Iraq's Kurdistan region threatened on Monday to stop oil exports, and argued the central government did not have the right to sign a deal with British firm BP to develop a giant oilfield in disputed land.

The moves were the latest in a long-running dispute over energy contracts and revenues between Baghdad and the autonomous region, with the two sides squabbling over payments, revenue-sharing and Baghdad's refusal to recognize dozens of contracts Kurdish officials have signed with foreign energy firms.

Under the patronage of the President of the Republic of Lebanon, Michel Suleiman, represented by the Minister of Telecommunications, Nicolas Sehnaoui, and with the participation of H.E. Riad Salameh, Governor of the Central Bank of Lebanon, the third annual ArabNet Digital Summit is set to open on Thursday, March 29th at the Grand Habtoor Hotel, Beirut. The Summit is the largest gathering of entrepreneurs and digital professionals in the web and mobile industries in the Arab region and is expected to attract 1,500 attendees for five action packed days of innovation, entrepreneurialism and best practice sharing between regional and global leaders.

In collaboration with the Central Bank of Lebanon and strategic partnerships with Bank Audi, STC, and MBC Group—the summit will feature discussions and lectures involving 150 internationally renowned speakers covering the latest trends and topics in the industry, particularly in relation to the opportunities and challenges created in various industries by the digital revolution. This will include the future of news, television, advertising and digital marketing, as well as mobile applications, online gaming, e-commerce, and other important fields.

Italian energy major ENI said on Monday it had uncovered a giant natural gas field off the coast of Mozambique bringing the total estimated reserves in the area to 40 trillion cubic feet (1.1 trillion cubic meters).

ENI said it had made the "giant natural gas discovery" in Area 4 of the offshore Mamba complex, where it is the operator with a 70-percent stake alongside Portugal's Galp Energia, South Korea's KOGAS and Mozambique's ENH.

Standard and Poor's warned Monday it may cut Russia's debt rating in case of a drop in the price of oil because of its "huge impact" on the economy and president-elect Vladimir Putin's campaign promises.

The global ratings agency said a $10 decline in the global price of oil would lead to a 1.4-percent of gross domestic product drop in government revenues.

European stocks diverged Monday, lifted partly by rising German business confidence, but Madrid was hit by a surprise electoral setback for the Spanish government amid new strains over the Eurozone debt crisis.

In late morning trade, London's FTSE 100 benchmark index of top shares rose 0.38 percent to 5,876.77 points and Frankfurt's DAX 30 added 0.36 percent to 7,020.98, while in Paris the CAC 40 was flat at 3,476.24 points.

Oil prices fell slightly toward $106 a barrel Monday in Asia as investors mulled how much the conflict over Iran's nuclear program might disrupt global crude supplies.

Benchmark oil for May delivery was down 32 cents to $106.55 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.52 to $106.87 per barrel in New York on Friday.

Italy's Mario Monti sets off to South Korea, Japan and China this weekend with crucial labor reforms in the bag, to set out his vision of a new Italy and boost ties with Asia's dynamic economies.

The prime minister, who in November replaced Silvio Berlusconi as premier as Italy toppled on the edge of financial meltdown, is wasting no time strengthening relations with Asia's key financial players.

Profit-taking forced the dollar lower on Friday in a lackluster trading session.

The euro firmed to $1.3271 from $1.3196 in New York late on Thursday.

Facebook confirmed Friday that it has added a trove of IBM patents to its arsenal on an increasingly lawsuit-strewn technology battlefield.

Reports that Facebook bought 750 software and networking patents from IBM surfaced less than two weeks after struggling Internet pioneer Yahoo! accused the thriving young firm of infringing on 10 of its patents.

Since its founding in 1944, Washington has always chosen the head of the World Bank, and has filled the position each time with an American, without opposition.

But this year, for the first time two challengers are vying with the U.S. nominee to replace the outgoing Bank president, former U.S. diplomat Robert Zoellick.