to sell the infrastructure technology abroad, including to the United States.The latest

Fighting in Libya pushes oil prices above $104 per barrelNEW YORK (AP) ― Oil prices rose past $104 a barrel to end the week at a 29-month high, as fighting in Libya intensified and the world’s largest petroleum consumer, the U.S., reported that employers added nearly 200,000 new jobs in February.The Labor Department said Friday that the unemployment rate dropped to 8.9 percent in February. While t

WASHINGTON (AP) ― President Barack Obama says he’s willing to make deeper spending cuts if Congress can compromise on a budget deal that would end the threat of a government shutdown.Obama’s appeal for common ground came Saturday in his weekly radio and Internet address, but lacked specifics on how to bridge the $50 billion gulf that divides the White House and Democratic budget proposal from the

Apple Inc. is in talks with record companies to give iTunes music buyers easier access to their songs on multiple devices, three people with knowledge of the plans said.Apple is negotiating with music companies, including Vivendi SA’s Universal Music Group, Sony Music Entertainment, Warner Music Group Corp. and EMI Group Ltd., said the people, who asked for anonymity because the talks are private.

WASHINGTON (AFP) ― A top International Monetary Fund official expressed concern Wednesday about overall inflation in emerging countries beyond the current spike in food and commodity prices.Naoyuki Shinohara, IMF deputy managing director, highlighted signs of a broadening upward pressure on prices in a speech to Asian central bankers in Colombo, Sri Lanka. Vendors sell vegetables at a produce mark

Nouriel Roubini, an economist who predicted the credit-market collapse, said an expansion of troubles in the Mideast could push oil prices as high as $140 to $150 per barrel, triggering a double-dip recession in parts of Europe.“If troubles spread to other countries such as Bahrain and Saudi Arabia, this could push oil prices up to $140 to $150 per barrel, which could trigger a double-dip recessio

Portugal will accept a financial bailout “within the next few weeks” as the cost of issuing debt becomes unsustainable, said Axa Investment Managers, which oversees $714 billion in assets.“The borrowing costs are just too high” for Portugal, Christopher Iggo, London-based chief investment officer for fixed income at Axa, France’s fourth-largest fund manager, said in a telephone interview two days

U.S. pledges assistance as opposition forms its own leadershipZAWIYA, Libya (AP) ― With residents shouting “Free, free Libya,” anti-government rebels who control this battle-scarred city nearest to the capital deployed tanks and anti-aircraft weapons Sunday to brace for an attack by troops loyal to Moammar Gadhafi. The Obama administration offered “any type of assistance” to Libyans seeking to ous

Security Council imposes arms embargo, urges asset freeze and travel banUNITED NATIONS (AP) ― The U.N. Security Council moved as a powerful bloc Saturday to try to halt Libyan leader Moammar Gadhafi’s deadly crackdown on protesters, slapping sanctions on him, his children and top associates.Voting 15-0 after daylong discussions interrupted with breaks to consult with capitals back home, the counci

MADISON, Wisconsin (AP) ― With their Senate colleagues still in hiding, Democrats in the Wisconsin Assembly began introducing a barrage of 100 amendments Tuesday to try to stymie the Republican governor’s plan to strip unionized public employees of most of their bargaining rights.Both houses of the GOP-controlled Legislature convened shortly before noon amid noisy protests outside the state Capito

FRANKFURT (AFP) ― The German luxury carmaker BMW unveiled on Monday its long-awaited new brand, BMW i, with two new models to be equipped with electric and hybrid drive systems from 2013.The group is also creating a venture capital unit to offer mobility services such as car sharing and navigation systems.“This is BMW i ― Born Electric,” a statement quoted sales director Ian Robertson as saying as the group presented the BMW i3 electric car for city use and the BMW i8 plug-in hybrid for those se

Moody's downgrades Japan rating outlook from stable to negative on massive national debtTOKYO (AFP) ― Ratings agency Moody’s on Tuesday cut its outlook on Japan’s sovereign debt to “negative,” arguing that government policy may not be strong enough to contain the industrialized world’s biggest debt.The move will put further pressure on Japan’s center-left Prime Minister Naoto Kan, in power less th

BEIJING (AP) ― A major Chinese telecoms equipment maker is scrapping its effort to acquire a U.S. computer company after a security panel refused to approve the deal.Huawei Technologies Ltd.’s bid to acquire 3Leaf Systems came amid concern in some countries about China’s growing economic might and political assertiveness. American critics said the deal might allow sensitive technology to be transf

BARCELONA, Spain (AP) ― The 2011 installment of Mobile World Congress, which gathered 60,000 professionals from 200 countries, served as the official coming-out party for the next generation of Google Android smartphones and tablets.Android had a massive, two-floor booth packed with all the new smartphones and tablets shipping in the coming months running off the various Android platforms, includi

China, Asia’s biggest oil consumer, increased retail gasoline and diesel prices for the first time this year, aiding state refiners under pressure from $100 crude and prompting bets further increases will come.Shares in China Petroleum & Chemical Corp., the nation’s biggest refiner, rose as much as 2 percent in Hong Kong and 1.3 percent in Shanghai.“The price hike will offset some of the cost pres

Spain’s decision to force lenders to meet stricter capital rules or risk state ownership will provide a boon to bankers and lawyers helping them raise funds with stock market listings and asset sales.Spanish banks may raise as much as 20 billion euros ($27.3 billion) by selling stock in initial public offerings and reducing their stakes in publicly traded companies in the next two years, according

U.S. lawmakers vote to cut $61 billion in government spendingWASHINGTON (AFP) ― Historic spending cuts approved Saturday by the U.S. House of Representatives face a grim future in the Senate, raising the prospects of a government shutdown and ramping up the public relations blame game.After a marathon floor debate running well past midnight, the Republican-controlled House voted to cut about $61 b

BEIJING (AP) ― Spiraling prices have made the grocery store a scary place for Chu Yun, a 27-year-old office clerk.“Prices for everything are going up and it seems it will never stop,” Chu said as she hunted for bargains in a supermarket. “I have no confidence prices can be brought under control this year. I think they will keep going up.”China’s public is struggling with a months-long surge in foo

Central bank upgrades 2011 growth forecasts, but remains pessimistic on jobsWASHINGTON (AP) ― Some Federal Reserve officials last month raised the possibility of scaling back the Fed’s $600 billion Treasury bond purchase program out of fear that a strengthening economy could spur high inflation.The minutes from the Fed’s Jan. 25-26 meeting were released on the same day that the government reported