A strike by Italy's largest labor union against austerity measures has shut down air, land and sea transport and curtailed other public services throughout the country.
Workers for the state railway, city transit systems and ferry services all were on strike. Hospital workers, postal employees and bank tellers also joined in.Full Story
The euro fell further against the dollar in Asia on Monday as risk appetite was eroded by renewed worries over Greek debt and fears of a possible recession in the world's biggest economy.
The euro dropped to $1.4158 in Tokyo trade from $1.4203 in New York late Friday. The European common unit also eased to 108.60 yen from 109.09 yen.Full Story
Oil prices extended losses and fell below $85 a barrel Monday as a dismal U.S. jobs report suggested demand for crude in the world's largest economy will drop.
By early afternoon in Europe, benchmark oil for October delivery was down $1.60 to $84.85 in electronic trading on the New York Mercantile Exchange. Crude fell $2.48 to settle at $86.45 on Friday.Full Story
pain's ruling Socialists' candidate for prime minister in November elections said Monday that if he wins he will raise taxes on wealthy people and banks and use the extra revenue to create jobs, especially for young people.
Alfredo Perez Rubalcaba, interior minister until a few months ago and the party' most veteran and prominent member, gave no details in a radio interview but estimated the tax hikes would bring in €2.5 billion ($3.6 billion).Full Story
The incoming chief of the European Central Bank says the eurozone countries need a "quantum" leap toward economic integration.
Mario Draghi told a conference in Paris on Monday that there are problems with the common currency, including a lack of coordinated fiscal policies.Full Story
Officials from Russian energy giant Gazprom will visit South Korea to discuss the gas pipeline project recently agreed by Russian and North Korean leaders, a report said Sunday.
Yonhap news agency cited Seoul officials as saying that representatives from the world's top gas firm will meet with their counterparts at the state-run Korea Gas Corp. this month to discuss technical details of the project.Full Story
U.S. authorities have given Switzerland until Tuesday to transmit data from tax evaders in the United States who have stashed assets away in Swiss banks, the SonntagsZeitung reported Sunday.
The United States has asked for detailed information on U.S. nationals who have hidden their money in Switzerland, the paper said, basing its report on a three-page letter from the U.S. deputy attorney general James Cole, dated August 31, addressed to the Swiss authorities.Full Story
India has fully paid its $5 billion oil arrears to Iran without bartering to bypass sanctions-related payment problems, the official news agency IRNA reported Sunday quoting Iran's central bank chief.
"While all of India's $5 billion oil arrears have been paid to Iran, the country will always have some leftover debt (to pay) due to fresh oil sales," Mahmoud Bahmani said.Full Story
A 300-bottle collection of Chateau Lafite Rothschild has sold for almost $540,000 in Hong Kong, setting a world record price for a single wine lot auctioned this year, organizers said.
The collection spanning 1981 to 2005 was knocked down for HK$4.2 million ($539,250) at Christie's two-day Autumn wine sale, which is expected to rake in over $5 million in sales, the auction giant said late Saturday.Full Story
European Central Bank chief Jean-Claude Trichet told Italy Saturday that meeting its deficit reduction targets was absolutely decisive for the country's credibility.
"It is essential that the target which was announced to diminish the deficit will be fully confirmed and implemented," Trichet said at an economic forum in northern Italy.Full Story