Los Angeles police officers shot dead a homeless man in an incident that was caught on video and posted online, local media reported. The graphic video, which was posted on Facebook, shows a violent altercation between a man and several officers in LA's Skid Row area near downtown. The circumstances around the shooting were not immediately clear but the video appears to show a man flailing at officers as they try to subdue him. The Los Angeles Police Department didn't immediately return a call for comment, but local media said at least one officer had opened fire.
The Chinese central bank cut benchmark lending and deposit rates a day before it released official data that showed a second consecutive month of shrinking manufacturing activity for February. Brent crude was down 52 cents at $62.06 a barrel by 0044 GMT after posting an 18-percent gain in February, the largest monthly rise since May 2009. Iraq's Oil Minister Adel Abdel Mehdi said on Sunday world oil prices were gradually rebounding and he expected to see a barrel of crude selling at around $65.
Activity in China's factory sector edged up to a seven-month high in February but export orders shrank and deflationary pressures persisted, a private business survey showed, adding to the view that yet more interest rate cuts will be needed. Chinese policymakers are embarking on their biggest easing campaign since the depths of the global crisis as the world's second-largest economy is weighed down by a cooling property market, high debt levels and excess factory capacity. The People's Bank of China cut interest rates on Saturday, in the latest effort to support the economy as its momentum slows.