The Argentine economy will grow 2.8 percent in 2015, the government said Monday, despite the recession gripping the country.

In its annual budget proposal to Congress, President Cristina Kirchner's government forecast the country would return to growth next year and slash annual inflation to 15.6 percent.

China's outbound investment more than doubled in August to $12.62 billion, data showed Tuesday, far outstripping foreign direct investment (FDI) into the country, which fell to a four-year low.

China has been actively acquiring foreign assets, particularly energy and resources, to power its economy, with firms encouraged to "go out" and make overseas acquisitions to gain market access and international experience. Officials have said overseas direct investment (ODI) could exceed FDI this year.

Ukrainian President Petro Poroshenko faces a strong backlash from some of his staunchest supporters for bowing to Russian pressure and postponing the implementation of an EU trade pact which is due to be ratified Tuesday.

Several of them have warned the decision to delay the ex-Soviet state's economic tilt westward could spark a repeat of the EuroMaidan protests that toppled Kremlin-backed Viktor Yanukovych earlier this year, after he rejected the same deal.

China's central bank said Monday it had approved state-owned Bank of China, one of the nation's four biggest lenders, to be its designated yuan currency clearing house in Paris.

In June, China and France signed an agreement for yuan clearing arrangements, one of a number of such accords Beijing has sought with foreign countries to help boost use of its currency overseas.

The Russian ruble fell on Monday to a historic low against the dollar after the West imposed fresh sanctions over Ukraine.

The ruble slumped to 38.04 to the dollar shortly after Moscow markets opened, at 0619 GMT. It was the first time that the ruble had weakened beyond the rate of 38 to the dollar.

French flag carrier Air France was set to scrap at least half its flights Monday as pilots began a strike against the company's plan to develop its low-cost subsidiary.

Several passengers were stranded as the week-long strike kicked off, sparking outrage among weary travelers such as Jean-Marc Ragot, who arrived from Nairobi to Paris to find his connecting flight to the eastern French city of Lyon cancelled.

Sickly eurozone recovery is a drag on the outlook for the global economy, the OECD warned on Monday as it cut growth forecasts for most major advanced economies.

The sluggish recovery is also at risk from increased tension over conflicts in Ukraine and the Middle East, and uncertainty over the future of Scotland, the Organisation for Economic Cooperation and Development said.

The new parliament in Libya, where rival administrations are vying for power, announced Sunday the dismissal of central bank governor Seddik al-Kabir following allegations of financial irregularities.

"The governor was summoned to appear before parliament after allegations of financial irregularities. Mr Kabir did not appear so MPs voted to have him dismissed," Fradj Abu Hashem, spokesman for Libya's internationally recognized parliament, told Agence France Presse

Wall Street stocks took a breather this week, finishing down from record levels despite solid U.S. economic data and a successful products launch by Apple.

The Dow Jones Industrial Average shed 149.85 points (0.87 percent) to close the week at 16,987.51, while the broad-based S&P 500 fell 22.17 (1.10 percent) to 1,985.54.

Recession-hit Argentines are flocking to buy dollars, nervous over the government's latest debt default and pressure from the business community to devalue the peso for the second time this year.

Officially, a dollar is worth 8.42 Argentine pesos.