US firms Netflix and Amazon face quotas for European movies and television shows under new EU proposals unveiled Wednesday that also aim to lift cross-border barriers for Internet shoppers.

FRANCE said Wednesday it has dipped into its strategic oil reserves due to blockades at refineries as power workers threatened to join gathering protests against a labour law reform.

Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a state that has one of India's highest unemployment rates.

The US stock market regulator has opened an investigation into the accounting practices of Chinese online giant Alibaba, a company document showed.

Austrian aircraft parts maker FACC said Wednesday that it has fired its chief executive of 17 years after cyber criminals stole some 50 million euros ($55.7 million) in a so-called "fake president" scam.

Indian flour mills have signed deals to import about 500,000 tonnes of Australian and French wheat this year for shipment between July and September as drought reduces domestic supplies, two trade sources said on Wednesday.

Leaving the European Union would be economic self-destruction for Britain, shattering stability, Prime Minister David Cameron said on Monday, presenting a finance ministry report warning of recession, a tumble in the pound, and half a million job losses.

Hackers are probing the defences of banks in the Middle East, targeting employees with infected emails which gather information about the banks' network and user accounts, FireEye researchers said.

The surprise departure of BP's exploration boss has turned the spotlight on an oil search strategy that, after years of spending cuts, is focusing mainly on expanding existing fields rather than venturing expensively into the unknown.

From the way it chooses smartphone components to the models it brings to market, Samsung Electronics has undergone a painful process of breaking from its past to reverse a slide in its handset business.

PAKISTAN plans to sell a 40 percent stake in its stock exchange in coming months, and Turkey's Borsa Istanbul has expressed some initial intent, the head of the bourse said on Monday.

BUSINESS growth across the euro zone dipped to a 16-month low in May but stronger showings from Germany and France suggest it is the smaller member countries that may be struggling.

Crude prices approached $50 Wednesday as escalating wildfires in Canada's oil sands region helped to reduce a global supply glut, while traders awaited key US energy inventory data.

Microsoft Corp said it is selling its entry-level feature phone assets to FIH Mobile Ltd and HMD Global Oy for $350 million.

Nigeria's government on Wednesday warned against "illegal strike action" after some union members vowed to press ahead with a national strike over petrol price rises despite a court injunction.

Finance ministers and central bankers from the G7 meet in Japan this week for talks likely to highlight a sharp divide over currency policy and how to breathe life into the wheezing global economy.

Suzuki on Wednesday admitted to finding "discrepancies" in its fuel-economy and emissions testing, but the firm denied deliberately manipulating data to make cars seem more efficient.

Major US banks are scrutinising security of the SWIFT messaging network following cyber attacks in Bangladesh and Vietnam involving fraudulent transfer requests, according to media reports on Tuesday.

Japan sidestepped a recession after its economy grew in the first quarter, preliminary data showed Wednesday, but efforts to cement recovery in the world's number three economy were gaining little traction.

After more than a decade of global dominance, South Korea's shipbuilders face an unprecedented crisis that threatens the very survival of one of the flagship industries of Asia's fourth largest economy.