Shah Deniz gas field BP Plc, UK, and EU have reportedly convinced US lawmakers to exempt a BP-led project from the newly- proposed Washington sanctions on Iran. This is a clear indication that the West is pushing for stricter embargoes on Tehran without harming its own economy. US senators have discussed provisions that could bar companies like BP from working with the National Iranian Oil Company... 

New Western sanctions seek to prevent other countries from importing Iran's crude oil. India has agreed to pay the price of crude oil it imports from Iran in gold, which makes it the first country to drop the US dollar for purchasing the Iranian oil. According to a report published by DEBKAfile news website, unnamed sources have stressed that China is also expected to follow suit. India and China... 

Billionaire investor George Soros has a new prediction for America. While it might be as dire as it gets for the financial wiz, this bet concerns more than just the value of the buck. According to Soros, there’s about to be an all-out class war. Soros, 81, previously bet against the British pound in the early 90s and made $1 billion off its collapse. In the years since, he’s remained active... 

Iranian Navy warships take part in maneuvers during the "Velayat-90" navy exercises in the Strait of Hormuz in southern Iran. Tensions in the Gulf could reach a breaking point as a senior Iranian official said Iran would “definitely” close the Strait of Hormuz if an EU oil embargo disrupted the export of crude oil, the semi-official Fars news agency reports. The announcement came in response... 

Protesters waving Romanian flags shout anti-president slogans atop a monument in the central University Square in Bucharest on January 22, 2012. Romanian protesters have taken to the streets of the capital Bucharest for a tenth consecutive day to demand the resignation of the government over its austerity measures. Scores of protesters again gathered in the capital’s central University Square... 

The EU will immediately ban new oil deals with Iran and implement a total boycott of Iranian oil in July 2012, under sanctions discussed by the 27 Foreign Ministers today. Sanctions could also target the activities of a number of Iranian companies, individuals and financial institutions, including the country’s central bank. British Foreign Secretary William Hague said the measure was part of... 

India's Ambassador to the UN Hardeep Singh Puri The permanent representatives of China and India to the United Nations say the US-led sanctions on Iranian oil sector are neither logical nor economically viable. Chinese Ambassador to the UN, Li Baodong said that US officials should reconsider their move on sanctioning Iran’s oil sector since these requests are irrational and contrary to other... 

Anti-government protesters shout slogans in the Romania capital Bucharest on January 19, 2012. Romanian police have fired teargas canisters at demonstrators protesting against the government’s austerity measures in the Romanian capital Bucharest. On Thursday, the police arrested about 50 people, who allegedly threw bricks and bottles and other materials at them. Earlier on the day, thousands... 

French workers attend the rally in Paris on January 18, 2012. Thousands of people have participated in a rally in Paris, attacking French President Nicolas Sarkozy’s plans for dealing with the country’s unemployment crisis, Press TV reports. As France gauges the international fallout from losing its triple-A credit rating, Sarkozy has called for the formation of an emergency jobs council... 

The European Soccer Championship to be held in Poland and Ukraine is only four months away. However, Ukraine is no longer excited about the long-awaited sports event. Experts estimate that, instead of profits and stimulation of the economy, it would bring the country a loss of eight billion dollars. Ukraine along with Poland won the right to host the continental soccer championship in 2007, but the... 

JP Morgan's Chief Executive Officer, Jamie Dimon JP Morgan’s Chief Executive Officer, Jamie Dimon says Europe is the largest threat to the global economy, calling for a solution to the economic woes sourced from the continent. “We urgently need a solution. The longer the problem drags on, the less likely it is we get off lightly,” the CEO of one of the largest banks in the United States... 

The military showdown in the Persian Gulf seems even more inevitable, with the UK foreign secretary not ruling out military action against Iran. Applying even more pressure to the country, Europe may ban Iranian oil imports by the end of the month. ­The UK will continue to pursue a diplomatic solution to bringing Iran to the negotiating table, although, according to the UK Foreign Secretary William... 

Protesters waved Romanian flags with holes in them, symbolising the 1989 anti-communist revolution. Police officer seriously injured after resignation of Palestinian-born doctor over health reforms sparks mass protests. Romanian police have fired tear gas and clashed with protesters during an anti-government rally in the third consecutive day of demonstrations against austerity cuts and worsening... 

Hong Kong (image by ceciliayu.com) The country with the freest economy on the planet is Hong Kong. Such a statement was made by Heritage Foundation, a US-based NGO. The “Index of Economic Freedom” made by the organization is based on the degree of openness of markets, the effectiveness of the legal framework for business activities and the apparatus of government officials and regulatory... 

Romanians have protested in cities around the country for a third day against the government, whom they blame for austerity cuts and falling living standards. One policeman was injured in the Romanian capital Saturday after clashes with demonstrators protesting the government’s austerity programme, AFP reported. Hundreds of Romanians rallied in Bucharest to protest against austerity measures...