Nevada Governor Brian Sandoval signed a package of bills this week, paving the way for the construction of electric vehicle maker Tesla's 'gigafactory' in the state. The bills signed by Sandoval at a signing ceremony on Thursday will provide over $1 billion in tax breaks and other perks to Tesla for building the 'gigafactory' in northern Nevada to manufacture EV batteries.

Fourth quarter onwards, eBay Inc will begin running advertisements on its mobile app considering the fact that eBay's users spend 150 minutes on its app per month. This time, duration is three times higher than its nearest rival.

All is not well with RadioShack Corporation, an American franchise of electronics retail stores, which is making serious efforts to seek financing and escape bankruptcy.

The troubled electronics retailer said that it may need to file for bankruptcy if its cash situation worsens, after reporting that it has suffered three years of declining sales and 10 straight quarterly losses.

In a latest economic survey by the Pew Research Center, it was found that although on the whole the global economy is on the path of recovery but public opinion on the possible financial future varies from country to country.

On Monday, the US Federal Trade Commission (FTC) initiated legal action against drugmakers AbbVie Inc and Teva Pharmaceuticals Industries Ltd, accusing them of unlawfully preventing generic versions of AndroGel - for men with low testosterone - from being sold in the market.

The job growth in US has sped up greatly in the month of August, thanks to the sustained momentum in the economy.

This increase is largely in accordance to the prediction that the economists made last month regarding the increase in the nonfarm payrolls by 225,000. The average hourly earnings are also expected to have increased by 0.2% after being flat in July.

Ewald Nowotny, European Central Bank Governing Council member, said the bank may cut its economic forecast next week. The bank will present its updated estimate next Thursday.

Nowotny said, "It's no secret that we are seeing somewhat of a downturn in the economy. Germany is no longer able to be a locomotive for growth".

On Thursday, Royal Dutch Shell presented a plan to the federal government with an aim to explore for oil in the Alaskan Arctic, once again after years of legal and logistical setbacks as well as series of opposition from environmentalists.

Shell's plan involves two drilling rigs working at the same time in the Chukchi Sea, which could generate over 400,000 barrels of oil a day.