Iran's supreme leader said Tuesday that more support for domestic industrial production can counter Western sanctions over Tehran's nuclear program.

The statement by Ayatollah Ali Khamenei marking the Iranian new year is the latest in a series of displays of defiance by the country's senior leadership against the pressures — ranging from sanctions to the option of future military strikes — placed on Iran by the U.S. and the West.

Industry group IATA on Tuesday cut its 2012 profit forecast for the airline sector to $3.0 billion from $3.5 billion as tensions in the Gulf push fuel prices higher.

If fuel prices were to soar to $150 a barrel from about $120 at the moment, some airlines could even go bankrupt, warned International Air Transport Association chief Tony Tyler.

Oil prices rose slightly to near $107 a barrel Monday in Asia amid mixed signs about U.S. economic strength.

Benchmark oil for April delivery was up 34 cents to $107.40 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.95 to settle at $107.06 per barrel in New York on Friday.

United Parcel Service has reached a deal with TNT Express NV to buy the Dutch rival for 5.6 billion euros ($6.77 billion), creating a dominant package-shipping operation in Europe, the companies announced in a joint statement Monday.

"The transaction will recreate a global leader in the logistics industry with more than 45 billion euros in annual revenues and an enhanced, integrated global network," they said in the statement.

Apple scheduled an announcement Monday on plans for its huge cash balance, estimated to be at least $97 billion from sales of its hugely successful gadgets like the iPad and iPhone.

An Apple statement said chief executive Tim Cook and chief financial officer Peter Oppenheimer would hold a conference call at 6:00 am Pacific time (1300 GMT) "to announce the outcome of the company's discussions concerning its cash balance."

French energy giant Total SA has reached an agreement with China's Sinopec on a joint venture for shale gas and refining, the Wall Street Journal reported Monday.

The U.S. daily also quoted Total's chief executive Christophe de Margerie as saying that Chinese authorities now own a stake of two percent in the French company.

Tokyo's high-end shopping district of Ginza was back at its booming best this week with hundreds of shoppers queuing up to spend their cash, in an echo of Japan's bubble years.

Around 450 people lined up on one block, eager to splurge more than 40,000 yen ($500) on the new iPad, the latest in a long line of must-have electronic gizmos that a certain sector of Japanese consumers crave.

Indian and African leaders on Sunday agreed to sharply increase bilateral trade to $90 billion by 2015 as the two sides discussed potential deals.

The South Asian country is aiming to boost its trade and diplomatic ties with Africa where China has already made major inroads by striking multiple deals, building infrastructure projects and offering soft loans.

England's laws restricting shopping hours on a Sunday to six hours will be relaxed during the London 2012 Games, finance minister George Osborne said.

The suspension would run in England and Wales for eight Sundays covering the Olympics (July 27 to August 12) and the Paralympics (August 29 to September 9).

IMF chief Christine Lagarde said Sunday measures taken to fight financial woes in Europe and the U.S. were starting to pay off, in a cautiously upbeat assessment of the global economy.

But Lagarde -- in Beijing for a two-day trip to attend a high profile forum on China's development and hold meetings with her economic counterparts -- also warned that "major" vulnerabilities still remained.