Burberry boost, energy strength send FTSE higher

London, July 12 British shares recovered on Wednesday, touching their highest level in two weeks as oil and gas stocks backed gains and luxury retailer Burberry jumped after stronger than expected sales. The blue-chip FTSE 100 index was up 0.7 percent by 0900 GMT, with oil and gas stocks the top boost. Crude prices rose

Iraq strikes Islamic State in Mosul days after declaring victory

Mosul, July 12 Iraqi forces clashed with Islamic State fighters holding out in Mosul’s Old City today, more than 36 hours after Prime Minister Haider al-Abadi declared victory over the militants in the de facto Iraqi capital of their self-declared caliphate. Abadi’s announcement marked the biggest defeat for the hardline Sunni group since its lightning

Oil falls as banks cut price forecasts

London, July 11 Oil prices fell on Tuesday as global oversupply encouraged several banks cut their price forecasts. Benchmark Brent crude was down 30 cents at $46.58 a barrel by 0945 GMT. U.S. crude was 25 cents lower at $44.15. “The fundamental mood has taken a turn for the worse,” Harry Tchilinguirian, head of oil