Middle East Airlines (MEA) will purchase an Airbus A320-232 airplane for $32 million through a 10-year financing deal with Fransabank.

MEA President Mohammed Hout signed the agreement with the bank’s chairman Adel al-Kassar at Fransabank’s headquarters in Beirut’s Hamra street.

French President Nicolas Sarkozy kicked off a summit of the world's most powerful Internet barons in Paris early on Tuesday at the first "e-G8" gathering.

Launching the gathering of heads of online giants such as Facebook, Google and Microsoft, Sarkozy hailed the leaders of the "Internet revolution", but warned the industry that with their power came great responsibility.

The threat of ash from an Icelandic volcano shutting European airspace hit airline shares on Monday.

Shares in German airline Lufthansa plunged by 4.56 percent while the DAX slid 1.5 percent.

Saudi Arabian tycoon Prince Alwaleed bin Talal urged the United States Friday to step up efforts to reduce its massive budget deficit, calling it a time bomb.

"We in the outside world, outside the United States, believe the United States is not giving much care and attention to this time bomb that you have right now here," Alwaleed said in an interview with U.S. television network CNBC.

The European Bank for Reconstruction and Development (EBRD), which for two decades has financed projects in ex-Soviet states, met Friday to discuss expanding its operations into North Africa.

The move would mark a major extension of the bank's role after the uprisings that have swept though Arab North Africa in the last few months, ousting regimes in Egypt and Tunisia and creating new needs for development funding.

BP said on Friday it had recovered $1.065 billion (744 million Euros) in costs linked to last year's devastating Gulf of Mexico oil spill from a US subsidiary of Japanese trading house Mitsui & Co.

"BP announces settlement... of claims between the companies related to the Deepwater Horizon accident," the British energy group said in a statement.

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.