Iraq's oil ministry, struggling with sputtering output, has blamed Anglo-Dutch energy giant Shell over $4.6 billion in lost revenue due to production delays, in a letter seen by Agence France Presse Monday.
The document, dated July 21, 2013, sharply criticizes the foreign energy firm for shortfalls in oil extraction at the giant Majnoon field in south Iraq, and comes as oil exports have fallen to their lowest level in 16 months even as Baghdad has looked to cement its role as a key global energy producer.
Full StorySultan Qaboos of Oman, the only Gulf leader to maintain good relations with Tehran, arrived in Iran Sunday for a visit focused on economic and diplomatic issues, Iranian authorities said.
Iranian foreign ministry spokesman Abbas Araqchi said "the main focus of the negotiations is boosting energy and economic cooperation."
Full StoryChevrolet will unveil a brand new edition of its classic Camaro at the Frankfurt Motor Show. The new model, available as a coupe or convertible, will be released at the end of 2013.
Chevy has enhanced the Camaro's aerodynamics, allowing for a more effective cooling system and improved handling at high speeds. In terms of design, this translates to more fluid lines, a larger hood vent, a new front grill, redesigned rear lights, and a spoiler with a built-in antenna.
Full StoryFour British oil companies carrying out exploration work near the Falkland Islands have been banned from operating in Argentina, the Buenos Aires government confirmed Friday.
Argentine President Cristina Kirchner's office said the four companies -- Borders and Southern Petroleum PLC, Desire Petroleum PLC, Argos Resources Ltd and Falkland Oil -- had carried out "illegal and clandestine" operations near the Falklands.
Full StoryGlobal investment giant Blackstone is reshuffling its vast real estate portfolio, shedding US assets to buy new ones in Europe and Asia.
The New York-based firm has plenty of firepower, with $64 billion in real estate assets under management, the world's largest portfolio in the sector.
Full StoryBritain's economy grew faster than thought in the second quarter, official data showed on Friday, extending a broadly based recovery.
Gross domestic product (GDP) -- the total value of goods and services produced in the economy -- grew by 0.7 percent in the second quarter, the Office for National Statistics said in a statement.
Full StoryThe Bank of Brazil said Thursday it is ready to intervene heavily on currency markets from Friday, making available $55 billion to prop up the sagging real.
The central bank said it will engage in so called swap operations: it will offer dollars in the futures market, with a pledge to buy them back in a determined time frame no matter what they are worth.
Full StoryGermany's finance minister says he expects a future aid package for Greece to be much smaller than the country's existing rescue deals.
In two bailout packages so far, Greece's European partners and the International Monetary Fund have committed 240 billion euros ($320 billion) in loans. This week, German Finance Minister Wolfgang Schaeuble said there will have to be another aid program after the current one expires next year.
Full StoryRecession-hit Spain announced Thursday record tourist arrivals in July as British, German and French holidaymakers packed its beaches at a time of unrest in Egypt and Turkey.
A total 7.9 million international tourists arrived in Spain in July, up 2.9 percent from the same month last year, government figures showed.
Full StoryThe Turkish currency fell further against the dollar and the borrowing rate on 10-year bonds jumped to 10.0 percent in morning trading on Thursday.
Traders were anxious about the prospects for a tightening of U.S. monetary policy after the release on Wednesday of minutes from the U.S. Federal Reserve's last policy meeting.
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