World Bulletin / News Desk
Russia and Italy ramped up their strategic cooperation on energy as Prime Minister Mario Monti made his first visit to the world's largest oil-producing nation on Monday to refresh ties that were typically warm under his predecessor Silvio Berlusconi.
Technocrat premier Monti met Russian Prime Minister Dmitry Medvedev in Moscow and was due to discuss plans for a major Russian gas export pipeline project to serve southern Europe at talks with President Vladimir Putin in Sochi later.
The meeting, at Putin's summer retreat in the Black Sea resort, was also expected to address international issues, including the deepening crisis in Syria.
South Stream, a Russian-backed pipeline project to ship gas from the Caspian region, is expected to cost more than 15 billion euros ($18 billion) and export 63 billion cubic metres of gas to southern Europe from 2015.
A final investment decision on South Stream, a rival to a European Union-backed project called Nabucco, is expected in November, with construction to start in December, the Kremlin said ahead of Monti's visit.
Project partner Eni said this month that it expected the final investment decision for South Stream in late 2012 or early 2013.
The South Stream consortium also includes France's EDF and Germany's Wintershall.
Eni also signed an exploration loan facility agreement on Monday with state-owned Russian oil major Rosneft. The agreement seals a major offshore exploration partnership that the two companies struck in April for projects in the Barents and Black seas.
Global economic trend does not augur well for developing countries: UN Conference on Trade and Development report
"We will look carefully at tax rulings issued by Luxembourg to GDF Suez," Vestager said in the Commission statement.
The Bank for International Settlements (BIS) -- dubbed the central bank of central banks -- said a gauge of Chinese debt had hit a record high in the first quarter of the year.
Civil claims involve bank's mortgage activities
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects.
May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.
A 2nd airport would put Rwanda on par with its regional peers, as more tourists flock to East Africa
Country GDP shrank by 2.06 percent in second quarter of 2016
Afghan traders worried fruit exports are rotting after two-week border closure
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)