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(MENAFN - AFP) The chairman of BNP Paribas has resigned, some three months after the French bank was hit by a record $8.9 billion fine for violating US sanctions, the bank said.

Baudoin Prot, 63, who has headed the bank since 2011, was stepping down as of December 1 "for personal reasons," the bank said in a statement following a meeting of the board late on Friday.

Prot ...

 
(MENAFN - AFP) Russia's state-owned Rosneft said Saturday it had found oil in the Kara Sea off the north coast of Siberia in a joint drilling project with US oil giant ExxonMobil.

The announcement comes after the US targeted Rosneft, Russia's largest oil company, and its chief Igor Sechin with sanctions over Moscow's role in the Ukraine conflict.

"Oil has been discovered" ...

 
(MENAFN - AFP) German carmaker Opel and British affiliate Vauxhall on Friday warned owners of roughly 8,000 cars not to drive them until they are inspected, due to a steering problem.

The loss-making subsidiary of US giant General Motors said the cars were ADAM and Corsa models delivered since May 2014.

"About 8,000 of these vehicles have been manufactured with a steering ...

 
(MENAFN - AFP) Canadian and European leaders on Friday formally concluded a free trade agreement that is widely seen as a template for a larger pact between the EU and the United States.

The text of the deal, which is 1,600 pages long, was published and now the long ratification process will begin, amid lingering concerns from some EU member states.

Germany, in particular, ...

 
(MENAFN - AFP) US stocks took a breather after last week's records, ending a volatile few days in the red as some investors snapped up profits before the third quarter closes.

In four of the five days, the Dow finished the trading session with swings of more than 100 points in either direction, a shift from the low-volatility trend of much of 2014.

In the end, the ...

 
(MENAFN - AFP) Air Berlin, Germany's second-biggest airline, said Friday it had cancelled orders with Boeing for 33 aircraft with a list price of about $5 billion.

The airline, which last month reported a return to profit in the second quarter, said in a statement that the cancellation would "significantly reduce the future capital expenditure" of the company.

It said ...

 
(MENAFN - AFP) A US judge gave Argentina a minor victory in its fight against hedge fund bondholders when he lifted a block on Citigroup processing a small debt service payment for the country before a September 30 deadline.

New York federal court judge Thomas Griesa lifted his block on the $5 million payment to holders of a small class of the country's debt, US dollar bonds ...

 
(MENAFN - AFP) The European Union on Friday unveiled an interim deal meant to end Russia's latest gas war with Ukraine which could see a return of supplies to the crisis-hit nation and a renewal of trust between the rival neighbours.

The so-called "winter package" unveiled in Berlin came with Moscow threatening to cut off Europe's own gas shipments and a shaky truce in Ukraine ...

 
(MENAFN - AFP) The International Monetary Fund fast-tracked $130 million (102.5 million euros) in aid to fight the Ebola epidemic after the governments of the worst-hit countries in west Africa said they were desperately counting on promises of global aid to be backed up with cash.

The IMF's executive board said it wanted to help Guinea, Liberia and Sierra Leone respond to ...

 
(MENAFN - AFP) The International Monetary Fund fast-tracked $130 million in aid Friday to fight the Ebola epidemic in the worst-hit countries in West Africa.

The IMF executive board strongly approved the financial assistance, "in an expedited decision," to help Guinea, Liberia, and Sierra Leone respond to the rapidly spreading Ebola outbreak that has killed around 3,000 since ...

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