Greek finmin vows fiscal cuts to meet EU goals

Greece's new finance minister promised radical measures on Tuesday to cut the country's ballooning budget deficit and fix its statistical reporting, which has been harshly criticised by the European Union. George Papaconstantinou,

Oil retreats from one-year high above $79

Oil hit a year-high above $79 a barrel on Monday, driven by bullish sentiment across financial markets, but later slipped back as traders questioned whether ample fuel supplies justified current price levels.