British luxury fashion group Burberry on Tuesday said its long-serving Chief Executive Officer Angela Ahrendts will step down next year to take up a new position with Apple.

The 53-year-old U.S. national is to be replaced by Burberry's Chief Creative Officer Christopher Bailey, who will retain his existing title alongside becoming the company's CEO, according to a statement issued to the London Stock Exchange.

Rival Republican and Democratic Senate leaders Monday said they were optimistic they could agree a deal to stave off a debt default that would shred U.S. credibility and rock the global economy.

Signs of hope emerged three days before a deadline to raise the U.S. government's borrowing limit and with a partial government shutdown on the cusp of entering its third week.

United Arab Emirates Energy Minister Suheil al-Mazrouei said Monday the country was on track to achieve its goal of a one-third increase in oil production by 2017.

"We are confident and the projects are on time," Mazrouei told Agence France Presse at the ongoing World Energy Congress in Daegu, South Korea.

The United States moved closer to a default that could seriously harm the economy and a partial government shutdown entered its third week as Senate Democratic and Republican leaders remained at odds over spending in their last-ditch negotiations to end the crises gripping the nation.

Democratic Majority Leader Harry Reid and Republican Minority Leader Mitch McConnell spoke by phone Sunday but failed to agree on a deal to raise the nation's borrowing authority above the $16.7 trillion debt limit. Separately, they also could not agree on a plan to reopen a government still shuttered on its 14th day. Congress is racing the clock with Treasury Secretary Jack Lew warning that the U.S. will quickly exhaust its ability to pay the bills on Thursday.

Oil prices edged lower in Asian trade Monday as the United States faces a potentially devastating sovereign debt default as lawmakers remain unable to end a budget impasse.

New York's main contract, West Texas Intermediate for delivery in November was down 29 cents at $101.73 in afternoon trade, while Brent North Sea crude for November eased 17 cents to $111.11.

The U.S. shale gas boom will spread "far and wide," the head of Saudi Aramco said Monday, announcing the state oil giant was set to supply gas to a massive Saudi power plant project.

The world's largest oil exporter launched an unconventional gas program in northern Saudi Arabia two years ago, as it sought alternative domestic fuel supplies that would allow an expansion of lucrative oil exports.

Thousands of people in Niger protested Saturday against French nuclear firm Areva, which has been mining uranium in the impoverished country for nearly 50 years, one of the organizers said.

"The aim of the protest gathering some 5,000 people is to support the government in its upcoming discussions with Areva on the subject of our uranium," Azaoua Mamane told Agencec France Presse. Several other sources confirmed the turnout number.

World Bank President Jim Yong Kim on Friday announced a program to slash costs and reduce bureaucracy at the huge development organization that is expected to result in significant layoffs.

Kim said the Bank would seek to reduce annual costs by $400 million a year, restructuring to reduce compartmentalization and cut bureaucracy, to better deliver bank services in its fight against poverty and underdevelopment.

Finance chiefs of the G20 on Friday called for Washington to quickly resolve the political paralysis over its budget and debt ceiling.

Singling the United States out in a statement on the issues confronting global finance, representatives of the world's most powerful economies signaled worry about the stalemate that could potentially force Washington to default on its debt.

Tax the rich and better target the multinationals: The IMF has set off shockwaves this week in Washington by suggesting countries fight budget deficits by raising taxes.

Tucked inside a report on public debt, the new tack was mostly eclipsed by worries about the U.S. budget crisis, but did not escape the notice of experts and nongovernmental organizations (NGOs).