Dozens of Iranian banks were blocked from doing business with much of the world as the West tightens the financial screws on a country it wants to prevent from developing nuclear weapons.The Belgium-based company that facilitates most international bank transfers on Thursday took the unprecedented step of blocking 30 Iranian banks from using its service. The move is likely to hurt Iran‘s all-important oil industry and make it difficult for citizens to receive money from relatives living abroad.T

World News March 16, 2012

Iranian oil exports are likely to fall by nearly half within six months, the IEA said Wednesday while holding its estimate of global oil demand steady for the first time in six months.The report underscored two forces in the oil market, where prices have risen sharply, pushing up energy costs in many sectors. These are the effect of EU sanctions against Iran and other disruptions to supply together with tighter market conditions.For a long period the underlying tone of IEA monthly reports has be

World Business March 15, 2012

Fitch lowered Britain‘s long-term outlook Wednesday to negative from stable, while confirming its top-level AAA rating.The ratings agency said the revision “reflects the very limited fiscal space to absorb further adverse economic shocks in light of such elevated debt levels and a potentially weaker than currently forecast economic recovery.”The change represented a more than 50 percent chance of a downgrade over the next two years, Fitch said, citing ongoing financial tensions in the eurozone.”

World Business March 15, 2012

GAZA CITY (AFP) -- Israeli air strikes on Gaza killed three Palestinians on Sunday, raising the toll to 18, as Prime Minister Benjamin Netanyahu vowed no let-up against rocket-firing militants.Hamas said it was talking with Egyptian officials in a bid to reach a truce with Israel, but warned that it expected the Jewish state to hold fire first and that talks had so far been unproductive.And Islamic Jihad, which claimed responsibility for most of the rockets fired from Gaza in recent days, warned

World News March 12, 2012