Royal Dutch Shell on Wednesday signed an agreement with Chinese state-run energy company CNPC to explore, develop and produce shale gas in southwest China, the Anglo-Dutch company said.

The production-sharing contract with China National Petroleum Corporation centers on a 3,500 square-kilometer (2,170 square-mile) area in Sichuan province, Shell said in a statement.

The Greek parliament formally ratified early Wednesday a second Eurozone bailout scheme worth up to 130 billion Euros ($170 billion) to save it from defaulting on its national debts.

The text was approved overnight by 213 socialist and conservative parliamentary deputies and opposed by just 79 members from the communist left and far-right.

The World Bank said Tuesday it would fund two projects totaling $1.09 billion, in energy and irrigation, aimed at supporting Pakistan's growth agenda for reducing poverty.

The World Bank's executive board approved the projects Tuesday, the development lender said in a statement.

IMF chief Christine Lagarde said Tuesday the global economy has moved back from the "abyss" but that there is still serious weakness in the world financial system.

Lagarde, visiting New Delhi for a two-day trip to attend a conference and meet leaders, said the world financial situation is not as grave as at the start of this year.

Oil prices fell to near $107 a barrel Tuesday in Asia, slipping from close to 10-month highs ahead of new data on the U.S. economy.

Benchmark oil for April delivery was down 80 cents to $107.29 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.03 to settle at $108.09 in New York on Monday.

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."