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Irish Carrier Aer Lingus Accepts IAG Takeover Bid

Irish carrier Aer Lingus on Tuesday backed a 1.35-billion-euro ($1.51-billion) takeover offer from International Airlines Group, parent of British Airways and Iberia.

Aer Lingus announced in a statement that its board was "willing to recommend" IAG's improved proposal -- its third since December -- subject to certain conditions.

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Oil Price 'Too Low': Saudi Aramco Chief

World oil prices have fallen too far, the president of state-owned energy giant Saudi Aramco said Tuesday, stressing it was for the market not OPEC producers to shore them up.

"It's too low for everybody," Khalid al-Falih told a conference.

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Europe Warns Greece's Syriza to Stick to Austerity

The EU issued Monday a stern warning to Greece that its place in the eurozone was at risk if new Prime Minister Alexis Tsipras failed to meet the country's austerity and debt commitments.

From Brussels to Berlin officials said they were ready to talk to the new government led by Tsipras' radical left party Syriza, but insisted that Athens must stick to existing agreements with its international creditors.

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New Saudi Leaders to Press Economic Diversification

Saudi Arabia's new leadership will push forward efforts to diversify the growing but oil-dependent economy, while easing procedures for investors, senior officials said on Monday.

"The smooth transition of power to King Salman is a testament of the stability and the commitment that our leadership has," Abdullatif al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA), told a conference.

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Minister: Spain Growth Could Hit 2.5 % in 2015

Spain's recovering economy could grow as much as 2.5 percent this year if oil prices and the euro stay low, the economy minister said in an interview published Monday.

The government says its tough austerity measures have started to strengthen the economy, which officially emerged from recession in 2013 and grew an estimated 1.4 percent in 2014.

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German Business Confidence Hits Six-Month High in January

German business confidence rose to its highest level in six months in January, as the outlook for Europe's biggest economy continues to brighten, the Ifo economic institute said Monday.

The Ifo institute's closely watched business climate index rose to 106.7 this month from 105.5 points in December, the think tank said in a statement. 

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Moody's: Pakistan Fuel Crisis Weighing on Credit Worthiness

Pakistan's ongoing fuel shortage that has led to worsening power blackouts is weighing on its credit worthiness and hindering its ability to meet key reform targets laid out by the IMF, ratings agency Moody's warned Monday.

The country is currently in the grip of one of its worst power crises in years due to a shortfall in imported oil, with the situation exacerbated Sunday by an attack on a key powerline in restive Baluchistan province.

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Euro Hits 11-Year Low on Greece Fears, Equities Muted

The euro sank to an 11-year low Monday but Asian equities largely recovered from early losses after an anti-austerity party won Greece's election, throwing its international bailout into doubt and raising fears it could leave the eurozone.

Oil prices resumed their downward trend after rallying on Friday in response to the death of Saudi Arabia's King Abdullah, which fuelled uncertainty in the crude market.

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Ukraine Headache Grows for IMF

The International Monetary Fund is far from being done with Ukraine, its latest mega-bailout client.

A new aid plan for Kiev -- larger and longer -- is under discussion and raises the risk for the global crisis lender as Ukraine sinks deeper into war against pro-Moscow separatists.

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Euro Hits $1.11 in Post-ECB Stimulus Slide

The euro fell again against the dollar Friday, hitting a new 11-year low a day after the European Central Bank unveiled a vast bond-buying program to revive the eurozone.

The currency market also nervously awaited the outcome of Greece's general elections Sunday, with polls showing the leftist anti-austerity Syriza party would win, posing a new challenge to the bailout program from the European Union and the International Monetary Fund.

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