The chances Greece will leave the euro zone are slightly less than one in four, according to a Reuters poll of traders, but if Athens defaults on a 750 million-euro debt repayment to the IMF on Tuesday the likelihood will increase.

• May 12, 2015

The Philippines and Japan held their first joint naval exercises in the South China Sea on Tuesday, while Japan's coastguard works with Vietnam this week, as Tokyo boosts maritime ties with two nations at odds with Beijing over the disputed waterway.

• May 12, 2015

Special Report as the European Commission issues a ‘Statement of Objections’ in its antimonopoly investigation into Gazprom
By Dr Jack Sharples, EGF Associate Researcher on the external dimensions of Russian gas and Lecturer in Energy Politics at the European University of St Petersburg

Special Report on the European Commission Antimonopoly Investigation into Gazprom
Main points in brief
The European Commission has issued a ‘Statement of Objections’ in its antimonopoly investigation into Gazprom. This statement is essentially a detailed explanation of the European Commission’s grievances, and how it suspects that Gazprom may have breached EU law. Gazprom now has up to 12 weeks to reply. Once Gazprom has responded, the European Commission will make its final decision. If Gazprom is found to have violated EU antitrust regulations, it may face a financial penalty of up to 10 percent of its annual turnover. This could mean a fine of $10-15bn. READ MORE

• May 12, 2015

U.S. Secretary of State John Kerry will meet Russian President Vladimir Putin in Sochi, Russia, on Tuesday to discuss Ukraine and other issues, the United States said on Monday in a statement that made no mention of their deep disagreements.

• May 11, 2015

As the Philippine military C-130 transport plane made its approach to the country's most precious outpost in the disputed South China Sea on Monday, it flew past a reef which China is quickly turning into an island.

• May 11, 2015

Russian President Vladimir Putin said after talks with German Chancellor Angela Merkel on Sunday that the peace process in eastern Ukraine was progressing despite difficulties.

• May 10, 2015

Saudi Arabia said on Friday a five-day humanitarian ceasefire in Yemen would begin on Tuesday if the Iranian-allied Houthi militia it has been fighting agreed to the pause.

• May 8, 2015

Energy, transport and finance deals are likely to be on the agenda as Chinese President Xi Jinping meets his Russian counterpart Vladimir Putin during a three-day visit to Russia, where he will attend World War Two commemorations.

• May 8, 2015