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Oil prices rise as U.S. Navy fires on boat in Gulf

NEW YORK — Oil prices rose Monday boosted by a higher euro and reports that the US Navy fired on a small vessel in the Gulf off Dubai. Oil prices held onto their gains even after a United Arab Emirates official said the vessel carried Indian fishermen, one of whom…

Libor scandal undermines market confidence: IMF

The scandal of banks having manipulated the Libor global interest rate benchmark is taking a toll on confidence in the markets, the International Monetary Fund said Monday. “The most serious consequence of this scandal, which is under investigation, is that it undermines the certainty and the trust that markets have…

Top Barclays exec claims boss told him to rig rates

A top Barclays executive who quit over the bank’s rigging scandal told British lawmakers Monday that he was instructed by his former boss Bob Diamond to manipulate key inter-bank lending rates. Jerry del Missier resigned two weeks ago over the scandal, which has also claimed the jobs of Diamond and…

War comes to Damascus in Syria revolt ‘turning point’

Syria’s military deployed armoured vehicles near central Damascus on Monday as troops battled rebels around the capital in what activists said could be a turning point in the 16-month uprising. Russia meanwhile slammed as “blackmail” Western pressure to push for a UN Security Council resolution against Syria’s regime and said…

Egypt’s prosecutor orders Mubarak back to prison

Egypt’s prosecutor general on Monday ordered convicted former strongman Hosni Mubarak back to prison nearly a month after he was moved to a military hospital in Cairo after reportedly suffering a stroke. Abdel Meguid Mahmud “has issued an order to transfer former president Hosni Mubarak from the Maadi Armed Forces…

Risks to global growth rising: IMF

The International Monetary Fund stepped up its warnings Monday on risks to the global economy, especially coming from Europe, as it trimmed its growth forecast for the rest of the year. The IMF said the world economy appeared weaker since its assessment just three months ago, and while growth was…

Chancellor admits circumcision ban could make Germany ‘laughing stock’

Germany’s Chancellor Angela Merkel told her party the country risked becoming a “laughing stock” over a court ruling calling religious circumcision a criminal act, according to a report Monday. The mass-circulation daily Bild said in an article to be published Tuesday that Merkel warned the board of her conservative Christian…

Hungary shown ‘new evidence on No 1 Nazi suspect’

The Nazi-hunting Simon Wiesenthal Centre has confirmed that Laszlo Csatary, accused of complicity in the killings of 15,700 Jews, had been tracked down to the Hungarian capital. “I confirm that Laszlo Csatary has been identified and found in Budapest,” the centre’s director Efraim Zuroff told AFP. Ten months ago an…

African Union chooses first female leader

A South African politician has become the first female leader of the African Union (AU), ending months of bitter deadlock at the continental body. Nkosazana Dlamini-Zuma, South Africa’s home affairs minister, was elected chair of the African Union Commission on Sunday at a summit of heads of state and government…

Recruiter: British banking crisis could draw more talent to engineering

The banking crisis could bring an unexpected benefit for British industry by increasing the allure of engineering and manufacturing jobs at the expense of City posts, according to a specialist recruitment firm. SThree, which recruits professionals educated in the so-called STEM areas of science, technology, engineering and maths, said the…

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