The European Commission insisted Thursday that next leader of the International Monetary Fund must come from the 27-nation European Union, a stance backed by the Germany, the continent's economic heavyweight.

Frenchman Dominique Strauss-Kahn resigned as IMF chief Wednesday, saying he wants to devote "all his energy" to fighting sexual assault charges in New York.

Oil turned lower in Asian trade Thursday but analysts said prices were expected to resume their upward trend due to improving demand.

New York's main contract, light sweet crude for June delivery, dipped 26 cents to $99.84 a barrel and Brent North Sea crude for July delivery lost 16 cents to $112.14 in the afternoon.

Lebanon’s land transportation unions on Wednesday decided to call off a strike scheduled for Thursday, following talks with caretaker Finance Minister Rayya al-Hasan.

Under the agreement reached between al-Hasan and the unions, every taxi or truck driver will be granted monthly free 12 and a half jerry cans of gasoline for a 3-month period, which would be extended for another three months should the cabinet formation impasse drag on or in case gasoline prices were not lowered below LBP 25,000 per jerry can (20 liters).

The price of platinum is set to reach $2,000 an ounce within six months as global economic recovery lifts demand for vehicles, industrials group Johnson Matthey forecast in a study published on Monday.

The precious metal is used to make catalytic converters, as well as in the manufacture of jewellery.

The tobacco industry on Tuesday threatened to slash the price of cigarettes if Australia goes ahead with plans to introduce plain packaging, saying more people will end up smoking.

Last month, Australia unveiled the world's toughest laws on tobacco promotion that would see cigarettes sold in drab olive-green packets plastered with graphic health warnings.

Dubai's government unexpectedly intervened Monday to take over Dubai Bank, a cash-strapped lender jointly owned by the Dubai ruler's investment company and the developer of the world's tallest tower.

The government, in a statement issued by the city-state's media office, vowed to immediately pump an undisclosed amount of fresh funds into the bank. The announcement is a reminder that while Dubai may be recovering from the economic downturn, it is far from being in the clear after its biggest conglomerate was forced to re-negotiate the terms on about $25 billion in debt.

The euro fell half a cent in opening Asian trade Monday as markets fretted that talks on Greece's debt crisis would be thrown into disarray by the arrest of IMF chief Dominique Strauss-Kahn.

The euro dropped to $1.4056 in Tokyo morning trade, down from $1.4108 in New York late Friday. It recovered slightly to stand at $1.4076 mid-morning.

Cisco Systems Inc., the world's largest maker of computer networking gear, said Wednesday that it's set to eliminate thousands of jobs as part of cost-cutting moves to get profits growing again.

Cisco's sales rebounded from the recession, but then started stalling in the middle of last year. In the past few months, CEO John Chambers has signaled that he's accepting long-standing criticism that the company is trying to compete in too many markets. He has vowed to radically simplify the company.

World oil prices slumped further on Thursday, in line with sliding global stock markets, and after the International Energy Agency lowered its outlook for global demand.

New York's main contract, light sweet crude for June, known as West Texas Intermediate (WTI), dived as low as $96.51 per barrel -- reaching a level last seen on March 16. It later stood at $96.70, down $1.51 from Wednesday's close.

Bahrain's oil company has fired almost 300 employees in recent weeks for taking part in anti-government protests and general strikes, according to the Gulf kingdom's energy minister.

Abdulhussain bin Ali Mirza, who also serves as the chief executive of the state-owned Bahrain Petroleum Company (BAPCO), said that 293 employees have been dismissed since the king declared martial law on March 15 to quell weeks of demonstrations.