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European Union data-protection regulators will probe Facebook after it started a rollout of its new face-recognition photo-tagging system.

Portugal will elect a new government on Sunday which will lead the country through a period of deep austerity and recession after it received a 78-billion-euro ($114 billion) bailout from the European Union and IMF.

It would make sense for Portugal to seek aid from the European Union bailout fund, although such a decision will be caught up in domestic politics, European Central Bank Governing Board member Ewald Nowotny said.

Ireland's parliament approved a multi-billion euro EU/IMF bailout package on Wednesday in the face of opposition threats to renegotiate the deal to force losses on some senior bondholders in Irish banks.

The EU and IMF extends 85bn euros of emergency loans to the Republic of Ireland, according to reports on Irish state television.

The European Union said Friday it has ordered Italy to repay almost $1 million in EU money that was used to pay Elton John for a concert in Naples last year.

The European Commission fined 11 airlines a total of $1.11 billion for forming a global cartel to fix air-freight tariffs, mainly fuel surcharges.

Broad probe testing 91 European banks finds most are fit to withstand severe economic shocks.

EU leaders back new sanctions on Iran that are tougher than recent measures adopted by the UN Security Council.

The European Commission on Monday outlined the potential new measures it is considering to ensure that short-selling of stocks and bonds doesn't destabilize financial markets or national economies.