Business

A second, euro130 billion (US$172 billion) bailout and a deep debt write-off for financially stricken Greece will ward off a financial disaster in Europe.

European markets reacted cautiously yesterday to the news that Greece finally secured its second massive bailout, but Wall Street was more upbeat, with the Dow trading above 13,000 points for the first time since May 2008.

Oil prices on Tuesday climbed to the highest level since May on concerns about Europe’s oil supplies.

Iran has halted oil shipments to Britain and France, the Oil Ministry said yesterday, in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran’s crucial fuel exports.

State safety inspectors are investigating the cause of a dramatic blaze at Washington’s largest oil refinery Friday near Blaine, as BP launched its own review into why it happened.

Hundreds of thousands of protesters were marching throughout Spain yesterday in the first large-scale show of anger over new labour reforms that make it easier for companies to fire workers and pull out of collective bargaining agreements.

Tertiary Education Minister Fazal Karim has called on the Saudi Basics Industries Corporation (Sabic) to support the opening of a technology and vocational centre in T&T.

China’s central bank cut the amount of cash that commercial lenders must hold as reserves yesterday for the second time in nearly three months, the latest step to shore up the slowing economy.