Facebook gaining ground on YouTube in video ads, report says

FRANKFURT/PARIS | By Eric Auchard and Leila Abboud

Mark Zuckerberg, Facebook's co-founder and chief executive in Menlo Park, California, April 4, 2013.

Reuters/Robert Galbraith

Facebook (FB.O) is gaining ground on Google's (GOOGL.O) YouTube as an outlet for big companies to market their products via online videos, the fastest growing category of Internet ads, a report published on Monday said.The competition for video viewers opens up a new front in the clash between the two web giants that already compete in other types of advertising given their appeal to young and international consumers, Ampere Analysis said in a study.
  London-based Ampere predicts a new advertising "arms race" between the two rivals, neck and neck in terms of audience sizes with around 1.4 billion to 1.3 billion monthly active users, respectively for Facebook and YouTube. That means consumers are likely to be forced to see more ads, but also enjoy a richer range of video programming as a result, it said.
The Internet will overtake TV advertising in 12 key markets, representing 28 percent of global ad spending by 2017, separate research by media-buying firm ZenithOptimedia said on Monday. Ad spending is projected to reach $531 billion this year.
Online video is now growing faster than any

Oil rises after EU welcomes new proposals from Greece

LONDON | By Ron Bousso

A petro-industrial factory is reflected in a traffic mirror in Kawasaki near Tokyo December 18, 2014.

Reuters/Thomas Peter/Files

Oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets.But high levels of global oil production and stocks continued to exert pressure on crude prices.

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Brent crude for August delivery was up 30 cents at $63.32 a barrel by 0822 GMT, after falling nearly 2 per cent on Friday over worries about a potential Greek debt default.
Front month U.S. crude was 44 cents higher at $60.05 a barrel.
Prices rebounded from early lows after the EU's positive response to Greek Prime Minister Alexis Tsipras's latest proposals to try to resolve the country's debt crisis.
"Hopes that agreement could be reached in

Hunt for escaped convicts heats up near New York-Pennsylvania line

By Suzannah Gonzales

Hundreds of law enforcement officers stepped up their hunt in western New York state for two convicted murderers who escaped from an upstate prison more than two weeks ago, as another possible sighting of the men was reported in a new search area.The manhunt centered on the town of Friendship, located about 280 miles (450 km) southwest of the Clinton Correctional Facility in Dannemora, near the Canadian border, where the escaped convicts were serving life sentences for murder.
The search in Friendship was winding down by Sunday night, but increased patrols will stay in the area, New York State Police spokesman Beau Duffy told Reuters.
"We will continue to search this area until all leads have been exhausted," New York State Police Major Michael Cerretto said on Sunday.
"As we have in other areas of this state, we will search under every rock, behind every tree and structure until we are confident that area is secure."
State police received a call early

U.S. won't let Russia 'drag us back to the past': Pentagon chief

BERLIN | By Phil Stewart

U.S. Defense Secretary Ash Carter in Washington June 17, 2015.

Reuters/Carlos Barria

The United States and its allies won't let Russia "drag us back to the past", U.S. Defense Secretary Ash Carter said in an address in Berlin on Monday, as he accused Moscow of trying to re-create a Soviet-era sphere of influence.Russia's intervention in Ukraine has put NATO allies in eastern Europe on edge and triggered a series of military moves by the NATO alliance, including an acceleration of exercises and the creation of a NATO rapid response force.
Carter, who will view components of that NATO force later on Monday, said the alliance would keep the door open to an improved relationship with Russia but said flatly: "It's up to the Kremlin to decide."
"We do not seek a cold, let alone a hot war with Russia. We do not seek to make Russia an enemy," Carter said. "But make no mistake: we will

Apple bows to Taylor Swift on paying for all music streaming

Apple Inc (AAPL.O) reversed its policy and said it would now pay artists during free trials of its new Apple Music streaming service, after pop star Taylor Swift said she would hold back her latest hit album "1989" from the service.Apple is offering users a three-month trial of its new service and had said it would not pay artists for the use of their music during that time.
Apple senior vice president Eddy Cue announced the change of heart through Twitter (@cue).
"We hear you @taylorswift13 and indie artists. Love, Apple," Cue tweeted. (twitter.com/cue)
Swift, 25, said in a Tumblr post on Sunday that she would hold back her album as she found Apple's policy of not paying artists during free trial shocking and disappointing as it would hurt young artists just starting out. (bit.ly/1eAa3Ys)
After the backflip from Apple, she turned to Twitter to thank both Apple and her supporters, telling her 59 million Twitter followers: "I am elated and relieved. Thank you for your words of support today. They listened to us."
Swift has fought with music streaming services before. She pulled her

West Africa plans regional power market to bridge electricity gap

Reuters

West Africa plans regional power market to bridge electricity gap. PHOTOS: Electrification Online

West Africa's regional body will pool its resources to establish an electricity market to end the blackouts that have blighted its 15 member states for decades.
Heads of states who gathered for a meeting of the Economic Community of West African States agreed to develop a regional electricity market almost two decades after the plan was conceived, Etienne Bailly, project director at Transco CLSG, told Reuters at a power conference in Nigeria.
(READ MORE: US working to power Africa’s electricity goals)
Transco CLSG - set up by West African Power Pool (WAPP) - will develop a 1,300 km (807 miles) interconnection line across Ivory Coast, Guinea, Liberia and Sierra Leone.
"We have developed a master plan to

Chevron completes sale of 40 % stake in two Nigerian oil blocks

Reuters

Last Updated: 19 June 2015|06:59 GMT

Chevron completes sale of 40 % stake in two Nigerian oil blocks. PHOTOS: harryhammer

U.S. oil company Chevron Corp said on Thursday it has completed the sale of its 40 percent stake in two Nigerian offshore oil blocks to local firm First Exploration & Petroleum Development Company Limited.
Chevron said in a statement that the sale of its interest in OML 83 and OML 85, started two years ago.

Kenya to give licences back to 13 Somali money transfer firms

Reuters

President Kenyatta says Somali money transfer firms banned after Garissa attacks are set to receive licences. PHOTOS: horseedmedia

President Uhuru Kenyatta on Thursday said Kenya will grant licences to 13 money transfer firms who were banned in the wake of the Garissa university attack in April and whose names are on a list of 85 entities with links to Somalia's al Shabaab.
The killing of 148 students by al Shabaab militants at Garissa, some 200 km (120 miles) from the border, had piled pressure on Kenyatta to

Chad says it bombs Boko Haram bases in Nigeria; Nigeria denies it

Reuters

Chad military says it bombs Boko Haram bases in Nigeria; Nigeria denies it.

Chad's military said it had carried out air strikes against Boko Haram bases in Nigeria in retaliation for twin suicide bombings in Chad this week that killed at least 34 people, but the announcement was strongly rejected by Nigeria.
The air raids caused heavy human and material damage to six of the Islamist militants' bases, Chad's military said late on Wednesday, without providing further details.
(READ MORE: Chad, Niger launch joint offensive against Boko Haram in Nigeria)
Nigerian authorities denied reports that the attacks had taken place on its soil, saying they were likely to have instead hit targets in neighbouring Niger.
"The claim that the Chadian military have conducted air strikes against six terrorist camps in Nigeria is not correct," said military spokesman Major General Chris Olukolade.
A few hours after Chad's announcement, Boko Haram militants attacked two villages in neighbouring Niger's southern region of Diffa, killing 38 civilians, most of them women and children, and burning over 100 homes, Niger's government said.
The attackers drove into the villages in the Gueskerou area, along the banks of the Komadugu River which separates Niger and Nigeria, late on

Chinese stock markets have worst week since global financial crisis

SHANGHAI | By Pete Sweeney and Samuel Shen

An investor points to computer screens showing stock information at a brokerage house in Nantong, Jiangsu province, China, May 11, 2015.

Reuters/China Daily

China's major stock indexes finished the week on a grim note on Friday, with the Shanghai index ending the week down 13.3 percent, its worst showing since the global financial crisis.Many analysts had warned that Chinese bourses had become too frothy since their run-up in November, with some companies trading at 200 or 300 times earnings amid incredible volatility.
The doubling in primary indexes in Shanghai and Shenzhen since late last year has made Chinese markets the world's best performing major market, but net market capitalization of the equity markets, at 66.2 trillion yuan ($10.7 trillion), now exceeds the size of the country's gross domestic product.

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The correction from the June 12 peak has wiped out 9.24 trillion yuan worth of value.
"Today's fall was more savage than we had expected. Investors were panicking," said Zhang Chen, analyst at Shanghai-based hedge fund manager Hongyi Investment.
"The market had gained so much previously, so I think there's an inherent need for a correction."
On Friday, the CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen plunged 6.0 percent, to 4,637.05, while the Shanghai Composite Index .SSEC lost 6.4 percent, to 4,478.36 points.
START OF MAJOR CORRECTION?All the major indexes are down 10 percent from their peaks, but analysts say it is unclear if this is the