The U.S. Treasury said Monday that the sale of $18 billion worth of stock in AIG will mean that the taxpayer funds used to bail out the insurance giant in 2008 have been "fully recovered."
The Treasury also provided additional details about the sale, first announced Sunday, specifying that it would sell some 553 million shares for $32.50 each, with AIG set to buy back some 153 million for $5 billion.Full Story
A Palestinian request for talks on amending the Paris Protocol governing economic ties with Israel in a bid to address social unrest in the West Bank is "not serious," an Israeli official said on Monday.
Palestinian civil affairs minister Hussein al-Sheikh told Agence France Presse on Sunday he had made a formal request to the Israeli government through the defence ministry for talks on changing the 1994 agreement.Full Story
Saudi oil minister Ali Naimi said on Monday the high price of crude was not justified by market fundamentals, stressing that supply and demand are balanced.
"Saudi Arabia is concerned about rising oil prices in the international oil market. The current high price of oil is simply not supported by market fundamentals," he said in a statement.Full Story
South Korea on Monday unveiled new stimulus measures worth $5.2 billion to boost domestic demand as its export-driven economy struggles with the global economic downturn.
The finance ministry said it would push for fiscal support worth 5.9-trillion-won ($5.23 billion) -- 4.6 trillion won for the remainder of this year and 1.3 trillion won for next year.Full Story
China's trade surplus widened to $26.7 billion in August as exports remained weak and imports registered a surprise fall, data showed Monday, adding to expectations of a new round of stimulus measures.
The weak trade figures highlight waning strength in the world's second-largest economy, which has struggled as a broader global slowdown and the European debt crisis drag on exports.Full Story
The Palestinian Authority has formally asked Israel for talks on changing the Paris Protocol, a key agreement governing economic ties between the two, a minister told Agence France Presse on Sunday.
"I made a request to the Israeli government through the defense ministry... that the Palestinian Authority officially requests the reopening of the Paris Protocol which is not compatible with the current economic situation," said civil affairs minister Hussein al-Sheikh.Full Story
Lufthansa services were mainly back to normal Saturday after a 24-hour staff walkout that grounded half the airline's flights in Germany ended with agreement to call in a mediator.
In a key concession in talks with unions Friday as cabin crew struck, Europe's biggest airline also agreed not to employ cheap contract workers in Berlin.Full Story
The World Bank on Friday described the problem of youth unemployment in Morocco as "very serious," with similarities to other countries in the region where youth-led protests brought about regime change.
"It is a very serious problem," Inger Andersen, the bank's vice president for the Middle East and North Africa, told Agence France Presse, speaking in Rabat at the end of a two-day visit to Morocco.Full Story
EU President Herman Van Rompuy warned Greece Friday that it needs to produce results as bailout auditors arrived on a mission that will determine whether Athens gets extra time to make spending cuts in return for badly needed loans.
Amid growing exasperation from Greeks about having to accept cuts upon cuts as they struggle through a fifth year of recession, Van Rompuy warned that Greece must deliver on promised fiscal and reform results to obtain further support.Full Story
Indonesia's leader on Saturday invited foreign investors to help fund a huge development plan that Jakarta projects will require $500 billion dollars in investments by 2025.
Susilo Bambang Yudhoyono issued the call during a speech to global business executives in the Russian port of Vladivostok ahead of an annual Asia Pacific economic summit that he will host next year.Full Story