Russia's second largest bank VTB on Monday announced a return to profit in the first quarter, saying "stabilisation" in the Russian economy had boosted revenues, although by less than analysts had expected.

Between January and March, state-controlled VTB posted a net profit of 600 million rubles ($9.24 million), after a 18.3-billion-ruble loss in the same period last year.

Chedid Capital Holding the multi-awarded insurance and reinsurance regional group, in collaboration with prominent investors in Dubai, announced the acquisition of 75 percent of Al Manara Insurance Services Co Ltd Sharjah, an insurance brokerage firm operating in the United Arab Emirates.

This move is part of the company’s expansion and consolidation plan in countries of the EMEA region by 2017.

Bringing a 110-year old French legacy to Lebanon, Angelina, the world- renowned Parisian concept that embraces a tea house, patisserie and a restaurant celebrated the opening of its tearoom in Beirut gathering officials, social figures and media representative.

With an international presence in France, Qatar, United Arab Emirates, Singapore, Hong Kong, China and Japan and over 30 tea houses and boutiques across the world, Angelina pursues its expansion with its fifth tearoom in the Middle East in the heart of Lebanon’s Capital, Beirut.

French oil and gas company Total officially launched a project off Britain's remote Shetland Islands on Monday, hailed by London as a "vote of confidence" in the flagging Scottish North Sea oil and gas industry.

The Laggan-Tormore fields are located 600 meters (1,970 feet) under water off Britain's northernmost outpost. They began production on February 7 and have since ramped up to 90,000 barrels of oil equivalent per day.

Oil rose to fresh 2016 highs in Asia Monday as a slowdown in U.S. drilling and increase in Chinese crude refinery processing bolstered hopes a supply glut would ease sooner than expected.

Cross-border trade between Tunisia and Libya resumes on Monday after the two countries reached a deal to lift a trade blockade at the main frontier crossing following angry street protests.

Big European banks remain reluctant to work in Iran four months after the lifting of international sanctions under a landmark nuclear deal with world powers, an Iranian official said Sunday.

"Major European banks have not yet started their interactions with Iranian banks, but some medium- and small-sized financial institutions have established relations, including opening letters of credit," deputy foreign minister Abbas Araghchi told state broadcaster IRIB.

Narendra Modi was elected two years ago this week promising to ease India's notorious red tape and unpack regulatory tangles, but for foreign firms, doing business in the world's fastest-growing large economy can still be a costly headache.

With a billion consumers and rising middle class, India holds dazzling potential -- yet despite signs of change on the ground, high-profile corporate tussles continue to bamboozle investors.

Saudi Arabia suffered another cut to its credit rating on Saturday as Moody's Investors Service downgraded the kingdom along with Bahrain and Oman because of the slump in oil prices.

Moody's lowered its long-term rating for Saudi Arabia to A1, which denotes low credit risk, down from Aa3, saying lower energy prices "have led to a material deterioration" in the profile of the top oil exporter.

Credit rating agency Moody's raised Ireland's sovereign debt rating on Saturday, citing confidence in the eurozone member's ability to further cut its deficit after finally forming a government.

Moody's, which pointed also to a strong economic recovery in Ireland, raised its key rating for the country's sovereign debt by one notch to A3 from Baa1, adding that the outlook on the long-term rating remains "positive".