The world's two biggest oil producers Saudi Arabia and Russia said Monday they had agreed to "act together" to stabilize oil prices as they seek to steady the markets.

"The ministers noted the particular importance of constructive dialogue and close cooperation between the largest oil-producing countries with the goal of supporting the stability of the oil market and ensuring a stable level of investment in the long term," the energy ministers from the two sides said.

The slowdown in Islamic finance growth is likely to continue through 2017 due to low oil prices and lack of regulation, Standard and Poor's Global Ratings said Monday.

The asset growth of Islamic banks fell to seven percent last year from 12 percent in 2014 when oil prices began to decline, the ratings agency said in a report.

The government of the United Arab Emirates has approved a final draft of a much-awaited bankruptcy law that it hopes will strengthen confidence in the regional business hub.

Two private Iranian banks will open branches in Munich, officials confirmed Monday, as the Islamic republic looks for ways around ongoing barriers to international financing.

Oil prices recovered from early losses Monday but traders moved cautiously after Russia and Saudi Arabia wrapped up a meeting on stabilizing the crude market but offered no details.

President Vladimir Putin met Deputy Crown Prince Mohammed bin Salman on the sidelines of the G20 in China on Sunday and said they would work to address a global glut and overproduction that has hammered prices for the past two years.

A company controlled by Dubai's ruler has unveiled plans for a vast mixed-use development that will create thousands of new homes and hotel rooms.

Developer Dubai Holding said Sunday that work on the new "Jumeriah Central" district will begin next year along Sheikh Zayed Road, the city's main artery. It will sit across from the Mall of the Emirates, home to an indoor ski slope.

Prime Minister Theresa May warned of possible "difficult times ahead" for Britain's economy in an interview screened Sunday as she sought to build post-Brexit trade ties at the G20 summit in China.

Speaking to BBC television, May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.

After Russia snatched the Black Sea peninsula of Crimea from Kiev the new authorities installed by Moscow set about taking over one of Ukraine's largest banks as well as shipyards and hotels.

The state lender has now fired back by filing a massive claim with a court in The Hague -- one of multiple cases being fought by Kiev on a new legal front as a war with pro-Russian separatists in the east of the country drags on. 

The U.S. dollar gained on the euro and yen Friday after a lackluster U.S. jobs report that supported a Federal Reserve rate rise later this year but not necessarily this month.

The U.S. economy pumped out 151,000 net new jobs in August, below the 180,000 expected.

South Korea giant Hanjin Shipping said Friday about a third of its cargo fleet -- some forty vessels -- is marooned at sea or has been seized at ports, as the industry staggers after its biggest ever bankruptcy filing.