Italy's populist government was set Tuesday to defy the European Commission, preferring to risk financial sanctions than revise its big-spending budget.

Goldman Sachs "cheated" Malaysia, its leader Mahathir Mohamad said, after two former bankers from the Wall Street titan were charged over a scandal that allegedly saw billions looted from state coffers.

Economic growth in the energy-rich Gulf will recover in 2018 from a contraction last year but remains vulnerable to volatility in crude oil prices, the IMF said on Tuesday.

Oil prices climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply.

The Pink Legacy, an exceptionally large pink diamond, is set to go under the hammer at Christie's in Geneva next week, when it is expected to bring in up to $50 million.

At nearly 19 carats, the vividly colored gem is extraordinary, Jean-Marc Lunel, an international jewelry specialist at Christie's, told AFP.

Oil prices and stock markets slumped Friday, with Brent North Sea crude tumbling under $70, while the dollar strengthened as the Federal Reserve flagged more U.S. interest rate hikes.

The Brent benchmark struck a seven-month low on surging U.S. energy stockpiles before a weekend meeting of major oil producing nations.

Thai businessman Chatchaval Jiaravanon agreed Friday to buy Fortune magazine for $150 million in the latest deal for titles from the former Time Inc. family.

Oil prices and stock markets slumped Friday, with Brent North Sea crude tumbling under $70, while the dollar strengthened as the Federal Reserve flagged more US interest rate hikes.

Italy will not leave the eurozone, populist Deputy Prime Minister Luigi Di Maio said on Friday, despite a standoff with Brussels over Rome's big-spending budget.

Britain's economy accelerated in the third quarter as higher exports and household spending offset slumping business investment, data showed Friday as the country hopes to imminently seal a Brexit deal.