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Syria ships naphtha to Venezuela, which sent diesel
24 May 2012 at 5:26am
LONDON (Reuters) - A Venezuelan oil tanker is returning to Venezuela from Syria with a cargo of naphtha, shipping records showed on Thursday, after delivering badly needed diesel early this week as Western sanctions, causing severe shortages, hurt Syria's economy. The tanker loaded a cargo of naphtha, a refined petroleum product that can be used to make petrol, from the Syrian port of Banias. Satellite tracking data shows the vessel is due to reach Amuay in Venezuela on June 12. ...
Italy must be ready for Greek euro exit: minister
24 May 2012 at 5:23am
ROME (Reuters) - Italy must prepare itself for the possibility of Greece leaving the euro zone, though it aims to avoid that happening, Italy's Deputy Economy Minister Vittorio Grilli said on Thursday. "We always have to be ready in any case," Grilli said when asked by reporters on the sidelines of a business conference if Italy was preparing for a Greek exit. "All options are possible though our objective is to avoid that happening," he said. ...

Euro zone slump deepens, China falters
24 May 2012 at 5:11am

LONDON (Reuters) - The shadows being cast over the global economy darkened this month as the euro zone's private sector declined further and China's once-booming factories faltered, business surveys showed on Thursday. Worryingly for European policymakers, a downturn that started in smaller euro zone periphery members is now taking root in the core countries of Germany and France, whose tepid combined growth had been keeping the troubled bloc afloat. "We are very much in a period of weakening global growth. ...

LONDON (Reuters) - Brent crude oil rose above $106 per barrel on Thursday as reports of a hiccup in talks with Iran over its nuclear program balanced the effect of weak economic data from China and Europe. Iran accused world powers on Thursday of creating "a difficult atmosphere" that hindered negotiations on its atomic energy program, signaling a snag in diplomacy to defuse fears of a covert Iranian bid to develop nuclear bombs. Brent futures rose 74 cents to $106.30 by 1042 GMT after earlier touching a high of $106.68 before weak Chinese and European economic data sparked a bout of selling. ...

LONDON (Reuters) - The euro hit a near two-year low against the dollar on Thursday after dire German economic data suggested no country in the region was immune from crisis, alarming investors already fretting over the risk that Greece will leave the euro zone. A weaker-than-expected Ifo business climate index and manufacturing PMI data for May suggested growth in Europe's largest economy that has helped the currency bloc dodge recession may be starting to slow. ...

LONDON (Reuters) - The euro hit a 22-month low and safe-haven German bonds achieved record low yields, after data showed Europe's economic woes worsening as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis. Private-sector factory activity in China also faltered in May as demand for exports fell, in a sign the impact of the euro zone crisis could be undermining global economic recovery. Europe is China's largest export market. ...

European stock markets edged up on Thursday, recovering from heavy losses the day before, as investors had expected the continent's leaders to fail to reach a breakthrough in their crisis resolution efforts.

LONDON (Reuters) - Britain fell deeper into recession than initially thought in the first quarter of 2012 due to a slump in construction output, raising the likelihood that the Bank will opt to inject more stimulus to protect the economy from the euro zone debt crisis. Britain is in its second recession since the 2007-2008 financial crisis, and the prospects for a recovery are cloudy as leaders in the euro zone, Britain's biggest trading partner, are still far from resolving their debt woes. ...

FRANKFURT (Reuters) - BMW , the world's biggest premium carmaker, plans to appeal a fine from the Swiss Competition Commission amounting to 156 million Swiss franc ($163 million) within the legal deadline of one month. "We categorically reject the accusations, the argumentation and the amount of the fine," said a spokeswoman for the company, adding that BMW adhered to all laws governing both Switzerland and the European Economic Area. ...

World stock markets wavered Thursday as the lack of a breakthrough in Europe's attempts to shake off its debt crisis kept sentiment gloomy.