EUROPEAN UNION

Eurozone finance ministers approve second bailout for Greece but demand Spain acts urgently to deal with tight deficit target.

The Panhellenic Socialist Movement, or Pasok, will vote Sunday on a replacement for party leader George Papandreou, the former prime minister. Venizelos is the only candidate.

Boeing Co. and Airbus SAS both claimed victory Monday in a World Trade Organization ruling that the U.S. aircraft maker had received unfair government subsidies.

As ministers meet to finalize the Greek payout, concerns have been raised that Spain may become the next challenge for the Union as it struggles to keep its debt-ridden Southern members afloat.

Nicolas Sarkozy said during a rally on Sunday that France should pull out of the Schengen zone in an effort to stop illegal immigrants from entering the country.

Israel claimed it launched the attack to retaliate for prior rocket launches onto its territory by militants in Gaza.

Finance ministers from euro zone nations are meeting in Brussels on Monday to discuss their likely final approval of a second package of rescue loans for Greece.

Mounting the pressure on New Delhi, the Italian Embassy has sent a letter to the Union Ministry of External Affairs demanding the release of the Italian marines detained following a rogue firing off the southern coast of India, which resulted in the death of two Indian fishermen on board a fishing boat.

President Nicolas Sarkozy, recasting himself as France's savior from low-cost competition and high immigration, threatened to disregard European limitations on protectionism as he sought to give his re-election campaign a second wind Sunday.

Greek Finance Minister Evangelos Venizelos will run unopposed for the leadership of the Socialists, party officials said Sunday, as the political focus shifts towards a parliamentary election now that Athens has secured a bond swap deal.

China had a trade deficit of $31.48 billion in February, according to data revealed by the General Administration of Customs Saturday. This is another indication that global economic condition is continuing to affect the country's exports.

In a bid to pressurize Iran into giving up its nuclear weapons ambitions, the Chairman of the U.S. Senate Armed Services Committee said a naval blockade of Iranian oil exports should precede a U.S.-Israel joint military action against the Islamic nation.

China's trade balance plunged $31.5 billion into the red in February as imports swamped exports to leave the largest deficit in at least a decade and fuel doubts about the extent to which frail foreign demand or seasonal distortion drove the drop.

The Geneva-based trade body will uphold a ruling that Boeing got billions in dollars in unfair subsidies from the U.S. government, Reuters reported.

The International Swaps and Derivatives Association decided Friday that Greece’s debt swap was a restructuring credit event. Its decision triggers payouts on almost $3.2 billion of credit default swaps -- insurance-like contracts aimed at protecting creditors from loss.

The World Trade Organization has broadly upheld a ruling that Boeing Co (BA.N) took billions of dollars of unfair subsidies, breathing new life into an epic trade spat that has already faulted European aid to Airbus, people familiar with the matter said.

The summit will seek to pressure Iran to halt its uranium enrichment program.

The French president's hopeful comments came as Germany's finance minister warned against overreacting to the deal, saying Greece must use its sovereign debt lifeline wisely.

German exports rose 2.3 percent in January, driven by increased activity in all sectors of the economy, the German Federal Statistics Office, Destatis, said Friday.

The U.S. experienced a trade deficit of $52.6 billion in January, an increase of $2.2 billion from December, according to a report by the U.S. Department of Commerce.

Greek officials say the deal eases their country's debt burden by €105 billion. Next up: Action by the European Union to determine if Athens will get emergency loans to help avert a default.