Oil prices extended losses and fell below $85 a barrel Monday as a dismal U.S. jobs report suggested demand for crude in the world's largest economy will drop.
By early afternoon in Europe, benchmark oil for October delivery was down $1.60 to $84.85 in electronic trading on the New York Mercantile Exchange. Crude fell $2.48 to settle at $86.45 on Friday.Full Story
pain's ruling Socialists' candidate for prime minister in November elections said Monday that if he wins he will raise taxes on wealthy people and banks and use the extra revenue to create jobs, especially for young people.
Alfredo Perez Rubalcaba, interior minister until a few months ago and the party' most veteran and prominent member, gave no details in a radio interview but estimated the tax hikes would bring in €2.5 billion ($3.6 billion).Full Story
The incoming chief of the European Central Bank says the eurozone countries need a "quantum" leap toward economic integration.
Mario Draghi told a conference in Paris on Monday that there are problems with the common currency, including a lack of coordinated fiscal policies.Full Story
Officials from Russian energy giant Gazprom will visit South Korea to discuss the gas pipeline project recently agreed by Russian and North Korean leaders, a report said Sunday.
Yonhap news agency cited Seoul officials as saying that representatives from the world's top gas firm will meet with their counterparts at the state-run Korea Gas Corp. this month to discuss technical details of the project.Full Story
U.S. authorities have given Switzerland until Tuesday to transmit data from tax evaders in the United States who have stashed assets away in Swiss banks, the SonntagsZeitung reported Sunday.
The United States has asked for detailed information on U.S. nationals who have hidden their money in Switzerland, the paper said, basing its report on a three-page letter from the U.S. deputy attorney general James Cole, dated August 31, addressed to the Swiss authorities.Full Story
India has fully paid its $5 billion oil arrears to Iran without bartering to bypass sanctions-related payment problems, the official news agency IRNA reported Sunday quoting Iran's central bank chief.
"While all of India's $5 billion oil arrears have been paid to Iran, the country will always have some leftover debt (to pay) due to fresh oil sales," Mahmoud Bahmani said.Full Story
A 300-bottle collection of Chateau Lafite Rothschild has sold for almost $540,000 in Hong Kong, setting a world record price for a single wine lot auctioned this year, organizers said.
The collection spanning 1981 to 2005 was knocked down for HK$4.2 million ($539,250) at Christie's two-day Autumn wine sale, which is expected to rake in over $5 million in sales, the auction giant said late Saturday.Full Story
European Central Bank chief Jean-Claude Trichet told Italy Saturday that meeting its deficit reduction targets was absolutely decisive for the country's credibility.
"It is essential that the target which was announced to diminish the deficit will be fully confirmed and implemented," Trichet said at an economic forum in northern Italy.Full Story
Beijing has asked Libya's new rulers to guarantee Chinese business interests in the north African country, despite not supporting the military action that helped bring them to power.
China is the only permanent member of the U.N. Security Council yet to formally recognize the Transitional National Council and repeatedly opposed NATO's use of force in support of the rebels during recent fighting.Full Story
World Bank chief Robert Zoellick warned Saturday that the global economy was heading into a new "danger zone", as he urged China to speed up structural reforms to help its development.
"The financial crisis in Europe has become a sovereign debt crisis, with serious implications for the monetary union, banks, and competitiveness of some countries," he said at a conference in Beijing on the future of China.Full Story