World oil prices fell sharply on Monday after Iran reportedly announced over the weekend that it would not to join a proposed output freeze by crude producers.

Flights between Britain and Europe could jump in price if the country votes to leave the European Union, according to a report commissioned by the Association of British Travel Agents released on Monday.

Egypt's central bank said on Monday it had devalued the Egyptian pound by 14.3 percent to 8.95 to the U.S. dollar to face "challenges" emerging from declining foreign currency inflows.

The bank has been battling an acute U.S. dollar shortage over the past few months, with the local currency often trading at a rate of almost 10 pounds to a dollar on the black market.

Belgian insurer Ageas announced Monday a proposed 1.2 billion-euro settlement with shareholders to cover losses following the dismantlement of the Fortis bank insurance group during the 2008 financial crisis.

"Ageas agreed to pay a global amount of 1.204 billion euros ($1.338 billion) to eligible shareholders without admitting any wrongdoing," it said in a statement issued in Brussels.

Oil prices dipped in Asia Monday on profit-taking following last week's rise and Iran's move not to join a proposed output freeze by crude producers.

At around 0620 GMT, U.S. benchmark West Texas Intermediate (WTI) for delivery in April was down 21 cents to $38.29 and Brent crude for May was down four cents at $40.35. 

Teachers at public schools in the West Bank were back at work on Sunday after suspending a three-week strike that challenged the cash-strapped Palestinian Authority.

British finance minister George Osborne warned Sunday of further spending cuts to come in the government budget to be unveiled this week.

The chancellor of the exchequer said he needed to find savings by 2020 equivalent to 50 pence in every £100 the government spends.

Federal Reserve policymakers will hold their finger away from the rate-hike trigger when they meet next week, analysts say, but chances are it could move a bit closer.

Meeting after the European Central Bank cut interest rates Thursday in the face of weakening eurozone economic growth and inflation, the Fed is expected to heed caution even as it sees good signs of strength in the U.S. economy.

The United States has long been a leader of the free-trade movement around the world, and President Barack Obama set major trade treaties at the center of his economic initiatives.

Which makes it all the more odd that free trade has become a certified villain among candidates battling to succeed Obama in the White House.

U.S. conglomerate 3M Company, maker of the ubiquitous Post-it note, has been sued by an American inventor who says he first conceived the sticky message products.

Alan Amron, 67, filed suit in a federal court in Florida seeking at least $400 million in damages and interest from 3M, according to court documents seen Friday.