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Glaxo probe in China follows drug safety agency revamp

China's govt reorganised its Food and Drug Administration in March to intensify scrutiny of safety breaches

Golden era fades for China's banks as crunch raises default risk

Vatican bank managers resign amid broadening financial scandal

Ernst von Freyberg, the bank's president appointed last February, will take over as interim director general

Zynga hires MS veteran

Don Mattrick will succeed Mark Pincus, who will remain chairman of the board and chief product officer

'Give us your real dollars for our fake dollars'

The foreign reserves have fallen at the fastest pace in more than a decade to a six-year low of $37.2 billion

Faulty loans: Citigroup will pay Fannie Mae $968 mn

The agreement includes 3.7 million mortgages originated from 2000 to 2012 and sold to Fannie Mae

EU seeks settlement by year end on Libor-Euribor rigging probes

Probes into potential rigging have expanded beyond interbank lending rates

Murdoch at 82 starts over with $2.6 bn for deals

The new company officially began trading from Monday

Private banks leave Switzerland as end of secrecy hurts

Number of foreign-owned Swiss banks fell to 129 by the end of May from 145 at the start of 2012

Nokia buys out Siemens in equipment JV for $2.2 bn

Will pay euro 1.2 bn for Siemens's 50% stake in Nokia Siemens Networks, with the remainder as a secured loan from Siemens due a year

Obama to announce plan to boost Africans' electricity access

Bank of America moving mortgage business paperwork to India

The completeness checks outside US don't replace in-depth reviews done by licensed US staff

Hot dogs lose flavour among Americans, sales decline 3%

Changing food habits, rising cost and declining birth rate impact sales

King recovers from northern rock stumble to leave BoE

King, 65, now hands an enhanced BoE to Mark Carney on July 1 after 10 years at the helm of UK policy making

Ferrari-fuelled Maserati at $65,600 lures bored BMW buyers

The Ghibli is a critical part of Maserati's plan to boost sales eightfold to 50,000 vehicles by 2015

Amazon.com, 7-Eleven sue Visa and MasterCard over fees

The retailers file lawsuit in Manhattan federal court against the card companies

Redmond giant seeks end to dinosaur-era software upgrade cycle

Rudd ousts first female leader Gillard to take top Oz job

Rudd won by 57 votes to 45 in a ballot of the Labor caucus

US economy grows less than projected in Q1

Household purchases, which account for about 70% of the economy, were revised to a 2.6 per cent advance compared with the 3.4% gain estimated last month

AirAsia-ANA tie-up ends amid row over running low-cost carrier

AirAsia will get a full refund for its investment, including debt, and this may have a "positive" effect on its earnings