UBS announced a net profit of $1.4 billion for the second quarter of 2019.Earningsread more
Beijing says it can still meet its 2019 growth target of between 6% and 6.5% and continues to roll out stimulus measures to prop up activity. China set a 2019 industrial...China Economyread more
Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific edged up on Tuesday afternoon, as investors await closely-watched central bank meetings in the coming days.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
American comedian Hannibal Buress, who stars in "The Eric Andre Show," has made a recent transition into the world of business as an angel investor — but there's an important...How I Made Itread more
The Paralympics will go ahead in Rio next month but organizers said Friday that deep budget cuts mean a venue will close down, facilities will be dismantled and the workforce will be reduced.
Poor ticket sales have compounded existing financial challenges in recession-battered Brazil which have already impacted operations at the Olympics, which close Sunday.
Rio has less than three weeks to prepare for Paralympics, the pinnacle of the disability sport calendar where organizers hoped to build on progress made at the well-attended games in London four years ago. Rio organizers report ticket sales of just over 290,000 tickets for the Sept. 7-18 Paralympics.
"At this point it is difficult for us to expect the full venues that we saw in Beijing or London, or expect to see in Tokyo in four years' time," International Paralympic Committee President Philip Craven said Friday.
The IPC said it has already sought to reduce costs over the last year and the new, deeper "major budget cuts" will affect every team and visitors to the games.
"Never before in the 56-year history of the Paralympic Games have we faced circumstances like this," Craven said. "Since becoming aware of the full scale of the problem, we have focused all of our efforts on finding solutions to the problems."
The IPC has secured an additional 150 million reals ($47 million) in funding from Rio mayor Eduardo Paes and said the government will bring in up to 100 million reals ($31 million) of sponsorship from state-run companies.
But the workforce for the Paralympics will still be reduced, transport services cut and media centers closed. The wheelchair fencing competition will move to a new venue, allowing the Deorodo Olympic Park to be closed and dismantled.
Grants of more than $7 million that the Rio organizers were due to make to the 165 participating countries are almost a month overdue. The first athletes are due to arrive on Aug. 31, although there will be no Russians after the country was suspended from the IPC over its state-sponsored doping scheme.
"Currently we have around 10 countries who, even if the grants are paid, may struggle to cover the cost of their travel to the games," Craven said. "The IPC is working with them to find solutions and ensure their participation here in Rio."
Britain's Paralympic body expressed concern that Rio's constrained budgets are setting back the games.
"London 2012 proudly showed the world what was possible and we want Rio to be the next stage of that positive journey," the British Paralympic Association said. "The IPC's announcement makes clear that there is major risk to that."
Follow CNBC International on and Facebook.