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EU bans Iran oil, prices rise

Tuesday, January 24, 2012 - 01:56

Jan 23 - Summary of business headlines: Oil jumps as Europe bans Iranian oil imports; Wall Street little changed; Occupy protesters set up igloo camp at World Economic Forum; YouTube streams hit 4 billion a day; BlackBerry maker stock sinks after CEO change. Conway G. Gittens reports.

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Crude oil prices rose on Monday after the European Union went ahead with a ban on Iranian oil imports. The EU joins the United States in efforts to stall Iran's nuclear ambitions. French Foreign Affairs Minister Alain Juppe: SOUNDBITE: ALAIN JUPPE, FRENCH FOREIGN AFFAIRS MINISTER (FRENCH WITH ENGLISH TRANSLATION) SAYING: "The path of dialogue is always open, but Iran refuses to go along with this, with transparency and intellectual honesty, if I may say. So, in order to avoid any military action, which might have irreparable consequences, we have decided to go further along the path of sanctions. So we adopted by consensus very strong sanctions on central bank assets and oil exports." An Iranian politician immediately reignited a threat to block the Strait of Hormuz, a major gateway for transporting the world's oil exports. Occupy protesters are hoping to put the World Economic Forum on ice. Protesters are flocking to the annual gathering of global thinkers in Davos, Switzerland. The group is setting up camp - an igloo camp - as it tries to get the world's super rich to warm up to discussions about global economic inequality. YouTube views has hit 4 billion a day, according to the company owned by Google. YouTube says a push to mobile devices is one of the main reasons behind the 25 percent jump in daily viewership in just 8 months. Shares of BlackBerry maker Research in Motion fell over 8-1/2 percent after it was announced company insider Thorsten Heins is taking over as CEO. Turning to the markets now... Stocks were little changed after a three-week run-up and ahead of a deluge of earnings announcements this week. In Europe, stocks climbed to another five-month high led by bank shares. Conway Gittens, Reuters

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EU bans Iran oil, prices rise

Tuesday, January 24, 2012 - 01:56