China Removes Oil Rig in Disputed Paracel Islands, Easing Tensions with Vietnam

A Vietnamese sinking boat (L) which was rammed and then sunk by Chinese vessels near disputed Paracels IslandsReuters

China has removed an oil rig near the disputed Paracel islands in the South China Sea after completing its exploration successfully.

Xinhua news agency reported that state-owned China National Petroleum Corp. (CNPC) completed its drilling and exploration in the region that earlier sparked a major spat between China and Vietnam.

The Zhongjiannan Project found signs of oil and gas in the area, and CNPC will assess the data collected and decide on the next step, the news agency said citing a company statement.

Preliminary analysis of the geological data acquired has shown that the area has the basic conditions and potential for oil exploration, but extraction testing cannot begin before a comprehensive assessment of the data, Xinhua quoted Wang Zhen, deputy director of CNPC Policy Research Office, as saying.

However, the company did not go for test operations due to safety reasons as July is the beginning of the typhoon season.

While the project may help improve understanding of the engineering and geological issues in the South China Sea, the development of "deep-sea drilling technology" will also benefit, said Wang.

The drilling rig will now be relocated to operations in the Hainan Islands, which is also under dispute with Vietnam.

CNPC started drilling two wells in the disputed islands in May, leading to clashes between ships from the two nations and major anti-China riots in Vietnam. The US described China's move as "provocative" and "aggressive".

Vietnam said the rig was in its exclusive economic zone and on its continental shelf, while China noted that it was operating completely within its waters around the Paracel islands.

Xinhua claims that CNPC has been exploring the area since 2004.

The countries were engaged in a short war in 1974 over the islands.

The row with Vietnam is part of Beijing's broader tensions with its neighbouring Southeast Asian nations over the South China Sea.

The rig's relocation is expected to reduce tensions between the two neighbours.

Typhoon Rammasun: At least Ten Killed and 370,000 Evacuated in Philippines

Fisherman retrieves debris from his fishpen destroyed by strong winds brought by Typhoon Rammasun as it hit coastal town of BacoorReuters

Typhoon Rammasun has killed at least 10 people across the Philippines as it tore through the eastern parts of the country and hit capital Manila, forcing the evacuation of tens of thousands.

The typhoon, the strongest to hit the country this year, packed winds of 185 kph (115 mph) as it swept through large parts of the country, toppling trees and power lines and causing electrocutions.

In capital Manila it brought storm surges and heavy winds, forcing authorities to shut down financial markets, government offices and schools.

Disaster management officials said at least 370,000 people have been moved to safer locations and that rescue teams were trying to pull people out of fallen debris.

"The wind is very strong, stronger than the rains. It's something that I've never experienced in the past," Mark Leviste, vice governor of Batangas province south of the capital, said in a radio interview, according to Reuters.

The country is still recovering from the devastating impact of Typhoon Haiyan last November, which killed more than 6,000 people.

In Tacloban, which suffered the worst damage and loss of life from typhoon of Haiyan, thousands of people living in tents in coastal villages have been evacuated to higher ground, the news agency reported citing Oxfam officials.

"They are scared because their experiences during Haiyan last year are still fresh ... Now they are evacuating voluntarily and leaving behind their belongings," Oxfam official Rhea Catada told Reuters.

In Manila, more than 200 international and domestic flights were cancelled and reports said a Singapore Airlines Boeing 777 suffered damage in the strong winds that pushed the aircraft five metres across the tarmac, causing it to hit hitting parked equipment.

However, the typhoon did not cause heavy suffering in the capital area, Richard Gordon, chairman of the Philippine National Red Cross, said.

"We have not received reports of major flooding in Metro Manila because the typhoon did not bring rain, but the winds were strong."

Israel Gaza Attacks: First Israeli Death Confirmed

A smoke trail is seen as a rocket is launched towards Israel from the northern Gaza Strip.Reuters

An Israeli man has died after being hit by a mortar fired from Gaza.

The man was killed near the Erez border crossing while he was going to visit Israel Defence Forces (IDF) soldiers to bring them food, Channel 2 reported.

The victim, whose identity has not been revealed, was rushed to a nearby hospital, where doctors pronounced him dead.

More than 190 Palestinians – including at least 20 children - have been killed since the IDF launched Operation Protective Edge last week, to restore calm in southern Israel after the firing of a reported 156 rockets from Gaza last week.

Israel agreed to an Egypt-brokered ceasefire on Wednesday. However, the truce collapsed when Hamas rejected the proposal, after claims that the group was not consulted by Egypt or Israel.

The militants continued to fire rockets into Israel while the IDF resumed airstrikes on the Gaza Strip.

More than 1,000 rockets have been fired at Israel from Gaza since last week.

Ivory Coast Stops 400 Refugees Returning Due to Ebola Contagion Fears

Health workers testing for the Ebola virus in government hospital in Kenema, Sierra Leone.Reuters

At least 400 Ivorian refugees have been prevented from returning to their homeland amid growing fears of contagion following the recent Ebola outbreak.

According to a UN official, the asylum seekers – who had fled to Liberia and were trying to go back to Ivory Coast - were stopped because of fears they could spread the virus.

The official condemned Ivory Coast's decision as it violates domestic and international law.

The recent Ebola outbreak has killed over 600 people in western African countries Sierra Leone, Liberia and Guinea, with 68 deaths reported in just four days.

Guinea is the worst affected, with 406 cases and 304 deaths. It is followed by Liberia with 172 cases and 105 deaths, and Sierra Leone with 386 and 194.

The World Health Organisation (WHO) said there are "high numbers of new cases and deaths being reported", adding that the trend suggests a high level of transmission within communities.

According to scientists the virus has been present in Africa since at least 2006.

World Nuclear Deal: Iran Calls for Deadline Extension as Kerry Notes 'Tangible Progress'

John Kerry addresses the media about the nuclear talks during a news conference in ViennaReuters

Iran's foreign minister has called for an extension to the looming deadline to agree an historic nuclear deal with world powers after talks with US Secretary of State John Kerry.

Kerry met with Iranian Foreign Minister Mohammad Javad Zarif after two days of intense talks in Vienna ahead of a 20 July deadline and the prospect of an extension to the nuclear talks.

"As we stand now, we have made enough headway to be able to tell our political bosses that this is a process worth continuing," said Zarif.

"This is my recommendation. I am sure Secretary Kerry will make the same recommendation."

In a press conference, Kerry said that there had been some "tangible progress" in talks despite "very real gaps on other key issues".

"I am returning today to Washington to discuss with President Obama and leaders in Congress over the coming days about the prospects for a comprehensive agreement, as well as the path forward if we do not achieve one by 20 July," he said.

Kerry said that talks with Obama would consider "the question of whether or not more time is warranted, based on the progress we have made and how things are going.

"With respect to the issue of 20 July, yes, that is still on the table. We are still working and we are going to continue to work."

Kerry would not reveal the fine details of the negotiations with Zarif, but said that the 19,000 centrifuges that Iran held for uranium enrichment was too much.

The US, the UK, France, Germany, Russia and China, otherwise known as the P5+1, are involved in the Vienna negotiations and all parties are looking for Iran to reduce its capacity in order to hinder the chances of a nuclear weapon being built without international inspection.

Iran has denied that it is seeking to build a large-scale nuclear bomb and is willing to negotiate a potential freeze to its nuclear capacity in return for the removal of crippling economic sanctions.

Putin Warns Juncker of 'Serious Tests' in Russia-EU Relationship

Russia's President Vladimir Putin during a ceremony with Brazil's President Dilma Rousseff(Reuters)

Russia's President Vladimir Putin told the European Union's next president that ties between Moscow and Brussels were undergoing "serious tests" and could be improved, a statement from the Kremlin said.

In a phone call with Jean-Claude Juncker, Putin congratulated the former Luxembourg Prime Minister, who was approved in his new role by the European parliament on Tuesday.

"The relationship between Russia and the European Union is undergoing serious tests. Nonetheless, V. Putin expressed hope that it would develop in the spirit of a mutually strategic partnership," said the Kremlin.

Ties between Russia and the European Union have been severely damaged by the Ukraine crisis, which has seen the EU slap sanctions on a range of individuals and companies with ties to the Kremlin.

The crisis first escalated when Ukraine's pro-Russian former president Viktor Yanukovych rejected a deal that would have seen Kiev form a closer union with Brussels, instead of signing a deal with Moscow.

The decision was greeted with huge street protests that spread across Ukraine and Yanukovych eventually fled Ukraine for Russia.

With a pro-European interim government established in Kiev, Moscow annexed the Black Sea peninsula of Crimea from Ukraine and is accused of fuelling an ongoing insurgency in the east of the country.

The EU imposed fresh sanctions on a number of Russians and Ukrainians in early June over the crisis, drawing Moscow's ire.

The list of individuals subject to travel bans and asset freezes was extended after the pro-Russian separatists in eastern Ukraine failed to de-escalate the crisis.

Gaza Crisis: Turkey PM Erdogan Compares Israeli Politician Ayelet Shaked to Adolf Hitler

Turkey's Prime Minister Tayyip Erdogan addresses members of parliament from his ruling AK Party (AKP) during a meeting at the Turkish parliament in Ankara.Reuters

Turkish Prime Minister Tayyip Recep Erdogan has likened the far-right Israeli politician Ayelet Shaked - who called for the genocide of Palestinian "little snakes" - to Adolf Hitler.

In a controversial Facebook post, Shaked said that "all Palestinians are our enemies" and that Israel should declare war on the "entire [Palestinian] people, including its elderly and its women, its cities and its villages, its property and its infrastructure."

In a speech to members of his ruling AK Party in parliament, Erdogan said that Shaked's mindset was no different to Hitler and condemned Israel of their "systematic atrocity and state terror" against the Palestinian people since 1948, according to Turkish newspaper Hurriyet.

"An Israeli woman said Palestinian mothers should be killed, too. And she's a member of the Israeli parliament. What is the difference between this mentality and Hitler's?" he asked.

"If these words had been said by a Palestinian, the whole world would have denounced it," he said.

Erdogan welcomed the Egypt-proposed ceasefire but said that Israel must "immediately lift the illegal embargo on Palestine."

"What Israel has been using in Gaza since last week is not explainable. Israel continues to terrorise. Moving beyond individual terrorism, it's now committing state terror," he continued in his weekly address to his parliamentary group.

The Turkish leader continued by stating that Israeli would never find peace on its borders as long as it continues "these policies".

"They say, 'Hamas is rocketing as well.' Yes, but there are no casualties. You killed 200 Palestinians. The Israeli people will never be in security and prosperity if they continue these policies.

"No country in the world, except Turkey, can stand against Israel's attacks and urge it to stop. I recall, once again, that those who commit brutalities will sooner or later pay the price," he warned.

Erdogan also criticised the international community for their "inaction" in helping the Palestinian people in light of the IDF's Operation Protective Edge, which has killed 192 Palestinian people in a one-week campaign.

An Egypt-brokered ceasefire collapsed when Hamas rejected the proposal, after claims that they were not consulted by Egypt or Israel. The militant group continued to fire rockets into Israel while Israel resumed airstrikes on the Gaza Strip.

North Korea Fires Ballistic Missiles and Rockets in Protest Against Military Drills

North Korea has fired a barrage of artillery shells into waters near its eastern sea border with the South. Officials in Seoul have confirmed nearly 100 missile, rocket and artillery tests by North Korea this year; significantly higher than past years.

North Korea tests a multiple rocket launcher during an exerciseReuters

Analysts say the regular test-firings of short-range projectiles are the latest signal that the country's young leader, Kim Jong-un, is determined to do things differently from his father, Kim Jong-il, who died in late 2011.

Kim Jong-un, who pushed tensions to extraordinary levels last year with threats of nuclear strikes against Seoul and Washington, will probably keep up the launches until the US and South Korea scale down their regular joint military drills that Pyongyang insists are an invasion rehearsal.

North Korean leader Kim Jong-un uses binoculars as he guides a live-firing exerciseReuters

Reuters

Reuters

Reuters

A rocket is launched during an exerciseReuters

North Korea has launched two ballistic missiles into the sea. The missiles, believed to be of Scud variety, were fired from the North Korean city of Kaesong near the border with the South and had a range of about 500 kilometres (311 miles), said a South Korean military official.

Experts said it was highly unusual for Pyongyang to fire missiles from a city just 20 kilometres from the heavily fortified border separating the two Koreas. The North usually test-fires missiles launched from its eastern port city of Wonsan, about 130 kilometres from the border.

North Korean leader Kim Jong-un provides field guidance during a tactical rocket firing drill carried out by units of the Korean People's Army Strategic ForceReuters

A tactical rocket is fired during a visit by North Korean leader Kim Jong-un to the western sector of the frontReuters

The two Koreas have faced each other across the world's most heavily armed border since their war in the early 1950 ended with an armistice, not a peace treaty.

Regular military drills between Seoul and Washington are a long-running source of tension on the Korean Peninsula, and the allies are set to conduct major annual summertime exercises in August. South Korea and the US say the training is purely precautionary.

YOU MIGHT LIKE THISSponsored Content by Taboola

US and Qatar in $11bn Arms Deal for Patriots and Apaches

Chuck Hagel and Hamad Bin Ali al-Attiyah meet to sign an arms-system agreement at the PentagonReuters

Qatar will spend $11bn (£6.4bn) on US Patriot missile batteries and Apache helicopters, US defence officials confirmed on Monday, while a further deal for fighter jets remains on the table.

Qatar will receive around 10 batteries for Patriot missile systems, designed to counter incoming missile attacks, 500 anti-tank missiles and 24 Apache helicopters, according to US officials.

The deal was announced following talks between US defence secretary Chuck Hagel and his Qatari counterpart, Major General Hamad Bin Ali al-Attiyah in Washington. It marks Qatar's first purchase of the Patriot defence missiles that have proved popular among its neighbours on the Persian Gulf.

With one eye on Iran's missile arsenal across the Gulf, Qatar is investing to boost its own defence capability.

Qatar's ambassador in the US said the acquisitions were "defensive" and come at a time of instability in the Middle East region.

"As you know, our region is going through a lot of instability. What we bought are weapons to defend Qatar," said Mohammad Jaham al-Kuwari, as quoted by AFP news agency.

The weapons deal strengthens ties between Qatar and the US following high profile disagreements between the sides over their respective policies on the Syrian war. Washington has rebuked Qatar for arming fundamentalist militants rather than the religiously moderate opposition that the US prefers.

"Today's signing ceremony underscores the strong partnership between the United States and Qatar in the area of security and defence and will help improve our bilateral cooperation across a range of military operations," said Hagel's spokesman.

Ebola Death Toll Hits 600 in West Africa With 68 Ebola Deaths in Four Days Say WHO

Health workers testing for the Ebola virus in a government hospital in Kenema, Sierra LeoneReuters

The death toll from the Ebola outbreak in West Africa has now reached over 600, with 68 deaths reported in just four days.

The World Health Organisation (WHO) said the epidemic trend in Sierra Leone and Liberia "remains serious" with 65 deaths reported in the two countries between 8 and 12 July.

WHO said there are "high numbers of new cases and deaths being reported", and that the trend suggests a high level of transmission among communities.

In Guinea, there were six new reported cases and three deaths. "As of 12 July 2014, the cumulative number of cases attributed to EVD in the three countries stands at 964, including 603 deaths," WHO said.

"The distribution and classification of the cases are as follows: Guinea, 406 cases and 304 deaths; Liberia, 172 cases and 105 deaths; and Sierra Leone, 386 cases and 194 deaths."

Health workers carry the body of an Ebola virus victim in Kenema, Sierra LeoneReuters

However, experts are warning that the true number of cases is far higher and that the outbreak will worsen as locals shun treatment and "chase away" health workers.

According to a Reuters report, patients with Ebola are hiding away because they think being hospitalised is a "death sentence".

In the Lofa County in Libera, health workers have been chased away by locals, while in eastern Sierra Leone, police had to use tear gas on relatives trying to recover corpses for burial, believing they are being used for experiments and rituals.

Doctors Without Borders (MSF) said it believes many people suspected of having the deadly virus in Guinea are hiding away from health officials.

"We are seeing a lot of mistrust, intimidation and hostility," he told the news agency. "What we are now seeing are villages closing themselves off, not allowing us to enter."

Prison Fight Club: Thai Convicts Battle Foreign Boxers to Win Freedom

Prisons in Thailand stage Muay Thai (a form of kickboxing) matches between inmates and foreign fighters to entertain prisoners and to promote good health. The fighters can also reduce their their sentences, and perhaps even win freedom, by doing well in bouts.

Getty Images photographer Borja Sanchez-Trillo visited Klong Pai prison in Nakhon Ratchasima to document the event known as "Prison Fight".

An inmate and a foreign fighter pose before their fight at Klong Pai prisonBorja Sanchez-Trillo/Getty Images

An inmate kicks a foreigner fighter in the face during their boutBorja Sanchez-Trillo/Getty Images

An inmate trains before his fight at Klong Pai prisonBorja Sanchez-Trillo/Getty Images

Foreign fighters watch a Muay Thai fight before their boutsBorja Sanchez-Trillo/Getty Images

Inmates react during a Muay Thai fight at Klong Pai prisonBorja Sanchez-Trillo/Getty Images

An inmate shows a 'Round 1' banner during a fight at Klong Pai prisonBorja Sanchez-Trillo/Getty Images

A foreign fighter and an inmate compete during a Muay Thai fight at Klong Pai prisonBorja Sanchez-Trillo/Getty Images

A foreign fighter warms up before his fightBorja Sanchez-Trillo/Getty Images

Assistants massage an inmate before his fight, as a prison officer stands byBorja Sanchez-Trillo/Getty Images

An inmate is helped after he falls to the floor during a Muay Thai fightBorja Sanchez-Trillo/Getty Images

An inmate stretches before his fight, while a officer stands guard at Klong Pai prisonBorja Sanchez-Trillo/Getty Images

Blood is seen on an inmate's boxing glove as he rests during a Muay Thai fightBorja Sanchez-Trillo/Getty Images

A bloodied inmate receives treatment during a break between roundsBorja Sanchez-Trillo/Getty Images

A prison officer holds rounds indicator signs before fights beginBorja Sanchez-Trillo/Getty Images

YOU MIGHT LIKE THISSponsored Content by Taboola

Bank of Japan Trims Growth Forecast and Yen Slips

BoJ Governor Haruhiko Kuroda attends a news conference at the BoJ headquarters in Tokyo, on 15 July.Reuters

The Japanese yen eased after the Bank of Japan (BOJ) left its stimulus programme unchanged, sticking to prediction that Japanese inflation will approach its 2% target in 2015, but reduced slightly its GDP growth forecast.

The US dollar inched up some 0.1% to 101.62 yen, after rising to 101.65 yen earlier in the day, which is much higher than last week's seven-week low of 101.06 yen.

The euro gained little at 138.32 yen, but was above last week's five-month low of 137.50 yen.

The BOJ has left its monetary policy unchanged, but the central bank trimmed its GDP growth forecast for the financial year to March 2015, amid weak exports and a drop in household spending, which took a beating in the wake of the 1 April national sales tax hike.

The BOJ expects the Japanese economy to expand by 1% in the year to March 2015, instead of the 1.1% it predicted three months ago.

Kuroda's Remarks

BoJ Governor Haruhiko Kuroda told reporters on 15 July that the world's third largest economy was only halfway to meeting the 2% inflation target, and that the BOJ will maintain its quantitative easing (QE) programme until the target was met.

By contrast, Kuroda added, the US Federal Reserve was steadily moving towards policy tightening and he said he saw no reason for the yen to strengthen against the greenback.

Yellen's Testimony

The markets will track Fed chief Janet Yellen's comments before Congress on 15-16 July.

Yellen will deliver the US central bank's latest report on monetary policy and market participants await her remarks for clues on the timing of interest rate hikes in the US, particularly after second-quarter US data showed that the world's leading economy had gained momentum.

Lloyds Bank said in a note to clients: "The yen has risen modestly versus the dollar over the past month. This partly reflects more general dollar weakness but also a risk-off move after recent developments in Portugal."

"The outlook for the Japanese economy remains clouded by uncertainty over the impact of the consumption tax rise. Economic activity, particularly retail spending, slumped in April and the extent of any subsequent recovery is unclear. With Q2 likely to be adversely impacted, it will be some time before the underlying state of the economy becomes apparent.

"Meanwhile, annual CPI inflation has moved above 3%, albeit much of this is due to the tax hike and yen depreciation. The impact of both these factors is set to fade over the year ahead. This points to the eventual need for further monetary stimulus by the BoJ, although its current position is that it may have done enough. We also expect the yen to weaken alongside better US data. USD/JPY is forecast at 105 at end 2014," Lloyds added.

Societe Generale Cross Asset Research said in a note: "...The BoJ will maintain its commitment to raising the monetary base (¥243.4tn as of the end of June) by between ¥60tn and ¥70tn per annum (to ¥270tn at the end of 2014) until its 2% price stability target is both achieved and consistently maintained."

"Among the various effects of QQE, the most widely accepted one is its effect on suppressing long-term (10 yr) government bond (JGB) yields. We analysed how much effect the current QQE has on suppressing nominal 10-yr JGB yield.

"Our estimation model indicates that the 10 yr JGB yield is around 80bp lower, thanks to the effect of QQE. Thus, the BoJ has successfully suppressed the nominal long-term interest rate and lowered real long-term interest rates," SocGen added.

Putin Seeks Brics Alliance to Combat US Economic Sanctions

Russian President Vladimir Putin (R) speaks with Jacob Zuma, president of South Africa, during their meeting in the city of Fortaleza(Reuters)

Russia will urge leaders of the world's biggest emerging economies to agree to a range of measures to prevent "sanction attacks" by the United States, according to President Vladimir Putin.

Putin would urge leaders from Brazil, China, India and South Africa to reflect on the asset freezes and travel bans imposed on a range of individuals and businesses with ties to the Kremlin in the wake of Russia's annexation of Crimea in March.

"Recently Russia has been exposed to a sanction attack by the United States and its allies," Putin said, as quoted by Itar-Tass news agency.

"Together we should think about a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies, but would promote a civilised dialogue on all points at issue based on mutual respect."

While Putin gave no specific policy measures, he called on the Brics to cooperate at the United Nations and work together on security issues, while using their influence to counter American hegemony in international affairs.

"Any attempt to create a model of international relations where all decisions are made within a single 'pole' ineffective, malfunction regularly, and are ultimately set to fail," Putin said, as quoted by Itar-Tass.

Brics leaders will begin a two-day summit in the Brazilian city of Fortaleza on Tuesday.

They are expected to announce the establishment of a new development bank, likely to be based in Shanghai, among other cooperative measures.

Afghanistan Suicide Car Bomb Explosion Kills Dozens

An Afghan resident washes a damaged minivan that was hit by a remote-controlled bomb in KabulGetty/AFP

A suicide car bomb explosion at a busy market in Afghanistan's eastern province of Patika has killed dozens, officials say.

While the official toll in the blast in Urgun district is 40, the unofficial figure is much higher.

Many of the wounded are in critical condition raising fears that the death toll could rise sharply.

The suicide bomber, driving a 4x4 vehicle full of explosives, detonated it near a mosque and a market. Many shops have been wrecked in the blast.

No one has claimed responsibility for the attack.

Earlier, another explosion ripped through eastern Kabul in which at least two people were killed. This roadside bombing was claimed by Taliban.

Iran's Ayatollah Ali Khamenei Calls on World Muslims to Unite against Israel over Gaza Crisis

Iran's Supreme Leader Ayatollah Ali Khamenei calls on Muslims across the world to unite against Israel over Gaza crisisReuters file photo

Iranian Supreme Leader Ayatollah Ali Khamenei has called on Muslims across the world to unite against Israel over the ongoing crisis in Gaza.

Stating that Israel is benefiting from the "Islamic world's negligence", Khamenei hailed Iran's standpoint on the conflict.

"Zionists are committing these crimes taking advantage of the Islamic world's negligence. The massacre in Gaza by Zionists should awaken Muslim governments and nations to leave any discord and get united," he said at a meeting, which was also attended by Iran's President Hassan Rohani and other cabinet members.

The Iranian administration has also been condemning Israeli forces for their deadly attacks that have claimed a number Palestinian civilians.

Ali Akbar Velayati, a top aide of Khamenei on international affairs, said in a statement: "The horrifying and savage crimes of the Zionist regime against the defenceless people of Gaza once again unveiled the savagery, war-mongering and aggressive nature of this regime to the people of the world."

"All Muslims are duty-bound to maintain their vigilance in order not to be entangled in the pre-planned scenario of the Zionist enemy and make growing efforts, more than ever, to defuse the Zionist enemy's objectives through a proper understanding of the realities and the regional developments as well as maintaining their unity, solidarity and consensus."

The latest remarks follow the promise of Hossein Sheikholeslam, Iran's director general of the parliament of international affairs, to support the cause of Palestinians "with all its might".

In the week-long confrontation, at least 178 Palestinians have been killed and more than 1,000 injured. So far there have been no casualties on the Israeli side.

Hot Shots Photos of the Day: Spectacular Bastille Day Fireworks, World Trade Center Lightning

Costa Concordia: 20 Powerful Photos of the Cruise Ship Disaster...

Animal Selfies: Wildlife Photographs Taken by Remotely-Activated...

Pamplona Photos: Two Men Gored in Final 2014 San Fermin Festival...

Hot Shots Photos of the Day: Manhattanhenge, Supermoon, Downing...

Violence Erupts in Buenos Aires After Germany Beat Argentina 1-0...

In Pictures: Supermoon Lights Up Skies Around the World

Fifa World Cup 2014: The Ecstasy and The Agony of the Fans

World's Highest Railway Bridge: Indian Workers Construct...

Daggers, Mace, Tasers and Hand Grenades: TSA Instagram Shows...

Srebrenica Massacre: Anniversary of 1995 Genocide Carried Out by...

China Takes on the United States Over South China Sea

A US military Amphibious Assault Vehicle (AAV) manoeuvres in the choppy waters facing South China Sea during a training exercise(Reuters)

China has urged the United States to stop meddling in disputes over the energy rich South China Sea, saying regional powers are better placed to resolve issues themselves.

The terse remarks followed a Washington statement that criticised China's "provocative and unilateral" behaviour in the region where tensions have escalated in recent over territorial disputes.

US deputy assistant secretary of state for Strategy and Multilateral Affairs Michael Fuchs questioned China's willingness to abide by international law and accused Beijing of stoking tension in the region.

China claims almost all of the South China Sea for itself, overlapping with territorial claims from Vietnam, Malaysia, the Philippines, Taiwan and Brunei.

Beijing's Foreign Ministry said in a statement it would protect its sovereignty and maritime rights and had always sought to resolve disputes through direct talks "on the basis of respecting historical facts and international law".

"What is regretful is that certain countries have in recent years strengthened their illegal presence through construction and increased arms build-up," the statement said.

China "hopes that countries outside the region strictly maintain their neutrality, clearly distinguish right from wrong and earnestly respect the joint efforts of countries in the region to maintain regional peace and stability", it added, referring to Washington.

Tensions have escalated in the region over recent months after China stepped up its energy exploration efforts in the mineral rich waters close to the Paracel islands that are also claimed by Hanoi.

Maritime clashes between Chinese and Vietnamese ships were followed by deadly anti-Chinese riots across Vietnam in May.

The US is pressing the Association of South East Asian Nations (Asean) and China to agree to a formal maritime Code of Conduct. China's Foreign Ministry said it was "steadily pushing forward" on talks on the code.

Brics Brazil Summit: Negotiations to Unveil $100bn Development Bank Hit Hurdle

Brics Brazil Summit: Negotiations to unveil Brics development bank hit hurdle.Reuters

Disagreements over the presidency and the location of a proposed Brics development bank could further delay the unveiling of the joint development bank.

The leaders of the five emerging market economies, Brazil, Russia, India, China and South Africa, are expected to sign a deal that creates a $100bn (£59bn, €73bn) bank, alongside an emergency reserve fund of the same size.

The Brics development bank, an idea approved in Durban in 2013 after it was envisaged in New Delhi in 2012, aims to match developed nations' dominance over global finance.

However, negotiations under way in Fortaleza, Brazil, to create the bank, have hit a hurdle, Reuters reported.

Negotiations have slowed down for now over a row between China, India and South Africa over who will host the bank.

The discord has also delayed a decision on which of the nations will hold the first five-year presidency of the bank, unnamed negotiators told the news agency.

While Russia's presidential adviser, Yuri Ushakov, has said that Shanghai was the most likely location for the bank's headquarters, earlier whispers form Kremlin suggested that New Delhi could emerge as a rival to China's financial capital.

If Brics leaders fail to resolve their differences, they could still sign off on the creation of the bank and decide on its headquarters and its president later on.

A delay could be an embarrassment for the Brics nations, which hope to break the West's stranglehold on the world's financial architecture – the US and Japan maintain an iron grip on the International Monetary Fund (IMF), the World Bank (WB) and the Asian Development Bank (ADB).

Chinese Wisdom

China is also planning an Asian Infrastructure Investment Bank.

In a meeting with Indian Prime Narendra Modi in Brazil on the sidelines of the Brics summit, Chinese President Xi Jinping invited India to become a founding member of the proposed infrastructure lender, the official Xinhua news agency reported.

The two nations "should join hands in setting global rules...", Xinhua quoted Xi as saying.

Meanwhile, speaking to the South American media, Xi reportedly said that China seeks to play the role of a responsible major power and promote the rights of the developing world.

The president also dismissed China dominations concerns, saying the world's second largest economy did not believe it was fated to dominate others just because of its growing might.

"We will ... dedicate ourselves to perfecting the international system of governance and proactively push for expanding the representation and right to speak for developing countries in international affairs," Xi said.

"We will come up with more Chinese proposals and contribute China's wisdom," Xi added, without elaborating.

"The Chinese people love peace. In the blood of the Chinese people there are no genes for invading others or dominating the world. China does not acknowledge the old logic of 'when a country is strong it must dominate'," Xi said.

"China will resolutely pursue the path of peaceful development, to proactively seek a peaceful international environment for its own development, and will use its own development to promote world peace."

Germany's DAX Gains After World Cup Final Win As Argentine Shares Lag

Bastian Schweinsteiger lifts the World Cup after Germany beat Argentina 1-0Getty

Argentina's main stock market index lagged behind others in the region and around the world after the country's 1-0 defeat to Germany, which experienced the largest gain among major European rivals.

On 14 July, Argentina's main Merval index closed up 0.2% at 8,840.21, after declining as much as 1.5% during the day.

Meanwhile, Brazil's Sao Paulo Stock Exchange IBrX Index gained 1.6% and the Mexican Bolsa IPC Index rose 1.12%.

The disappointing performance in Argentina comes after the country was defeated in the Football World Cup Final by Germany with the lone goal in the match from Mario Goetze.

Meanwhile, Germany's DAX closed up 1.21% -- the biggest gain among major European stock market indexes – as the country celebrated its fourth world cup win.

In contrast, Britain's FTSE 100 index gained 0.84%, France's CAC 40 Index was up 0.78%, and Italy's FTSE MIB index rose 0.40%.

The Associated Press, citing an analysis from Alex Edmans, a professor at the London Business School and the Wharton School of the University of Pennsylvania, reported that stock markets in losing nations in the football world cup have generally underperformed after their defeats.

"Over the course of the World Cup, there have been 39 losses by countries with an active stock market," Edmans said.

"In two-thirds of these cases, the national market has underperformed the world market on the next day."

Argentine shares are expected to suffer from the nation's depressed mood for a while, according to investment bank Goldman Sachs.

Since 1974, most nations that lose in the final underperform for a month as traders suffer "a post-final bout of the blues", the bank said in a pre-World Cup report.

While the victorious countries' stocks outperformed the global market by 3.5% in the following month, seven of the nine losing finalists underperformed the global market by 1.4%, according to Goldman Sachs.