Inflation in Germany, Europe's biggest economy, slowed to its lowest rate in four years in May, weighed down by falling energy prices, data showed on Friday. 

According to final data compiled by the federal statistics office Destatis, German inflation slowed to 0.9 percent last month, its lowest level since February 2010.

Oil prices climbed on Thursday on rising concerns that turmoil in Iraq will disrupt Middle East supplies, analysts said.

U.S. benchmark West Texas Intermediate for delivery in July jumped $1.47 compared with Wednesday's close to $105.87 a barrel, also following a stockpiles report indicating solid U.S. demand.

U.S. authorities authorized BNP Paribas to operate in Iran earlier in the year, even as they considered penalties against the French bank for earlier breaking an embargo imposed on the country, a Treasury official said.

The U.S. Treasury Department granted the bank two licenses in February and March for transactions in Iran as sanctions were being reduced against the country.

It is not easy for an Iranian to visit America. With no US embassy in Tehran since 1979, obtaining a visa usually requires two costly trips to Dubai or Turkey.

A group of Iranian students, however, have a far bigger problem -- they want to send a car to the United States. Only then will they get on a plane.

OPEC faces a period of static oil prices as traders track supply-side uncertainties surrounding Iraq, Iran and Libya, as well as Ukraine, analysts said Thursday.

The oil exporters' cartel opted this week to maintain its crude output ceiling, expressing confidence in the market despite global tensions keeping prices high.

Russia and Ukraine began fresh EU-brokered gas supply talks Wednesday, with Moscow extending a cut-off deadline to next week in the latest signs the worst East-West crisis in years may be easing.

The negotiations are being closely watched to see if they confirm recent signs that both sides want to bring some sort of closure to a crisis that began with pro-EU protests in Kiev six months ago.

Emirates airline announced on Wednesday that it had cancelled an order for 70 long-haul A350 planes from European manufacturer Airbus.

The decision was taken following "on-going discussions with the airline in light of their fleet requirement review", Airbus said on Wednesday.

Spanish global clothing giant Inditex, owner of fast-fashion brand Zara, announced Wednesday a rare fall in quarterly profits even as it pushed ahead with an aggressive international expansion.

Inditex, created 40 years ago in the northwestern Galicia region by railwayman's son Amancio Ortega, said net profit fell 7.3 percent from the same period a year earlier to 406 million euros ($550 million) in the three months to April 30.

China's Alibaba said Wednesday it will absorb mobile browser developer UCWeb, calling it the "biggest" merger in the country's Internet industry, as the e-commerce giant continues a deal binge before listing.

Alibaba has stepped up acquisitions to expand beyond its traditional online shopping business ahead of a planned U.S. listing that could raise around $15 billion, putting it on par with Facebook's $16 billion IPO in 2012.

Tokyo is putting its planned venues for the 2020 Olympics under a microscope due to surging construction costs and environmental concerns, the megacity's top official said.

The estimated bill for 10 new sports facilities and the renovation of two existing buildings is now running at more than twice the original $1.5 billion cost.