Italian oil giant ENI has resumed oil production in Libya more than six months after civil unrest brought oil and gas output in the country to a near standstill, the company said Monday.
A statement said that ENI had restarted production at the Abu Attifel oil field. Before the conflict that ousted leader Moammar Gadhafi, ENI was the top foreign oil producer in Libya, a former Italian colony.Full Story
Kuwaiti telecoms giant Zain said Monday it will challenge a court ruling that annulled the election of its board of directors, adding that the verdict will have no impact on its operations.
"The company will appeal against the ruling immediately after receiving the reasons" given by the court, Zain said in a statement posted on the Kuwait Stock Exchange website.Full Story
Asian markets tumbled on Monday and the euro was further pressured by nagging uncertainty over the Eurozone as leaders of the debt-troubled region struggle to find a plan to solve the crisis.
The week got off to a poor start as investors were left unimpressed by a commitment at the weekend from G20 finance chiefs that they would take strong, co-ordinated action to avoid another global financial crisis.Full Story
Apple threw open the doors to its first store in Hong Kong Saturday, its latest push to tap the booming China market, as protesters accused the technology giant of supporting sweatshop labor.
The minimalist store spread over two floors in one of Hong Kong's most upmarket shopping malls is Apple's sixth outlet in China, launching just a day after the doors opened on another new branch in Shanghai.Full Story
The Group of 20 major economies have vowed to mount a powerful response to the rising challenges facing the world economy as it reels from a debt crisis in the Eurozone.
The pledge, made in an unexpected statement late Thursday, came after world leaders ramped up pressure on Europe to take decisive action to contain its debt crisis as markets spun out of control.Full Story
The U.S. dollar rose against the euro Thursday, as investors fled from the single European currency amid a widespread global market sell-off.
The euro fell to levels not seen against the dollar since January, fetching $1.3470 by 2200 GMT versus $1.3564 the day before, as fears grew of a global slowdown.Full Story
Asian markets fell for a second straight day Friday and the dollar rose amid growing fears that the global economy is on the verge of slipping back into recession.
However, most markets were off their earlier lows after G20 finance chiefs meeting in Washington promised to take collective action to stabilize the financial system.Full Story
Switzerland said Friday that it has lifted sanctions against two Libyan oil firms -- National Oil Corporation and its affiliated Zueitina Oil Corporation, as well as Afriqiyah Airways.
The authorities announced the changes in a decree which entered into force Friday.Full Story
The booming Chinese mainland is now the largest importer of Bordeaux by volume, driving a jump in exports of the French wine, an industry body said.
Exports from the French winegrowing region rose 34 percent in value and 23 percent in volume between July 2010 and June 2011, the CIVB Bordeaux Wine Council told a press conference late on Wednesday.Full Story
The Italian government lowered its growth forecast sharply on Thursday, while insisting that the austerity plan adopted last week is sufficient to balance the country's budget by 2013 as planned.
Italy now forecasts a 0.7 percent growth in 2011, 0.6 percent in 2012 and 0.9 percent in 2013, compared to previous forecasts in April of 1.1 percent, 1.3 percent and 1.5 percent, the finance ministry said.Full Story