Briefcase

European Central Bank boosts bond purchases

FRANKFURT, Germany – The European Central Bank increased the bond purchases that have helped ease pressure on indebted governments from the eurozone debt crisis last week. The bank bought 462 million euros ($598 million) in bonds, up from a bare 19 million euros the week before.

It was a modest boost to a program that has been a major topic of debate in Europe’s debt crisis. France and Italy have urged the ECB to step up the purchases, which help hold down the elevated borrowing costs that are putting pressure on heavily indebted governments. As recently as the week ending Dec. 16, the bank spent some 3.4 billion euros.

Associated Press

India allowing foreigners to invest in stock market

NEW DELHI – India will allow individual foreign nationals to invest directly in its stock market in a bid to attract more funds and reduce market volatility.

The announcement late Sunday follows a year of large losses on the Sensex, India’s benchmark index. The new regulations will come into effect Jan. 15.

So far, foreign individuals have been limited to investing in the country’s stock markets indirectly through mutual funds.

Associated Press

Murdoch gains followers on Twitter account

LONDON – Rupert Murdoch has begun the new year by setting up in a new field of communications.

The media mogul, who is recovering from perhaps his most difficult year in the business, is posting on Twitter under the handle rupertmurdoch, spokeswoman Daisy Dunlop at News International confirmed Monday.

Murdoch, 80, faced harsh questioning in Parliament last summer because of widespread phone hacking at his U.K. newspapers, but he makes no mention of these troubles in his tweets, which include the News Corp. chief’s New Year’s resolutions.

“My resolutions, try to maintain humility and always curiosity,” he tweets. “And of course diet!”

Murdoch had attracted more than 46,000 followers by Monday morning, just two days after he started tweeting.

Associated Press

Payment to Exxon Mobil reduced in arbitration

CARACAS, Venezuela – Venezuela said Monday it has successfully defended itself in an international arbitration case brought by Exxon Mobil Corp. and will need to pay only $255 million of the more than $900 million awarded to the company.

State oil company Petroleos de Venezuela SA, or PDVSA, said in a statement that debts and court action reduce what it owes under the decision by the International Chamber of Commerce, which awarded Exxon Mobil more than $907 million in compensation.

Exxon Mobil sought arbitration after President Hugo Chavez’s government nationalized an oil project in the country in 2007.

Associated Press