Failed Bitcoin Exchange MtGox Approved for US Chapter 15 Bankruptcy Protection

Mark Karpeles, chief executive of MtGox.Reuters

Collapsed bitcoin exchange MtGox has received court approval to begin Chapter 15 bankruptcy proceedings in the US, paving the way for the company to complete the sale of its business.

Judge Stacey Jernigan of the US Bankruptcy Court in Dallas, Texas, approved MtGox's application to get Chapter 15 recognition, which would allow the company to pursue potential funds from its remaining assets.

MtGox had sought bankruptcy protection in the US in March after its US customers filed a class action lawsuit against it. Later, the company and the class action plaintiffs reached a settlement to ease the exchange's liquidation process.

Under the terms of the settlement, MtGox's US and Canadian customers will split the 200,000 bitcoins held by the exchange and claim 16.5% share in the company's sales proceeds.

The settlement still requires final approval by a federal court in Chicago.

MtGox, which at one point hosted 80% of the world's bitcoin trades, collapsed after reporting that 850,000 bitcoins were stolen in what it claims was the result of a two-year long cyber attack. The company later said it recovered about 200,000 of the missing bitcoins.

The company filed for bankruptcy protection in Japan on 28 February and subsequently in the US.

The exchange later filed for liquidating its assets following its failure to restructure its business under the country's bankruptcy protection scheme.

Subsequently, a Tokyo court ordered the administrator of the bitcoin exchange to start liquidating the company's assets to pay back its creditors.

Sunlot, which is backed by entrepreneur Brock Pierce and venture capitalist William Quigley, had proposed a buyout of the exchange for one bitcoin to reorganise it.

The Sunlot plan should get approval from the Tokyo District Court, which is overseeing MtGox's bankruptcy.

Iraq Isis Crisis: 40 Indians Kidnapped by Jihadists in Mosul

Displaced families from the city of Tikrit make their way to Kirkuk June 16, 2014. Iraq's Kurds have established control over the northern city of Kirkuk and its oil reserves and effectively achieved their "dream of a greater Kurdistan," the chairman of Iraq's oil and gas committee said on Tuesday.Reuters

Around 40 Indians in Mosul have been kidnapped by suspected Sunni Islamist militants who took control of the northern Iraqi city.

The Indians, who were working in construction projects, were abducted when they were being evacuated from the war-ravaged city, the Times of India reported.

Militants from the Islamic State in Iraq and the Levant (Isis) were suspected to be behind the incident, the report said, adding that the Indian government has sent senior officials to Iraq to ensure the release of the hostages.

Separately, the raging violence has trapped more than 40 Indian nurses working at a hospital in Tikrit, a city near Baghdad that fell to the Isis militants, reports have said.

The Times of India said New Delhi has sent a former ambassador to Iraq to help locate the abducted Indians and possibly find means to negotiate their release.

Prime Minister Narendra Modi has reviewed the situation and asked officials to spare no effort in resolving the crisis.

Former ambassador Suresh Reddy, who is now a special envoy to Association of Southeast Asian nations (Asean) is on his way to Mosul, the report said, adding that National Security Advisor AK Doval is monitoring the situation.

India's foreign ministry had earlier said more than 40 workers were missing in Mosul.

"We know 40 Indians are in Mosul, they are uncontactable. Despite our best efforts, we haven't been able to establish contact with them at this stage," ministry spokesperson Syed Akbaruddin had said.

“"We have been waiting for a vehicle to come and take us from here, but it seems like everyone is giving us empty assurances. We have no hope left anymore."”

- Marina, a nurse trapped in Tikrit

Reports have said more than 100 workers are trapped in Tikrit, the hometown of former dictator Saddam Hussein, while several Indians have taken refuge in the city of Erbil.

The nurses trapped in Tikrit, all of them from the southern state of Kerala, have said they feared for their lives.

"We are literally prisoners within the hospital premises ... We are afraid because we have no security here. All the military, police, everybody escaped from here. Only we are here," Marina Jose, a nurse, told NDTV.

Sources in the state government said the nurses wanted to leave but there was nobody to take them safely to the nearest airport, Baghdad.

BBC reported the Indian nurses were visited by Red Cross volunteers who promised to evacuate them soon. But the nurses, who say armed militants are roaming around the hospital, are losing hope with each passing day.

"We have been waiting for a vehicle to come and take us from here, but it seems like everyone is giving us empty assurances. We have no hope left anymore," she said.

The hospital authorities have told the nurses they were free to leave but that nobody could ensure their safety after they leave the premises.

India has said it has no plans to withdraw diplomats from Iraq, but has issued an advisory for its citizens who want to travel to Iraq.

Dozens Feared Dead after Wooden Boat Carrying Illegal Immigrants Sinks off Malaysia Coast

Dozens feared dead after wooden boat carrying illegal immigrants sinks off Malaysia coastGoogle Maps

Dozens of people are feared dead after a boat carrying 97 illegal immigrants capsized off Banting town in Malaysia. Rescue efforts are on.

Up to 55 people including two children and 12 women have been rescued by local fishermen and emergency officials after the wooden boat sank off the Malaysian coast.

Unverified local reports claim the boat, which is not fit for a sea voyage, did not capsize but a leak in it caused the tragedy, which took place at about midnight local time.

The Banting Fire and Rescue department received a distress call shortly after, following which a search and rescue team was deployed.

The travellers are thought to be heading to Aceh, Indonesia from Malaysia and reportedly do not have any valid documents. All those on board are believed to be Indonesians.

"MMEA [Malaysia Maritime Enforcement Agency] have sent a ship, three boats and a helicopter to the location involving 35 officers and personnel and we are also assisted by other enforcement authorities including the Fire and Rescue Department, marine police and Civil Defence Department," said the agency's operations director Ibrahim Mohamed.

China Looking to Get on Board Britain's High Speed 2

High speed train of the type proposed for the HS2 networkReuters

China has given a fresh boost to UK's major infrastructure projects by saying that its largest bank wants to become a substantial backer behind the plans, including the controversial high speed rail.

China Development Bank (CDB), one of the largest lenders worldwide, wants to directly fund two of UK's largest projects, according to the BBC, in the form of High Speed 2 (HS2), the planned high-speed railway, and the next generation of nuclear power stations.

The Beeb says that CBD and The CityUK have signed a Memorandum of Understanding which will encourage CBD lending to the UK.

Brokered by Sir Gerry Grimstone, the CityUK's chairman, the agreement will also see The CityUK and CDB trade in the renminbi – China's currency – which could see trading opportunities between the two become even more free flowing.

"They are interested in nuclear, high speed rail and telecommunications. High Speed 2 was one of the things they specifically mentioned [in the meeting this morning]. Knowing the finance is available is an important part of any project. This is an important development," Grimstone told the BBC.

China's potential investment in HS2 will be a breath of fresh air for the British taxpayer and Downing Street, as the latter had previously said that the financial burden of this project would be borne by the former.

CBD spends billions of pounds a year, supporting projects in Africa and Asia. It now seems however that it is looking to extend its reach into Europe.

HS2 has proved to be a handsome business proposition for the Chinese. Premier of China, Li Keqiang, originally offered China's services last December, before China Railway Service moved to get on board.

"HS2 could be an attractive investment opportunity. This is not some wishy-washy diplomatic gesture," Grimstone continued.

Islamic Gunmen who Executed Christians 'Kidnapped Women' in Kenya

Kenyan police officers walk past a bonfire used to barricade a main road after unidentified gunmen attacked the town of Mpeketoni.Reuters

A number of Kenyan women are feared to have been kidnapped by gunmen who killed at least 60 people in two night attacks on coastal communities.

The BBC reports that at least 12 local women were kidnapped by gunmen who stormed the village of Majembeni, just a day after the nearby town of Mpeketoni was attacked.

Some 15 people were killed in the Majembeni raid, while at least 48 died 24 hours earlier as assailants opened fire on unarmed civilians.

"The style of killing is the same. They slit the victims' throats wide open or shot them several times in the head," said county commissioner Benson Maisori.

Somalia's Islamist militant group al-Shabaab has claimed responsibility for both raids, claiming they targeted government officials and Christians, but Kenya's president Uhuru Kenyatta has instead blamed local political leaders for the violence.

Witnesses said that in Mpeketoni gunmen went from door to door asking if men living there were Muslim and if they spoke Somali. Negative answers were followed by gunfire.

"They came to our house at around 8pm and asked us in Swahili whether we were Muslims. My husband told them we were Christians and they shot him in the head and chest," said local resident Anne Gathigi.

John Waweru, another resident, said: "My brothers who stay next door to me were killed as I watched. I was peeping from my window and I clearly heard them speak to my brothers in Somali and it seems since my brothers did not meet their expectations, they sprayed them with bullets and moved on."

A local police commander said that, as attackers arrived at the Breeze View Hotel in town, they pulled the men aside and ordered the women to watch as they executed them, saying Somali men were suffering the same fate at the hands of Kenyan troops in Somalia.

Kenyan forces have been fighting al-Shabaab in Somalia since 2011 as part of an African Union effort to oust the Islamist group.

Al-Shabaab has retaliated with deadly attacks in Kenya, including a raid at Nairobi's Westgate mall last September, when 67 people were killed.

In Majembeni, residents said gunmen picked their victims by name from their houses, lined them up in a street and shot them in the head at point-blank range.

Despite al-Shabaab claiming responsibility, President Kenyatta told the nation in a televised address that evidence indicated local political leaders inside Kenya were responsible for the massacres.

The attacks constituted "well planned, orchestrated and politically motivated ethnic violence against the Kenyan community", Kenyatta said. "This therefore was not an al-Shabaab attack."

"Evidence indicates that local political networks were involved in the planning and execution of a heinous crime," he said.

Kenyatta claimed police in Mpeketoni had advance intelligence about the attack but failed to take action. He said some officers have been suspended and will be prosecuted.

Nigerian Separatist Movement: Who are the Biafra Zionists?

Some members of the Biafra Zionist Movement during the re-declaration of independence in November 2012Youtube

The Biafra Zionist Federation (BZN), which supports the reinstatement of the Biafra state in Southern Nigeria, has stormed a radio station announcing the rebirth of the Biafran Republic.

In a statement released after the incident, the group explained it had lost faith in the country following years of neglect and continuous killing of Igbos (an ethnic group concentrated in Southern Nigeria).

Biafra History

The republic of Biafra was created in eastern Nigeria in 1967 and reintegrated in 1970.

The republic was created by the Igbos, who did not want to be associated with the northern Nigerians due to religious and ethnic tensions between the two groups. The meaning of the name Biafra remains unknown.

After an almost three-year-long conflict between Biafra and Nigeria over oil hegemony in the country - which resulted in thousands of deaths - the Biafran army agreed to a ceasefire.

Biafra was reintegrated to Nigeria, but the Igbos never felt part of the nation.

Shortly after the forced reintegration took place, some Igbos formed the Movement for the Actualisation of the Sovereign State of Biafra (Massob) which organised rallies to raise awareness on Biafra.

The Nigerian government accuses Massob of violence. The groups's leader, Ralph Uwazuruike, was arrested in 2005 and is still detained on treason charges.

Biafra Zionist Movement origins

The Biafra Zionist movement, led by Barrister Benjamin Onwuka, was created in the early 2000s. It spun out of Massob, and advocates the legitimacy of Briafa.

BZM declared a new state of independence on 5 November 2012, at an event during which at least 100 peaceful protesters were arrested.

"No amount of threats or arrests will stop us from pursuing our freedom - self-determination for Biafrans," said Edeson Samuel, national chairman of BZM.

"We were forced into this unholy marriage but we don't have the same culture as the northerners. Our religion and culture are quite different from the northerners."

Biafra Zionists Mission and Relations with Israel

On its Facebook page, the group states its mission is "to unite and liberate the good people of Biafra from the injustice, terrorist attack, marginalisation and all other evil happenings in Nigeria.

"The people of the Former Eastern Region of Nigeria are the most oppressed and marginalised people."

BZN also expressed its support to Israel, which the group claims supports the movement.

"[BZN] is an ally of Israel because Israel is behind the Movement. God bless the Jewish people, keep and protect the state of Israel."

Benghazi Suspect Ahmed Abu Khattala Captured

US Consulate in Benghazi is seen in flames September 11, 2012Reuters

A suspected ringleader of the 2012 terrorist attacks in Libya's Benghazi has been apprehended by US special operations during a secret raid in the northern African country over the weekend.

Ahmed Abu Khattala was detained near Benghazi by American troops supported by the FBI and is now in US custody "in a secure location outside Libya", the Washington Post reported.

Khattala and others were charged in connection with the Benghazi attacks in which the US ambassador in Libya Chris Stevens and three other embassy staff were killed in a rocket attack.

The senior leader of Ansar al-Sharia, designated as terrorist organisation by the Department of State in January, is considered specifically responsible for the attack, which took place on 11 September 2012.

"There were no civilian casualties related to this operation, and all US personnel involved in the operation have safely departed Libya," Pentagon press secretary Rear Adm John Kirby wrote in a statement.

MORE TO FOLLOW...

Iraq Crisis: Thousands of Shiite Volunteers Join Army to Fight Isis

Thousands of Shiites have volunteered to join the Iraqi Army to fight the Islamic militants who have captured large swathes of territory in the north of the country.

Newly-recruited Iraqi volunteers wearing police forces uniforms take part in a training session in Karbala.AFP

The volunteers have been given military uniforms, and are undergoing basic training. "By God's will, we will be victorious." said one volunteer, Ali Saleh Aziz. "We will not be stopped by Isis or any other terrorists."

This mobilisation is unfolding against a backdrop of religious and nationalist fervour. State-run television airs a constant flow of nationalist songs, clips of soldiers marching or singing, as well as interviews with troops vowing to crush the militants.

Volunteers queue to collect their Iraqi Army uniforms in Karbala.AFP

Iraqi volunteers try on their new uniforms in Karbala.AFP

New-recruits are given military-style training in the central Shiite Muslim city of Karbala.AFP

The call to arms threatens to intensify tension between Shiites and Sunnis. A representative for Grand Ayatollah Ali al-Sistani, the most revered Shiite spiritual leader in Iraq, told worshippers at Friday prayers that it was their civic duty to confront the threat.

Prime Minister Nouri al-Maliki, a Shiite widely resented by Sunnis for his perceived sectarian policies, denied that the call by the Iranian-born Ayatollahi was directed against Sunnis, saying it was in fact meant to protect the country and its holy shrines. "Talk of Sunnis and Shiites must be dropped," he said, calling for the unity of all Iraqis.

Many volunteers, however, said they had enlisted to protect their faith and shrines at risk in the city of Samarra north of Baghdad and elsewhere. The militants have threatened to march all the way south to the holy cities of Najaf and Karbala, home to two of the most revered Shiite shrines.

An Iraqi soldier waves as trucks carrying volunteers leave a recruitment centre in Baghdad.AFP

Volunteers, who have joined the Iraqi army to fight Isis militants, gesture from a truck in Baghdad.Reuters

An young boy in a car holds a rifle as people gather in Baghdad to show their readiness to join Iraqi security forces.AFP

An young boy holds a gun at the window of a vehicle carrying volunteers in Baghdad.AFP

An elderly volunteer holds a weapon during a parade in the streets of Baghdad.Reuters

Iraqi men in Basra show their willingness to join security forces in the fight against Jihadi militants.AFP

An young man signs up in Najaf to join the fight against a major offensive by jihadists in northern Iraq.Reuters

Mehdi Army fighters loyal to Shiite cleric Moqtada al-Sadr march during military-style training in the holy city of Najaf.Reuters

Mehdi Army fighters march during military-style training in Najaf.Reuters

YOU MIGHT LIKE THISSponsored Content by Taboola

Fifa World Cup 2014: 'Mean' Messi 'Booed' for not Shaking Child Mascot

Messi celebrates his goal against Bosnia

Football star Lionel Messi has lost hundreds of supporters after footage emerged online that appears to show him ignoring a child during the World Cup.

In the 30-second YouTube clip, the Barcelona striker can be seen greeting the coaches and referees ahead of the Argentina v Bosnia game.

But as the little mascot puts out his hand requesting a handshake, Messi avoids his handshake and bypasses him. The disappointed little boy then walks away clearly upset.

Although it looks like the 26-year-old was simply distracted ahead of the match and failed to notice the youngster, it did not stop fans taking to social media to express their shock and outrage.

While some chose to give him the benefit of the doubt others claimed he he had let fame get to his head.

"Poor kid. Messi will have been nervous / focused and most likely didn't notice the poor little kids' outstretched hand. At least I hope so anyway," one fan said.

Another wrote: "That's what happens when people get TOO famous, rich, and popular. They end up not giving two s***s about anyone else (including their family) and being snobs.

A third added: "I think this is terrible. He is so mean"

After seeing Messi ignore a child, I don't respect him as a person. #ARGvsBIH

— Ujjwal Patowary (@patoUJ899) June 16, 2014

In just hours the nclip had gone viral racking up over 400,000 views online.

Following the backlash Messi insisted that he was a family man and would never ignore a child.

"It's crazy. How could I not say hello to a kid, I just did not realize. I was thinking about something else," he said when quizzed about the incident at a press conference following Argentina's 2-1 victory.

"I feel bad because I don't like people say that kind of things about me. I have nephews and a son. I would have never do something like that. Just after that I was with two kids in the queue talking an enjoying."

Siemens, Mitsubishi and GE Urged to Improve Alstom Bids

President and CEO of Siemens AG Joe Kaeser (R) and Mitsubishi Heavy Industries CEO Shunichi Miyanaga attend a news conference after a meeting with the French government in Paris, on 17 June, 2014.Reuters

Siemens and Japan's Mitsubishi Heavy Industries (MHI), who together challenged GE's near $17bn offer for French firm Alstom's energy assets, have been urged to improve their offer - and appear unimpressed by the suggestion.

The French government wants rival bidders Siemens and General Electric to come up with better offers for Alstom's energy division, and expects improved offers ahead of the 23 June deadline imposed by GE for its bid, Reuters reported.

However, Siemens chief executive Joe Kaeser, describing the Siemens-MHI offer at a news conference in Paris on 17 June, said he saw no reason to discuss improving their offer.

"Why would a superior offer be improved if it is superior already? There is no reason for us to discuss that question at this time," Kaeser said.

"The talks between the state and the different companies are going to continue this week," an unnamed source in Hollande's office told Reuters.

The Siemens-Mitsubishi bid values Alstom's power business at €14.2bn ($19.3bn, £11.3bn), beating GE's existing €12.4bn offer.

The German-Japanese offer, outlined on 16 June, is complicated and analysts have said that it will break up Alstom.

Israel's Army Sweeps West Bank in Hunt for Kidnapped Teenagers [PHOTOS]

Israel has intensified its search for three Jewish teenagers who have been missing since the evening of 12 June. The three youths, Eyal Yifrah, 19, Gilad Shaar, 16, and American Naftali Frenkel, 16, are believed to have been hitch-hiking home from a West Bank religious school. Israel has blamed Hamas for the apparent abductions, without providing proof.

The three kidnapped Israeli teenagers: Naftali Frenkel (L), Gilad Schaer (M) and Eyal Yifrah (R).Reuters

Israel has arrested more than 200 Palestinians since the teens disappeared. Most of those arreested are Hamas activists.The search for the missing students has been concentrated in and around Hebron, the largest Palestinian city in the West Bank.

Israeli Prime Minister Benjamin Netanyahu claimed Palestinian President Mahmoud Abbas is ultimately responsible for the fate of the teens. "The Hamas kidnappers came from territory under Palestinian Authority control and returned to territory under Palestinian Authority control," Netanyahu told Abbas.

Abbas aides have rejected Netanyahu's contention, saying Israel is in overall control of the West Bank.

Abbas condemned both the apparent kidnapping and a "series of Israeli violations", referring to the arrests and the killing of a 20-year-old Palestinian by Israeli army fire during a confrontation between stone throwers and soldiers in a West Bank refugee camp.

Mourners carry the body of Ahmed Sabbaren during his funeral in Jalazon refugee camp.Reuters

Relatives mourn during the funeral of 20-year-old Palestinian Ahmad Sabareen, who was shot dead by Israeli troops in Jalazon refugee camp near the West Bank city of Ramallah. Witnesses said Palestinians had been throwing rocks at Israeli soldiers conducting house-to-house searches in the camp before dawn. Army gunfire killed Sabbaren and wounded another, hospital officials said.AFP

Palestinians throw stones towards Israeli forces during clashes in the West Bank town of Hebron.AFP

Israeli soldiers conduct an operation in the West Bank town of Hebron, broadening the search for three teenagers.AFP

Palestinians watch from their house as Israeli soldiers patrol near the West Bank City of Hebron.Reuters

Israeli soldiers patrol an area in the West Bank town of Hebron, as they search for the three teenagers.AFP

An Israeli soldier blindfolds a Palestinian suspected of throwing stones as he detains him during clashes in the West Bank City of Hebron. Israeli armed forces swept through half a dozen Palestinian towns and arrested more Hamas officials, expanding a search for three teenagers as part of a crackdown on the Islamist group accused of abducting them.Reuters

Israeli warplanes struck three weapons manufacturing and storage sites and another militant sites in the Gaza Strip in response to rockets fired into Israel.

Hamas has praised the kidnapping, but has not taken responsibility. In a statement, the group said the detentions of Hamas members "will not stop it and it will not change its path".

Palestinians inspect an area following an air strike on Rafah in the southern Gaza Strip, 'hitting a site of terrorist activity and a weapons depot,' an Israeli statement said.Reuters

A Palestinian man inspects his house in Gaza City, which witnesses said was damaged in an Israeli air strike. On Saturday and Sunday, several rockets were fired into Israel from the Gaza Strip, a Palestinian territory where Hamas holds sway.Reuters

Palestinians inspect the aftermath of an Israeli air strike in Gaza City. The Israeli army said it had targeted weapons manufacturing and storage facilities in response to an earlier rocket fired from Gaza into Israel.Reuters

An Israeli soldier prepares a military drone for use over the West Bank town of Hebron.AFP

Israelis have set up an online campaign calling for the release of the three teens, using the hashtag #BringBackOurBoys, based on the campaign set up after nearly 300 Nigerian school girls were kidnapped by Boko Haram. People all over ther world have posted photos of themselves holding signs reading 'Bring back our boys'.

However, the hashtag has also been used by pro-Palestinian activists to raise awareness of the 200 Palestinians that have been arrested during the search for the three missing Israelis.

YOU MIGHT LIKE THISSponsored Content by Taboola

China: Fisherman Fights with Wild Siberian Tiger in Life of Pi Scenario

The fihserman recorded a video on his mobile of the tiger swimming in the river.Youtube

A fisherman has survived after a fight with a wild Siberian tiger who tried to climb on his boat in the Wusuli River, in the Northeast China's Heilongjiang province.

Zhang Mingyu, 32, encountered the feline while he was making a delivery to the Sanjiang Nature Reserve, Xinhua news agency has reported.

"At first, I thought it was a deer, then it suddenly turned round, roared at me and tried to grab the side of my boat," the man said.

"Black and yellow stripes on its head were very clear. It was a tiger!"

In what resembled a scene in Life Of Pi, the award-winning movie by Ang Lee, Zhang struggled to stop the tiger climbing aboard.

"It tried on the other side, and I pushed it back again," he said. The feline eventually gave up and swam off.

Zhang recorded a 10-minute video on his mobile of the tiger swimming in the river.

He sent the video to the Feline Research Centre of the State Forestry Administration.

The Sanjiang reserve sent a team into the field to search for the tiger.

"Thanks to the natural environment here, there are abundant wild animals such as hare and roe deer, the food of the wild tiger. The reserve has become a paradise for the rare beast," the reserve's press officer Wu Zhifu said.

"Locals always say 'these animals do not have an easy life, traveling such a long way for a meal'. The fisherman just whacked the tiger with his oar to frighten it, but would not have hurt it much," he added.

The Siberian tiger, known also as Amur tiger, is an endangered species, with just 500 remaining in the wild.

Iraq Crisis: Shia Militia 'Execute 44 Detained Sunni Militants'

A member of Iraqi security forces stands guard near volunteers, who have joined the Iraqi army to fight against the predominantly Sunni militants from the radical Islamic State of Iraq and the LevantReuters

Shiite pro-government forces have allegedly executed 44 Sunni militants who were detainees at a police station northeast of Baghdad as members of the Islamic State of Iraq and the Levant (Isis) attempted to free them.

The station in Diyal province came under attack by Isis fighters on Monday night. Three police officers told AP that the attackers tried to free the detainees but Shiite militiamen defending the jail killed them at close range.

A morgue official in the provincial capital of Baqouba said many had bullet wounds to the head and chest.

Isis forces reportedly captured parts of Baqouba, just 60km (37 miles) from the capital.

The development came as Iraq's biggest oil refinery, Baiji, was shut down and its foreign staff evacuated. Militants from Isis surrounded the refinery after advancing into the town of Baji.

"Due to the recent attacks of militants by mortars, the refinery administration decided to evacuate foreign workers for their safety and also to completely shut down production units to avoid extensive damage that could result," a chief engineer at the refinery told Reuters.

Baiji is one of three oil refineries in Iraq. The other two are situated in Baghdad and the south and are firmly under government control.

Iraq Shuts Biggest Oil Refinery and Evacuates Foreign Staff as Isis Closes In

Volunteers, who have joined the Iraqi army to fight against the predominantly Sunni militants from the radical Islamic State of Iraq and the Levant(Reuters)

Iraq's biggest oil refinery has shut down and its foreign staff have been evacuated, refinery officials told Reuters.

Local staff remain at the refinery and the military is still in control of the facility near in the town of Baiji, the officials said.

Militants from Isis (Islamic State of Iraq and the Levant) took control of Iraq's second city Mosul last week and rapidly advanced on a number of northern towns after security forces aligned with the central government had fled.

Heading a coalition of Sunni militants, Isis have taken control of Tikrit and Tal Afar, while battling with loyalist forces in the towns of Samarra and Baquba close to the capital Baghdad.

The Baiji refinery had been surrounded by Sunni extremists in recent days, after Isis earlier took control of most of the town.

The Baiji refinery can produce up to 300,000 barrels of oil per day and supplies domestic consumption, including the Iraqi capital Baghdad.

Its closure could potentially lead to exporters re-routing some oil for domestic consumption, in a bid to make up for the shortfall.

Iraq was producing around 3.5m barrels of oil per day before the Isis crisis, 2.8m of which were exported. Production and exports from oil facilities in the south of the country have not been affected by the Isis advance through northern Iraq.

Football World Cup 2014: England Fans Spend More in Brazil Than Rival Europeans

An England fanReuters

England may have lost to Italy in its opening match in the 2014 World Cup, but the country topped other European nations in terms of spending in Brazil last week, according to payment processing firm Visa.

Figures released by Visa Europe show that visa cardholders from the UK spent £3.78m in Brazil during the week from 9 to 15 June, up 83% from the same week last year and 46% from the preceding week.

Total spending by fans from competing nations from Europe was £13.3m during the same period.

France followed England with a total spending of £2.83m, while Germany and Spain claimed No.3 and No. 4 positions by spending £1.72m and £1.27m, respectively.

"Europe's football fans contributed £13.3m to Brazil's economy on their Visa cards last week, with England supporters leading the way," said Mark Antipof, Chief Officer of Sales and Marketing at Visa Europe.

"Many have been saving a long time to follow Roy Hodgson's men to Brazil and are rightly enjoying themselves now they're out there. Spending on card remains a safe, secure and convenient way to pay, no matter where fans travel in Brazil."

Britons also spent more at home during the last weekend due to the football tournament and warm weather.

Supermarket spending on cards rose 9% last week, compared to the preceding week as fans stocked up on food and drink for England's first game on 14 June.

A total of £701m was spent in supermarkets during 13, 14 and 15 June. On the match day, consumers bought £267m of goods – the second biggest day of spending in 2014.

Sports equipment and clothing retailers also recorded an increase in sales as replica shirts and football boosted spending on cards by 7% last week compared to the previous week, Visa Europe said.

India: Central Bank Intervenes to Arrest Rupee Fall

India: Central bank intervenes to arrest rupee fall.Reuters

India's central bank, the Reserve Bank of India, was seen selling dollars around 60.49/50 rupee levels through state-owned banks to arrest the Indian rupee's sharp decline, traders told Reuters.

At 0518 GMT, the Indian rupee was at 60.3450/3525 to the US dollar, after dropping to as low as 60.55, a level last seen on 29 April.

The Indian rupee dropped to a near two-month low in early trade on 17 June as oil companies scrambled to buy the greenback, after the worsening conflict in Iraq sparked concerns over inflation and the current account deficit.

As much as 70% of India's oil needs are met by crude imports, leaving its currency largely defenceless against oil price swings.

Iraq is Opec's second-biggest crude oil producer.

Sources of reserve money.Bloomberg, SC Research

Standard Chartered said in a note to clients: "The Reserve Bank of India (RBI) is facing a problem of plenty. Since the start of May this year, foreign portfolio inflows to India have been c.$10bn (c.$4bn in equities and c.$6bn in local-currency debt). The RBI has steadily intervened in the currency market, with net purchases of $13.6bn in March and April. We think its main motive behind this intervention was the need to build FX reserves.

"On a standard metric of FX reserve adequacy (six-month import cover of $228bn plus short-term debt of $95bn), the RBI is still short of required reserves.Also, the RBI's governor has emphasised that emerging-market (EM) central banks may need to hold excess FX reserves when international monetary policy coordination fails - to be better prepared for an uncertain pace of monetary policy tightening in developed countries.

Forwards and futures.CEIC, SC Research

"However, intervention in the FX market was also required to stem steady Indian rupee (INR) appreciation. By end-May, the INR was overvalued by more than 6% if we use a CPI-based real effective exchange rate (REER). The current account deficit has narrowed from last year, but the RBI would be concerned about the sustainability of this process if the currency appreciates substantially," the British firm added.

The rupee finished at 60.1550/1650 to the dollar on 16 June amid news that US President Barack Obama was mulling air strikes to support Iraqi forces on the ground.

Argentina's President Fernandez Vows to Avert Default After Legal Setback

Argentina's President Cristina Fernandez de Kirchner addressed the nation from Government House in Buenos Aires(Reuters)

Argentina's President Cristina Fernandez has pledged to service the country's restructured debt and railed against "extortion" by holdouts that refused to sign up to debt restructuring deals in the wake of the economic crisis of 2001-02.

Following the US Supreme Court's refusal to hear Argentina's appeal designed to prevent a default, Fernandez criticised American courts for ruling against her government several times.

"Argentina will fulfil its obligations and it will not default on its restructured debt," Fernandez said in a televised speech.

However, she gave no indication of how it would achieve the payments and the Supreme Court's refusal to hear the appeal left the government with $1.33bn burden to pay to the holdout hedge funds.

To date, Argentina has refused to pay the hedge funds unless they agree to restructure the debt. Fernandez has described the holdouts as "vultures" and said that if Argentina paid them on their terms, it would lead to claims from other holdouts of around $15bn in debt.

"Argentina has shown it is willing to negotiate, but it does not have to submit itself to such extortion," Fernandez said.

Argentine stocks fell on the Supreme Court ruling, which restricts Fernandez's options in her bid to stave off default and normalise relations with international investors.

The International Monetary Fund has expressed concern that the rulings against Argentina could set a precedent that would make it more difficult for other governments to restructure debts in the wake of a financial crisis.

Sebastian Centurion of ABC Exchange told Reuters that the rulings could encourage funds to take on governments in the future.

"This is surprising because it is giving a precedent for any 'vulture fund' to go against any country, so any country is vulnerable in a restructure," he said.

Hot Shots Photos of the Day: Thunderbolt Craziness, Pepe Headbutt, Kim Jong-un Sub

A member of the Thunderbolt Craziness band wearing a metal suit balances a football on his head as electricity is discharged from Tesla coils during a performance to celebrate the 2014 Brazil World Cup, in Changle, Fujian province, ChinaReuters

Members of the Thunderbolt Craziness band wearing metal suits kick a football between them as an electric arc is discharged from Tesla coilsReuters

Portugal's Pepe headbutts Germany's Thomas Muller, earning him a red card, during their World Cup match at the Fonte Nova arena in SalvadorReuters

Germany's Toni Kroos and Portugal's Joao Moutinho fight for the ball during their World Cup match at the Fonte Nova arena in Salvador, BrazilReuters

Ghana's John Boye vies for the ball with Jermaine Jones of the US during their World Cup matchReuters

Fans of the USA hold up pictures of Martin Luther King Jr and President Barack Obama before their World Cup match against Ghana at the Dunas arena in Natal, BrazilReuters

Chancellor Angela Merkel visits the German national team in their dressing room after they beat Portugal at Arena Fonte Nova in Salvador, BrazilGetty

North Korean leader Kim Jong-un stands in a hatch on the conning tower of a submarine during his inspection of the Korean People's Army Naval Unit 167Reuters

North Korean leader Kim Jong-un looks through a periscope of a Soviet-era submarine as he visits Korean People's Army's Naval Unit 167. The sub is believed to be a 1,800-ton Soviet Romeo-class vessel from the 1950sReuters

Tourists view the Iguazu Falls from an observation platform at the Iguazu National Park on the border between Argentina and BrazilReuters

Stranded cars are partially submerged on a flooded street after Typhoon Hagibis hit Xiamen, Fujian province, ChinaReuters

A man talks on the phone in front of tornado-damaged buildings in Pilger, Nebraska. A swarm of tornadoes, some appearing two at a time, struck several farming communities in northeastern Nebraska, obliterating the tiny town of PilgerReuters

An Israeli soldier blindfolds a Palestinian suspected of throwing stones as he detains him during clashes in the West Bank City of Hebron. Israeli armed forces swept through half a dozen Palestinian town and arrested more Hamas officials, expanding a search for three teenagers into a crackdown on the Islamist group accused of abducting themReuters

Israeli soldiers walk in lines during an operation in the West Bank town of Hebron during the search for three teenagers believed to have been kidnapped by Hamas militantsAFP

A boy peers into a burnt car after gunmen attacked the coastal Kenyan town of Mpeketoni. Somali-linked Islamists killed at least 50 people in the town, executing men in front of their families and killing others who had gathered to watch World Cup football on televisionReuters

Residents gather to identify their relatives outside a mortuary containing bodies of people killed when gunmen attacked the coastal Kenyan town of MpeketoniReuters