Police launch a fresh investigation into phone hacking at the News of the World as it emerges its head of news, Ian Edmondson, has been sacked.

Starbucks says the rising cost of coffee will weigh down profits, despite reporting rising sales and record earnings.

Fraud costs the UK economy £38bn a year, with more than half of that suffered by the public sector, new figures suggest.

Australia's PM Julia Gillard unveils a new tax to help pay the estimated $5.6bn reconstruction bill from the nation's devastating floods.

Broadcaster BSkyB reports a 26% jump in half-year pre-tax profit - as efforts by News Corp to buy it are scrutinised.

Japan's exports grew for the second month in a row in December, thanks in part to strong demand from China, figures show.

South Korea's Hyundai reports a big jump in profits in the final three months of last year, due in part to strong overseas sales.

Live coverage of events in Davos and reaction from around the world as business and political leaders gather for the annual World Economic Forum at the Swiss resort.