Iranian Oil Minister Rostam Ghassemi said on Thursday that oil sales to Germany, Greece and Spain had not been halted as reported by state media last week.
"We are still selling oil to all of Europe except Britain and France," Ghassemi told a press conference.Full Story
Arab countries are wasting tens of billions of dollars on subsidies for petrol and energy but dare not roll them back for fear of a political backlash, a U.N. report said.
The U.N. Development Program (UNDP) report this week said six of the world's 10 biggest subsidizers are in the Arab world, led by Kuwait, Saudi Arabia and Qatar. People in the three countries pay less than a third of world prices for car fuel and electricity.Full Story
The World Bank and the African Development Bank have suspended development programs in Guinea-Bissau to protest an April 12 army coup that ousted the government.
The two organizations said they joined the African Union and the ECOWAS regional bloc in "condemning the military coup in Guinea-Bissau, urging a speedy resolution of the crisis, and calling for the restoration of constitutional government to preserve the development gains of the country."Full Story
American giant Starbucks plans to heavily invest in expansion in China as the local population starts to embrace the coffee culture, the company's Asia Pacific president said Wednesday.
"We see opportunities for many, many more stores in China," John Culver told journalists.Full Story
Growth in the Middle East and North Africa took a dive in 2011 because of the Arab Spring protests and resulting political upheaval, the International Monetary Fund said on Tuesday.
Gross Domestic Product (GDP) in the region, stretching from Iran to Mauritania, grew by 3.5 percent last year, down from a healthy 4.9 percent in 2010, the IMF said in its World Economic Outlook.Full Story
U.S. pharmaceutical giant Pfizer is close to reaching a $9 billion deal to sell its infant nutrition business to Nestle, according to the Wall Street Journal.
The Journal said Nestle, the Swiss food giant, had apparently beaten out Groupe Danone and Mead Johnson Nutrition, which had considered a joint bid for the business, and that the final deal could be announced next week.Full Story
Japanese electronics giant Toshiba said Tuesday it would pay about $850.0 million for IBM's retail solutions unit, with the U.S. firm saying it would create the world's leading point-of-sale company.
The transaction was expected to be completed later in the year, with the move aimed at retailers who "will benefit from accelerated development of new products and solutions", the Japanese firm said in a statement.Full Story
Argentina has vowed to take over a 51 percent stake in the country's biggest oil company, YPF, owned by Spain's Repsol, provoking a furious response from Madrid.
The move was announced to applause on Monday at a meeting between President Cristina Kirchner, her cabinet and Argentine governors, and came despite warnings from Madrid and EU officials.Full Story
Japan said Tuesday it would pledge $60.0 billion to the International Monetary Fund, saying it was a critical part of the organization’s bid to boost a global firewall against Europe's debt crisis.
Finance Minister Jun Azumi said he hoped the move would spur other nations to kick in funds, which he said were "crucial not only to the Eurozone but also to Asia and Japan if we are to ensure that the crisis is completely over."Full Story
U.S. Senate Republicans on Monday rejected the White House-backed "Buffett Rule" aimed at hiking tax rates on millionaires, a move both sides will use as campaign benchmarks ahead of the November election.
President Barack Obama had spent much of the past week pushing the Paying A Fair Share Act, arguing its mandate of a minimum tax rate of 30 percent for people making more than $1 million would help bring a level of fairness to the tax code as working-class Americans struggle with economic hardship.Full Story