The International Monetary Fund said Monday it was suspending financial aid to Greece under its huge rescue program until a new government is formed after elections slated for late January.

Oil prices rose in Asia Monday as fresh violence in Libya stoked concerns about possible supply disruptions, analysts said.

West Texas Intermediate for February delivery rose 46 cents to $55.19 while Brent crude for February gained 35 cents to $59.80 in late-afternoon trade.

Ukraine's parliament on Monday adopted an austerity budget that hikes import prices and shrinks social spending in order to balance the books under a plan backed by the International Monetary Fund.

The highly-disputed 2015 plan was pushed through by the government-led coalition after a marathon debate that ended after 4:00 am.

Lithuania hopes joining the eurozone on January 1 will boost its security at a time of heightened anxiety over Russia, but many in the Baltic state fear the currency switch will also bring price hikes.

The stroke of midnight will signal the end of a year marked by Russian intervention in Ukraine -- the biggest threat to the Baltic states since they broke free from the crumbling Soviet Union around a quarter of a century ago.

The euro edged up in Asia on Monday as lawmakers in debt-laden Greece embark on a final bid to elect a new president and avoid a snap election that could undermine its international bailout.

In Tokyo, the single currency strengthened to $1.2188 and 146.61 yen, from $1.2179 and 146.59 yen in New York on Friday.

Shares in AirAsia, Southeast Asia's biggest budget airline, lost almost nine percent in Kuala Lumpur Monday after one of its jets disappeared with 162 people on board.

But analysts said the impact on the low-cost sector would be limited owing to its popularity.

The cabinet of Japanese Prime Minister Shinzo Abe approved a fresh stimulus package worth $29 billion Saturday in a bid to boost the economy, hit hard by a tax hike.

The 3.5-trillion-yen package is designed to help the provincial economy, small businesses and the household sector, as well as to increase public spending to rebuild areas hit by natural disasters.

A towering dam in central China holds back a vast expanse of water destined to travel over 1,000 kilometers north to Beijing, but critics say it will only temporarily quench the city's thirst.

China's capital on Saturday received its first flows from the South-North Water Diversion Project, one of the most ambitious engineering projects in Chinese history.

Germany's finance minister warned Greece that any new government must respect commitments made by its predecessor, as the country moved closer to early elections that EU officials fear would be won by a radical leftist party.

Wolfgang Schaeuble spoke after German lawmakers last week backed plans to give troubled Greece a two-month loan extension while international creditors finish an audit to determine the release of its next 7.0 billion euros ($8.7 billion).

The consortium expanding the Panama Canal is making fresh claims for cost overruns totaling $737 million, officials said Friday.

Canal administrator Jorge Quijano told reporters that the Panama Canal Authority had received two claims on Tuesday that "will be evaluated" to determine if there is probable cause.