EUROPEAN UNION

As the Iranian rial hits all-time lows against the United States dollar in the wake of imposed international sanctions, Iranians seek safer havens in more global currencies like gold, according to a leading economist at the National Commercial Bank in Saudi Arabia.

Roma children are typically used by adult gang-masters to beg and pickpocket in teams

Economic sanctions don't seem to deter a defiant Iran. In a move that would further escalate tensions in the Strait of Hormuz, Iran has announced its plans for more naval exercises in February.

On signs that the U.S. economy is back on track and tensions with Iran may lead to further disturbance in exports in the Middle East countries, crude oil futures headed for a weekly gain in New York. Futures of West Texas Intermediate have surged 3.4 percent this week.

A rating downgrade on Friday left Hungary's debt rated junk across the board, underscoring investors' doubts about the government's willingness to change its controversial policies in return for aid to stave off a financial crisis.

The new head of Europe's drugs watchdog said on Friday there was an acute need to tighten regulations on medical devices, adding to pressure for radical change in the wake of a global scandal over French-made breast implants.

Malawi in East Africa is one of the poorest nations on earth, with more than 50 percent of the population living in poverty.

After more than a month of posturing, Iran said it's ready to restart nuclear talks with the European Union, adding that Turkey would be the best place for a dialog.

China's airline companies are refusing to pay a new European Union carbon tax when traveling to airports on the continent.

Prior to Sein’s ascension, Burma was ruled by brutal military dictatorships for more than fifty years.

The price of oil has been rising due to mounting tensions between Iran and the United States and other western countries. On Wednesday the pressure on Iran continued to ratchet up, as European Union governments agreed on to ban imports of Iranian oil.

Gold prices rose Thursday as Chinese purchases of physical gold and concerns Iran might spark a regional conflict by attempting to block the Strait of Hormuz offset concerns over a Eurozone recession.

Concern about the appetite for Eurozone sovereign debt pushed European stocks lower and hit the single currency on Thursday, with the first French bond auction of 2012 set to test how much progress policymakers have made in easing tensions.

The Obama administration will unveil a more realistic vision for the military Thursday, with plans to cut tens of thousands of ground troops and invest more in air and sea power at a time of fiscal restraint, officials familiar with the plans said Wednesday.

Byron Wien, vice chairman at Blackstone Advisory Partners issued his list of surprises for 2012 on Wednesday. The tradition of giving his views on a series of economic, financial market and political surprises for the coming year started in 1986.

The EU governments in the 27-nation bloc agreed on the Iranian oil embargo, but now need to plan a timetable for implementing the move. France has suggested a date for beginning the embargo is set at a scheduled Jan. 30 meeting of the EU foreign ministers.

European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said Wednesday, dealing a new blow to the Islamic Republic.

Turkey is itself the sixth-largest buyer of Iranian oil, according to Reuters, although the two countries have had a rocky relationship.

On Tuesday, Delta became the first airline to add a surcharge on flights to and from Europe after the EU's Emissions Trading Scheme went into affect.

Gold was set for its strongest two-day rally in 2-1/2 months on Wednesday after an agreement in principle among European leaders to ban Iranian oil imports boosted the crude price and catapulted bullion to two-week highs.

China has publicly rejected new U.S. sanctions on Iran.