JP Morgan Chase is being investigated by U.S. authorities over claims the bank hired the children of influential Chinese officials to secure business in the country, the New York Times reported Saturday.

The Times reported on its website, citing a confidential United States government document, that a bribery investigation had been opened to study the allegations.

With a cast of TV news stars, deep pockets and an ambitious agenda, Al-Jazeera launches its U.S. news channel on Tuesday, aiming to shake up the broadcast journalism market stateside.

The U.S. cable channel will reach more than 40 million households and vastly expands the footprint of the Qatar-based media group, despite questions about how it will be received by American viewers.

Spanish fishermen say their catch has been ruined by Gibraltar's decision to drop concrete blocks in waters surrounding the tiny British outpost.

The British-held territory's unilateral decision in July to set up an "artificial reef" to protect fishing grounds blocked Spanish fleets, infuriating Madrid.

Thousands of Spaniards in the depressed southern region of Andalusia are queuing up to play the role of slaves in film-maker Ridley Scott's Biblical epic "Exodus", hoping for a way out of unemployment.

In a region with unemployment at 35 percent, the prospect of work as an extra with a daily wage of 80 euros ($107) has sparked a rush in Almeria where casting is being held for the story of Moses and the Jewish exodus to the promised land.

Qatari telecoms giant Ooredoo on Friday pledged to introduce "affordable" phone services to Myanmar next year as it pumps $15 billion into one of the world's few remaining frontier mobile markets.

The firm, which in June along with Norway's Telenor won bids to provide mobile coverage to a nation where less than 10 percent of the population has telephone access, should be formally awarded its 15-year 3G licence by the end of this year.

French cosmetics giant L'Oreal is making an $843 million takeover offer for skincare company Magic Holdings to help it expand in China's fast-growing beauty market.

Magic Holdings International Ltd. is the "ideal fit" for L'Oreal SA's existing China business and the deal also gives Magic an "ideal partner" to expand into new markets, the companies said in a joint filing Thursday.

Oil prices eased on profit-taking in Asia on Friday but remain supported by concerns about turmoil in Egypt after a crackdown on protesters killed nearly 600 people nationwide, analysts said.

Investors are closely watching whether the latest unrest in Egypt will escalate and affect stability in the oil-rich and politically volatile Middle East region.

New claims for U.S. unemployment insurance benefits fell last week to their lowest level in six years, a fresh sign of labor market tightening, the Labor Department said Thursday.

Initial jobless claims totaled 320,000 in the week ending August 10, compared to 335,000 the previous week.

Bailed-out Portugal broke free from recession in the second quarter, data showed on Wednesday, as the government struggles to restore market confidence by pushing through deeply unpopular austerity reforms.

After shrinking for 10 months in a row, gross domestic product grew by 1.1 percent in the second quarter from output in the first quarter, but shrank by 2.0 percent on a 12-month basis, national statistics office Ine said.

Information technology giant Cisco announced Wednesday that it will cut 4,000 jobs, equal to five percent of its workforce.

Cisco executives said the cuts were necessitated by a weaker-than-expected economic recovery, with conditions especially disappointing in emerging markets.