U.S., China Find Path on Iran

BEIJING—A steep drop-off in China's crude-oil imports from Iran earlier this year, which companies involved blamed on a contract dispute, has provided a face-saving way for Beijing to appease the U.S. even as it officially maintains opposition to U.S. sanctions against Tehran, analysts said.

Spain requests EU aid, market hopes dim

MADRID/BRUSSELS (Reuters) - Spain formally requested euro zone rescue loans on Monday to recapitalize banks that are laden with bad debts as the euro and shares fell due to investors' skepticism that a European Union summit this week will act decisively on the bloc's debt crisis.

Sudan steps up crackdown on protests

CAIRO – Sudanese security forces used tear gas to break up anti-regime demonstrations in Khartoum on Sunday, opposition figures said, as the government vowed to press ahead with economic austerity measures that set off a wave of unrest last weekend.

Greek coalition seeks two extra years to meet bailout deficit targets

Greece's new coalition government has outlined the concessions it hopes to exact from Europe's leaders on its €130bn bailout package, as its two top politicians receive hospital treatment.

Sudanese protest over cuts amid security crackdown

KHARTOUM (Reuters) - Hundreds of Sudanese joined anti-government demonstrations in Khartoum on Saturday, witnesses and activists said, pushing protests against tough spending cuts into a second week despite a security crackdown.

Spain to seek bank aid as borrowing costs soar

LUXEMBOURG/MADRID (Reuters) - Independent auditors said Spanish banks may need up to 62 billion euros in extra capital, to be filled mostly by a euro zone bailout, after Spain's medium-term borrowing costs spiraled to a euro-era record on Thursday.

Global economy: reasons to be fearful

Dark, lowering financial and economic clouds are, it seems, rolling in from every direction: the eurozone, the United States, China, and elsewhere. Indeed, the global economy in 2013 could be a very difficult environment in which to find shelter.

G20 to press Europe for lasting crisis fix

LOS CABOS, Mexico (Reuters) - World leaders were set to pile pressure on Europe at a G20 summit on Monday to outline a lasting strategy to save the euro currency after a victory for pro-bailout parties in a Greek election failed to calm financial markets.

Israel launches African migrant deportation drive

JERUSALEM (Reuters) - Israel launched a high-profile deportation drive against African migrants on Sunday with an airlift of South Sudanese whose government said they would be welcomed back as economic assets.

Iran President Mahmoud Ahmadinejad says ready for 'positive step' at nuclear talks

BERLIN: Iran is ready to make a "positive step" at talks in Moscow on Tehran's disputed nuclear programme, President Mahmoud Ahmadinejad said, adding that he hoped for progress at next week's crucial meeting.

Oil embargo to cause 'unstable' market: Iranian minister

VIENNA: A looming oil embargo on Iran, related to its controversial nuclear programme, will destabilise the global oil market and spark higher prices, Iranian Oil Minister Rostam Qasemi warned Wednesday in Vienna.

Key India-US talks due in Washington

Indian Foreign Minister SM Krishna and US Secretary of State Hillary Clinton are due to begin talks in Washington as part of the US-India strategic dialogue.

U.S. exempts India, not China, from Iran sanctions

(Reuters) - The United States extended exemptions from its tough, new sanctions on Iran's oil trade to seven more economies on Monday, leaving China the last remaining major importer exposed to possible penalties at the end of the month.

Exclusive - Euro zone discussed capital controls if Greece exits euro -sources

(Reuters) - European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.

West Africa to seek UN mandate for action on Mali

PARIS (Reuters) - West African nations will seek a U.N. Security Council mandate for military intervention in Mali where rising Islamist militancy has made the country an international security threat, Niger's President Mahamadou Issoufou said on Monday.

Rajoy Upbeat on Aid Plan

MADRID—Spanish Prime Minister Mariano Rajoy on Sunday tried to convince the Spanish public that a European Union financial bailout for their country will help shore up an ailing economy and dispel doubts about the single European currency, but he also warned that it won't prevent the country from staying mired in recession this year or stop more people losing their jobs.

Planned E.U. Oil Embargo Looks Set To Squeeze Iran

On July 1, the European Union says it will stop buying oil from Iran. Europe is one the most important markets for Iran's oil, and in anticipation of the boycott, Iranian oil exports worldwide are already down by more than 25 percent.

US Fed chairman Bernanke 'ready to act' on economy

The chairman of the US Federal Reserve Bank says he is monitoring risks to the economy and is prepared to take action if necessary.

EU says Russia breaking WTO rules ahead of entry

BRUSSELS (Reuters) - Russia will probably be in breach of global trade rules when it joins the World Trade Organisation this year, the EU executive said on Wednesday, signaling Brussels would feel justified in filing a case against the club's newest member.

Euro zone economy weakens further in May: PMIs

LONDON: All of the euro zone's major economies are now in various states of decline, according to business surveys that suggested even Germany is no longer immune to the tremors emanating from the likes of Greece and Spain.

Putin wants closer EU trade ties, skirts Syria

ST PETERSBURG, Russia (Reuters) - Russian President Vladimir Putin pressed the European Union on Monday for faster progress toward visa-free travel and said the EU will have to deal with an economic alliance among ex-Soviet states, while skirting the issue of Syria in public comments.

U.S. and European Union Agree on Air Cargo Security

The United States and the European Union were expected Friday to announce an agreement to recognize each other’s air cargo security procedures, putting an end to a costly duplication of security controls on the more than $130 billion in airfreight that crosses the Atlantic from Europe each year.

US consumer spending strengthens, inflation eases

WASHINGTON: US consumer spending rose modestly in April while incomes grew more slowly and inflation pressures eased, according to Commerce Department data published on Friday.

IMF sees room for ECB easing, case for slower euro zone deficit cuts

BRUSSELS: Some euro zone countries which are meant to cut budget deficits below 3 per cent of GDP in 2013 may need more time and there is room for a more expansionary policy from the European Central Bank, IMF Deputy Managing Director Nemat Shafik said.

Egypt election outcome makes economic challenge tougher

CAIRO (Reuters) - The success of two polarizing figures in Egypt's presidential election could make it harder to put in place an effective government that can tackle an economic crisis and secure vital foreign aid.