Economy

Oil extraction in N. Afghanistan to begin in 5 months

Afghanistan’s Ministry of Mines has announced that oil extraction from the northern Amu Darya Basin will begin during the next five months.

South Korea, Japan ask EU to extend oil insurance on imports of Iranian oil

The South Korean Economy Ministry says Seoul and Tokyo have asked the European Union to extend insurance contracts on tankers carrying Iranian crude after the bloc’...

Moody’s cuts ratings of 26 Italian banks

Moody’s Investors Service has cut its credit ratings for 26 Italian banks, citing their vulnerability to the country’s recession and the eurozone’s contin...

Asia markets tumble over EU debt crisis

Asian stocks have plummeted for a sixth straight day on worries about the health of Spanish banks and the political and financial crises in Greece.

Japan mulls new law to guarantee Iran's oil shipments by insurance cover

Japan is mulling a new law that would allow its tankers to continue importing Iranian crude by providing them insurance cover even after the full enforcement of the Europ...

Iran purchases 60,000 tons of Australian wheat

European traders say Iran has bought around 60,000 tons of Australian wheat irrespective of Washington’s tough economic sanctions against the Islamic Republic.

Strauss-Kahn to face new allegations over gang rape case

Former head of the International Monetary Fund Dominique Strauss-Kahn has come under fresh pressure, as he is expected to face new allegations of sexual assault.