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Egypt to cut fuel subsidies as govt seeks to reduce deficit

 Egypt will reduce spending on fuel subsidies by nearly 43 percent in the 2016/17 budget due mainly to lower global energy costs, officials said Saturday. Finance Minister Amr al-Garhy told a news conference state energy subsidies would fall to 35 billion Egyptian pounds ($3.94 billion)...

French court fines Total over Iraq oil-for-food scandal

French oil giant Total has been convicted and fined in a retrial over corruption charges related to the UN's Oil-for-Food programme. The company had been among a number of firms and individuals accused of bribing Iraqi officials in exchange for contracts as part of the programme. Former Iraqi...