India derails WTO deal
The World Trade Organization has failed to reach a deal to standardise customs rules. It would have been the first global trade reform in two decades, but was blocked by India's demands for concessions on agricultural stockpiling. The so-called Bali package called for the simplification of customs procedures around the world. Agricultural subsidies would have mostly been eliminated. Some exceptions would have been made for subsidies in poorer countries.
Argentina after default
Argentina's government remains defiant a day after the deadline to resolve a dispute with holdout US creditors expired. Buenos Aires maintains it has not defaulted because it made a required interest payment on its bonds. That payment was blocked by a US judge who ruled that Argentina must first pay off holdout investors suing for full payment on bonds they bought. Argentina has said it is still willing to negotiate with the investors.
When saving energy doesn't pay off
Germany's most power-intensive corporations are given a rebate -- otherwise, they say they'd go bankrupt. But the rules for eligibility are changing. Until now to get that rebate a company had to spend 14 percent of its gross value added on electricity. From August 1 2014, that's being hiked to 16 percent. That's put the rebate out of reach for one steel producer in central Germany.