Russia has defied pressure from America and the West, and has recognised the independence of Georgia’s two breakaway regions. President Dimitry Medvedev said he had signed decrees accepting Abkhazia and South Ossetia as independent states, and urged all other nations to do the same.

TEHRAN (FNA)- Iran’s oil minister said on Monday he expected OPEC to work on preventing the falling trend in crude prices and also to study oversupply in the market when it meets in September.

TEHRAN (FNA)- Iran has launched bid inviting companies to take part in tender for the Islamic Republic’s third mobile operator.