Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state.
Tags: European Union
As oil falls, Russia choked by military, social spending
Russian authorities are facing some unpalatable options as they try to keep the economy afloat - unless they can persuade President Vladimir Putin to curb massive military spending.
EU leaders agree investment package to boost economy
European Union leaders endorsed a new investment programme intended to kick-start economic growth in the bloc at a summit in Brussels, which its chairman said would end late on Thursday, half a day earlier than planned.
Italian PM Renzi calls on factious party to unite for reforms
Italian prime minister Matteo Renzi called on his ruling party on Sunday to unite behind measures he has pledged to breathe life into the euro zone's third-biggest economy after years in or near recession.
Alleged UK hacking of Belgian telecoms firm was far-reaching
Hacking of computers at Belgian telecoms firm Belgacom, alleged to have been carried out by a British spy agency, was more far-reaching than previously thought and went undetected for more than two years, according to reports published on Saturday.
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U.S. medical device maker Medtronic (MDT.N) gained European Union regulatory approval on Friday for its $43 billion takeover of Covidien Plc (COV.N) after agreeing to sell its Irish rival's drug-coated balloon catheter business.
The World Trade Organization adopted the first worldwide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day's delay following an eleventh-hour objection.
Leading British lawmakers urged the European Union on Thursday to remove preferential trade tariffs from Sri Lanka if it fails to address human rights concerns.
European privacy regulators want Internet search engines such as Google (GOOGL.O) and Microsoft's Bing (MSFT.O) to scrub results globally, not just in Europe, when people invoke their "right to be forgotten" as ruled by an EU court.
The countdown has begun to what threatens to be a missed opportunity to revive Europe's stalled economy. When European Union leaders meet on Dec. 18-19 under new management, they have a chance to launch a joint assault on the economic stagnation and high unemployment that are fuelling disenchantment and anti-EU protest among voters.
Halliburton Co's $35 billion takeover of Baker Hughes Inc will create an oilfield services powerhouse in North Dakota with more than half the cementing market and a leading position in fracking, according to data seen by Reuters.
Jean-Claude Juncker will unveil a much anticipated 300-billion-euro ($370 billion) investment plan on Wednesday that is meant to trigger economic growth in the European Union.
Germany is pressing the European Commission to allow individual EU countries to ban cultivation of crops with genetically modified organisms (GMOs) before the 2015 harvest.
Ukraine's currency lost nearly 5 percent of its value on Monday after a weekend that saw the heaviest shelling in a month hit the main rebel stronghold in the east and signs that Moscow had dispatched troops and tanks to reinforce separatists.
