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In a 2009 paper, Phelps argued that a significant cause of the 2008 global financial collapse was that US banks focused on mortgage and consumer lending. "(The banks) long lacked expertise to embark on a big program of lending to the business sector.... They directed it into mortgages."

In a statement sent to Xinhua on Thursday, Ethiopian Airlines says it plans to inaugurate the new destination in the presence of China's Ambassador to Ethiopia La Yifan, ET's CEO Tewolde Gebremariam and Abadula Gemeda speaker of Ethiopian Parliament at a ceremony on Sunday.

In a Monday's report, DPRK's official Korean Central News Agency said that the meeting is "historic", as the two leaders agreed to keep in close touch in the future, resume and push forward productive dialogues for making a new breakthrough in the denuclearization of the peninsula.

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In a separate incident, three Taliban improvised explosive device (IED) experts were killed and three others wounded after an IED exploded accidently inside a mosque in the Aykhanum Port area of Takhar, the official said.

In a case the top court disclosed on Wednesday, a woman from the Haizhou district of Lianyungang, Jiangsu province, applied for the protection order at the Haizhou District People's Court, claiming her ex-husband had been harassing her since their divorce.

In a recent interview with China Daily, Steinmueller shared his views on the future operations of Deutsche Bank in China, the trend of bilateral trade and investment between China and Europe and how it could affect the German bank's business.

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In a second crackdown, on July 17, Chinese police cooperated with their Cambodian counterparts to capture another 32 suspects, including seven Taiwan residents.

In a conference call with investors after the earnings report, Cook said: “We are as confident as ever in the fundamental strength of our business, and we have an exciting pipeline with announcements coming later this year. We’re not taking our foot off the gas.”

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In a move to improve the efficiency and transparency of judicial practice, China launched a national network for probation and commutation Thursday.

In a bid to keep Cathay Pacific afloat, 8,500 employees under the Cathay brand, which includes around 2,500 Cathay Dragon staffers, will lose their jobs.