It was 95 degrees Fahrenheit outside the Los Cabos conference center as President Barack Obama and fellow Group of 20 leaders pressed Chancellor Angela Merkel to take the heat out of the crisis-wracked euro area.
The Organization for Economic Cooperation and Development cut its economic forecast for Italy for the second time this month as weak household demand extends the longest recession in more than two decades.
Statoil ASA sold a tanker of Norwegian crude valued at about $63 million to BP Plc on May 9. The deal, along with six others so far this month, wasn’t subject to any oversight by financial authorities, yet would help establish the price for more than half the world’s oil.
The Italian Cabinet agreed today to suspend the payment of a residential property tax due in June, an unpopular levy adopted by former Prime Minister Mario Monti to help reduce the country’s budget deficit.
The weekend announcement by Italian Prime Minister Mario Monti that he will resign triggered a rush to sell off Italian debt and stocks, as investors blanched at the uncertainty that will follow the departure of “Super Mario.”