Israeli Prime Minister Ariel Sharon urged Jewish fund-raising organizations not to paint a dire picture when they appeal for donations to assist Israel in overcoming its economic hardships. Poverty has indeed increased in Israel since unemployment has risen to more than 10 percent. The government has estimated that more than one million people – about one in six Israelis - live below the poverty line.

EVIAN-LES-BAINS, FRANCE – The opening day of the G8 summit was marred by a new war of words between the EU and the United States after European Commission President Romano Prodi dismissed Washington's pledge to boost Aids spending and claimed the 15-member club had already doled out more money to fight the disease than America.

TEHRAN – Iran will in September increase its handling of oil exports from Kazakhstan as part of a scheme in which the central Asian state pipes oil into northern Iran and is credited for exports through the Gulf.

NICOSIA – Turkish Cypriot leader Rauf Denktash said that resolving property issues between Greek and Turkish Cypriots is the key to advancing peace on the divided island. "You have to respect that peace and security rests on accepting a bizonal life - at least in the beginning - and that property exchange is a necessity for that," Denktash said.

MUNICH – German engineering giant Siemens said its power-generation division had won two contracts worth a total of 380 million euros ($445 million) to build power plants in Indonesia and Egypt. Siemens said four 250-megawatt gas turbines would be installed in the new combined-cycle power plant in Nubaria, located about 60 kilometers (38 miles) south of Alexandria.

BAKU – Saudi Arabia's oil minister Ali Al Naimi warned it would be "folly" to leave the market to determine oil prices, in a vigorous defense of the OPEC oil cartel. His comments come at a time when oil industry insiders believe the US may be seeking to use Iraqi oil to challenge OPEC's stranglehold on world oil prices.