World oil prices plunged more than 6.0 percent in Asia Friday after Britain voted to bolt out of the European Union, sending markets into a tailspin and fueling fears of another global rout.
Crude tumbled sharply as results showed those wanting to exit the bloc were likely to win, fanning worries about the impact on demand as investors fled for safe investments.Full Story
The pound collapsed and world stock markets descended into pandemonium Friday after Britain voted to leave the European Union, fueling a wave of global uncertainty.
Sterling hit a 31-year low, crashing 10 percent to $1.3229 at one point, and the euro also plummeted against the US currency as the Brexit result caught markets by surprise.Full Story
Foreign currency dealerships have seen a boom in trade in recent days with Britons lining up to sell their pounds, concerned about a devaluation if Britain votes to leave the EU on Thursday.Full Story
European stocks rallied and the pound hit 2016 highs Thursday as markets expected the Remain camp to come out on top in Britain's referendum on EU membership.Full Story
The U.S. Embassy in Lebanon has sponsored five delegates from Lebanon to join over 700 participants from 170 countries to open the 2016 Global Entrepreneurship Summit in California’s Silicon Valley.Full Story
An Air Serbia plane took off from Belgrade for New York Thursday -- the company's first direct flight to the United States after a 24-year interruption which began during the Balkan conflicts.
The direct connection "will boost our economic growth and bring our country closer to the United States and American people", said Serbian Prime Minister Aleksandar Vucic at the launch, also attended by US ambassador Kyle Scott.Full Story
With its capacity boosted by nearly three times, Panama's enlarged canal -- set to be inaugurated on Sunday -- is expected to stimulate trade between the United States and Asia, and steal business from the rival Suez canal.
"A good deal of the commerce between Asia and the east coast of the United States can pass through directly on Neopanamax ships, which will help both sides," Nicolas Ardito Barletta, a former Panamanian president and former vice president of the World Bank in Latin America, told Agence France Presse.Full Story
Oil prices rose in Asia on Thursday, hours ahead of a high-stakes British vote on whether to remain in the European Union.Full Story
The International Monetary Fund warned the United States Wednesday over poverty and rising inequality in the country, saying both could hold back its economic potential.
The IMF cut its outlook for US economic growth this year to 2.2 percent, compared to 2.4 percent forecast at the beginning of the year. It cited the impact of slower global growth overall, the contraction in the energy industry due to low oil prices, and a slowdown in domestic consumer spending.Full Story