PORTUGAL

Thousands of young Portuguese have migrated to Mozambique in recent years – reportedly as many as 120,000 in 2011 alone.

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.

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.

Pope Benedict, putting his mark on his Church's future, on Saturday inducted 22 men including India's George Alencherry into the exclusive group of cardinals who will one day elect one of their own to succeed him as leader of the world's 1.3 billion Roman Catholics.

While threats that could pull down global economy are never far away, recent data depict a brightening outlook according to IHS, a global business and economic information provider.

In country after country in Europe the so-called bitter pill approach has been wholeheartedly embraced as the only solution by both conservative and leftwing governments. Problem is, it's looking more and more likely that they're wrong: as a strategy, austerity has by and large failed.

Oil prices are up about 0.85 percent in New York trading.

China will continue to invest in euro zone government debt and it remains confident in the euro, the country's central bank governor said on Wednesday, while calling on Europeans to produce more attractive investment products for China.

Iran President President Mahmoud Ahmadinejad has already asserted that Iran will never halt its uranium enrichment program.

The euro zone economy's shrunk at the end of 2011 as the sovereign debt crisis crushed a recovery and looked set to push the bloc into mild recession, but a north-south divide was evident as France grew while Italy slumped.

Germany, Europe’s largest economy, saw that its gross domestic product fall 0.2 percent from the third quarter even as France grew 0.2 percent in the fourth quarter.

The precious metals market followed Wall Street's skid today, as gold and companies that peddle it were driven down by underwhelming retail figures in the U.S., and ongoing concerns over Greece and the Eurozone.

The 17 member nations of the euro common currency union, dragged down by the flagging economies of Greece, Portugal, Spain and Ireland, saw factory activity decrease more than expected in December, the statistical office of the European Union announced Tuesday.

The yen fell on Tuesday as the Bank ofJapan eased monetary policy by expanding its asset-buying scheme, but the impact on the currency may prove short-lived while nagging worries over the euro zone crisis keep it supported as a safe haven.

The euro rose to a session high and shares reversed early losses after key German data bolstered hopes that Europe's largest economy was recovering and a strong Italian bond sale added to signs that financing pressures were being contained.

Output at factories in the euro zone tumbled in December, reflecting a sick European economy that probably shrank at the end of 2011 but it is hoped will recover this year.

Futures on major U.S. stock indices pared earlier losses and point to a slightly higher opening Tuesday ahead of of economic data including retail sales.

Gold prices followed crude oil and global stocks lower Tuesday after ratings firms cut the credit ratings of several European nations and banks and warned that more reductions were likely.