EUROPEAN UNION

Under pressure from the United States, Japan is close to cutting its oil imports from Iran.

Hague has also warned that by allowing Iran to develop nuclear weapons, a deadly arms race will escalate in the Middle East

The loan comes just in time for Greece, which has to repay a maturing loan by March 20 to avoid bankruptcy.

Tuesday's long-awaited second rescue package for Greece steadied the euro and removed the immediate threat of a disorderly bond default, but markets remained cautious in early morning trading, fearful of what lies ahead for the stricken country.

Oil traded near the highest price in nine months following expectation of increasing demand as euro zone finance ministers agreed on a rescue package for Greece.

European stock markets mixed in early trade Tuesday after eurozone finance ministers sealed a deal on second rescue package for debt-laden Greece.

Euro zone finance ministers reached an agreement to hand Greece a bailout package worth 130 billion euros ($171 billion) , to help the country avoid a default.

Britain, the Netherlands, Italy and nine other countries called on Monday for Europe to shift its focus from tough budget cuts towards measures to create growth as the region looks headed for its second recession in three years.

The price of gasoline in the U.S. is expected to hit $4.00 by summer, and could potentially spike even further. Much of this has to do to with events in other parts of the world.

Media conglomerate Vivendi, the Paris-based parent of Universal Music Group, officially sought approval from the European Union to purchase London-based EMI Group's recorded-music business, the European Commission announced Monday on its website.

French media group Vivendi's Universal Music is seeking EU regulatory approval to buy British record label EMI's recorded music unit for $1.9 billion to boost its worldwide market share, the European Commission said on its website on Monday.

Inspectors are expected to spend two days in the country, but with tensions running high between Iran and Israel, Western diplomats have played down any hopes of a major breakthrough at the meeting.

Crude oil prices jumped in European trade Monday after Iran said it halted oil exports to the UK and France in reply to the European Union's economic sanctions over its disputed nuclear program.

Inspectors from the International Atomic Energy Agency arrived in Tehran on Monday for talks on the disputed nuclear program of Iran, a day after the Islamic country responded defiantly to tightened EU sanctions by halting oil sales to British and French companies.

For some observers, Greece can seem like a small problem in a distant land, incapable of affecting U.S. investors. But in the financial crisis era, that is most certainly not the case.

Eurozone finance ministers meet Monday to resolve all the issues surrounding the 130 billion euros ($170 billion) bailout package for Greece. The question remains what will happen to Greece without this rescue package.

Iran has ceased oil exports to the UK and France in reply to European Union's decision to ban purchases of Iranian crude that were planned to begin in July.

Eurozone finance ministers expected to approve second bailout for Greece to draw line under months of turmoil that has shaken the currency bloc.

In Myanmar's new war on drugs, meet the weapon of mass destruction: the weed-whacker. It has dramatically accelerated a campaign to eradicate opium poppies.

Eurozone finance ministers are expected to formally endorse Greece's second bailout package on Monday. The final deal to funnel a rescue package worth 130 billion euros ($170.9 billion) is an important lifeline to the debt-hit country, for without it, Greece will default on a 14.5-billion-euro bond redemption due on March 20.

Markets jumped Monday as policy easing by China and prospects for Greece to clinch a second bailout fund buoyed investor appetite for riskier assets, sending U.S. crude up nearly $2 a barrel and Asian shares up nearly 1 percent.