AFP World Economic News Summary

The top world economic stories on Tuesday:


NEW YORK: The US government plans to sue Standard & Poor's over its rating of mortgage bonds at the heart of the 2008 financial crisis, the agency said, slamming the case as "entirely" groundless.


JAKARTA: Indonesia said that Southeast Asia's biggest economy grew by 6.23 percent in 2012, while it expanded 6.11 percent year on year in the three months to December.


STRASBOURG, France: French President Francois Hollande said that the euro's value cannot not be left to the whims of the market, adding his voice to concerns over the recent sharp rise in the currency.


NEW YORK CITY: Microsoft announced that it had teamed up with Chinese manufacturer Huawei to launch an affordable smartphone across Africa.


WASHINGTON: Dell is near sealing a $23-billion-dollar megadeal to take private the cash-rich but struggling computer giant as its retools for the post-PC era, The Wall Street Journal reported.


LONDON: British energy giant BP said that net profits slumped by more than half in 2012, as the group was rocked by fines and asset sales linked to the 2010 Gulf of Mexico oil spill disaster, ahead of a US trial later this month.


TOKYO: Toyota said that its net profit quadrupled for the nine months to December as the Japanese auto giant revised upward its full-year profit and sales forecast.


ZURICH: Swiss banking giant UBS said it suffered a crushing loss last year, as massive fines from the Libor rate-fixing scandal weighed especially heavily on its results.


LONDON: Britain-based brewer SABMiller said that its Chinese joint-venture had agreed to buy the brewery business of China beer maker Kingway for US$864 million (638 million euros).


JAKARTA: The world's third-largest paper producer Asia Pulp and Paper said it had stopped using logs from Indonesia's natural forests, after fierce campaigning by green groups against the company.