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Critical last-ditch talks to form a coalition government in crisis-struck Greece floundered once more Sunday, leading the country one step closer to new elections, although the socialist party leader said he retained `existing but limited’ optimism for a deal.

The political uncertainty has alarmed the international creditors who have given Greece billions of euros in bailout loans over the past two years, and has thrown the country’s continued presence in the European Union’s joint currency into serious doubt.

President Karolos Papoulias convened the heads of the parties that came in the top three spots in last Sunday’s inconclusive elections, in an ultimate effort to broker an agreement after a week of talks led to deadlock. The meeting ended without a solution, but the process continues while the president holds individual meetings with the leaders of smaller parties that made it into parliament.

Voters furious at the handling of Greece’s financial crisis and two years of harsh austerity measures taken in return for billions of euros in international bailout loans punished the formerly dominant socialist PASOK and conservative New Democracy parties in the elections. The two saw their support crumble to the lowest point in decades, while Radical Left Coalition, or Syriza, made big gains to come in second place after campaigning on an anti-bailout platform.

The PASOK and New Democracy leaders could form a coalition with the smaller Democratic Left party of Fotis Kouvelis _ combined they would have 168 seats in the 300-member parliament. New Democracy won 18.9 percent last Sunday while PASOK garnered just 13.2 percent, compared to nearly 44 percent in the last elections in 2009. Kouvelis’ 6.1 percent put him in a kingmaker position, with 19 seats.

But all three insist any power-sharing deal must include Syriza, led by the 38-year-old Alexis Tsipras, given its strong showing at the ballot box.

Tsipras, however, insists he cannot join or even lend his support to a government that will continue implementing the terms of Greece’s international bailout. In return for euro240 billion in rescue loans from the European Union and International Monetary Fund, Greece has imposed severe spending cuts, including slashing pensions and salaries in the public sector, and repeated rounds of tax hikes. The measures have left Greece mired in a fifth year of deep recession, with unemployment spiraling above 21 percent.

“The three parties that have agreed on a two-year government in order to apply (the bailout) have 168 seats in parliament,” Tsipras said after the meeting. “Let them go ahead. Their demand that Syriza participate come what may in their own agreement is senseless and unprecedented.”

Tsipras insists the terms of the bailout must be cancelled. PASOK head Evangelos Venizelos, who spent nine months handling the crisis as finance minister, and conservative leader Antonis Samaras, say that position is irresponsible and will force Greece out of the euro. Although Sunday’s meeting convened by the president with the three top party leaders was inconclusive, Venizelos said that “I retain some limited but existing optimism that a government can be formed.”

Samaras appeared more pessimistic.

“I made every effort for the cooperation of all,” he said. “Syriza didn’t listen to the mandate of the Greek people and does not accept not only the formation of a viable government, but not even the tolerance of a government which would in fact undertake to renegotiate the terms of the (bailout) and the loan agreement.”

Tsipras, however, stuck to his position, insisting that supporting a pro-bailout government would be a betrayal of his pre-election platform.

“After today’s meeting it is obvious they are demanding that Syriza become an accessory to a crime,” he said after the discussions with the president. “In the name of democracy, of our patriotic duty, we cannot accept this shared guilt. We call on all Greeks to condemn once and for all the forces of the past and to realize that only one hope remains: unity against blackmail in order to prevent the continuing barbarity.

“Fellow Greeks, we can assure you of one thing: we will not betray you.”

Tsipras will also have his eye on recent opinion polls which show his party would gain strength if Greeks go to the ballot box again next month.

A poll published by To Vima newspaper Sunday indicated Syriza would come first in new elections with 20.5 percent of the vote _ less than the 28 percent an earlier opinion poll published Thursday gave him, but still well ahead of New Democracy. Although it would not be enough to form a government, it would put him in the dominant position to form a coalition with smaller anti-bailout parties.

To Vima’s poll, carried out by Kappa Research, showed New Democracy in second place with 18.1 percent and PASOK losing yet more votes to reach 12.2 percent. The poll was carried out on May 9 and 10, and had a margin of error of 3.09 percentage points.

Papoulias’ mediation to broker a deal could in theory continue until May 17, the scheduled opening date for the new parliament, although they are expected to end sooner. If no agreement is reached, Greece will have to hold new elections next month, most likely on June 10th or 17th.

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Dozens of police and security guards were out in full force outside the King Edward hotel on Wednesday as protesters were marching toward the venue.

Enbridge is holding its annual general meeting here and anger over its proposed Northern Gateway pipeline threatened to get loud.

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The price of oil is down another 2 percent as signs of global economic weakness raise concerns about energy demand.

Oil has fallen every day since May 1. The price of benchmark U.S. crude has dropped by 6.7 percent in that time, while Brent crude has declined 5.4 percent.

On Tuesday, benchmark U.S. crude lost $2.31, or 2.3 percent, to $95.63 per barrel in New York. Brent crude lost $2.32, or 2 percent, to $110.84 per barrel in London.

Prices have declined on disappointing jobs numbers in the U personal business card.S. and elections in France and Greece that put Europe’s austerity program in jeopardy. Analysts say benchmark crude could hit $90 by Labor Day.

Meanwhile, the national average for gas is now $3.76, down 17.2 cents per gallon since early April.

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Furious Greeks punished the two parties that have dominated politics for decades in the crisis-battered country Sunday, leaving its multibillion dollar international bailout _ and even its future in the euro currency _ hanging in the balance.

With more than 83 percent of the vote counted, Greece appeared to be heading toward political stalemate. Nobody won enough votes to form a government, and the two parties that backed the bailout _ the conservative New Democracy and socialist PASOK _ conceded they need to win over adversaries to form a viable coalition.

“I understand the rage of the people, but our party will not leave Greece ungoverned,” said New Democracy leader Antonis Samaras.

New Democracy was leading with nearly 20 percent of the vote, which would give it 110 seats in the 300-member parliament. PASOK, which has spent 21 years in government since 1981 and stormed to victory with more than 43 percent in 2009, saw its support slashed to about 13.5 percent. It will have just 41 seats, compared to 160 in the last election.

The two parties saw their support plummet to the lowest level since 1974, when Greece emerged from a seven-year dictatorship. The outcome showed widespread public anger at the harsh austerity measures imposed over the past two years in return for rescue loans from other European Union countries and the International Monetary Fund. Without the funds, Greece faced a disastrous default that could have dragged down other financially troubled European countries and seen it leave the euro.

Voters who deserted the two mainstays of Greek politics in droves headed to a cluster of smaller parties on both the left and right, including the extremist Golden Dawn, which rejects the neo-Nazi label and insists it is nationalist patriotic. The movement has been blamed for violent attacks on immigrants and ran on an anti-immigrant platform, vowing to “clean up” Greece and calling for land mines to be planted along the country’s borders. The party looked set to win about 7 percent of the vote, giving it 21 deputies in parliament _ a stunning rise for a group that earned just 0.29 percent of the vote in 2009.

Sunday’s other big winner was Alexis Tsipras, the 38-year-old leader of the Radical Left Coalition, or Syriza, who saw his party poised for an unprecedented second place with 16.4 percent and 51 seats _ the first time in nearly 40 years that any party other than New Democracy or PASOK has held the spot.

Turnout stood at just over 64 percent _ a low figure for the country, where voting is officially compulsory, although no sanctions are applied for not casting a ballot.

Negotiations are expected to begin Monday to form a coalition. As first party, Samaras will get three days to seek partners. If he fails the mandate will go to the second party for a further three days, and then to the third party. If no agreement can be reached, the country heads to new elections guaranteed online personal loans.

Both Samaras and PASOK leader Evangelos Venizelos, who spent nine months as finance minister, indicated any unity government would have to include more than just their two parties.

But in a note that will likely raise alarm among Greece’s international creditors, Samaras insisted any coalition should renegotiate the terms of the country’s bailout.

“We are ready to take up the responsibility to form a new government of national salvation with two exclusive aims: For Greece to remain in the euro and to amend the terms of the loan agreements so that there is economic growth and relief for Greek society,” he said.

Riding high on his massive gains, Tsipras stuck to his anti-bailout position, saying the agreement should be overturned altogether.

“The people have rewarded a proposal made by us to form a government of the Left that will cancel the loan agreements and overturn the course of our people toward misery,” he said before heading out to meet throngs of jubilant supporters.

More than two years of repeated austerity measures that have included pension and salary cuts and waves of tax hikes have pushed Greece into a deep recession that has seen the jobless rate explode and tens of thousands of businesses close.

Venizelos insisted his party, which was in power from the start of the crisis in late 2009 until a political crisis forced it into an uneasy coalition with New Democracy, had no choice but to impose the spending cuts.

“For us at PASOK, the day is particularly painful,” he said. “We knew that we would pay the price, having taken an emotionally and political unbearable position to take the measures that were necessary.”

He called for a broad coalition of pro-European parties, regardless on their stance on the bailouts.

“A coalition government of the old two-party system would not have sufficient legitimacy or sufficient domestic and international credibility if it would gather a slim majority,” Venizelos said. “A government of national unity with the participation of all the parties that favor a European course, regardless of their positions toward the loan agreements, would have meaning.”

The political leaders, humbled by the drubbing in the polls which saw their combined support drop to about 33 percent, compared to a historical average of 80 percent, will have to work fast to ensure their country doesn’t slide into protracted political instability. Greece’s international creditors are also looking to see whether it will introduce new measures expected in June to ensure the country meets the fiscal targets of its rescue loans.

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Demetris Nellas and Nebi Qena in Athens and Costas Kantouris in Thessaloniki contributed.

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CALGARY

NEW YORK, N.Y.

Aegion Corp.’s profit in the the first quarter more than doubled its profit from a year ago boosted by strong performance in its wastewater operating margins.

The Chesterfield based sewer-pipe repair company, formerly known as Insituform Technologies, reported a profit of $7.1 million for the quarter that ended March 31, or 17 cents a share, compared with a $3 million profit, or 8 cents a share, a year ago my credit score.

Aegion’s revenue in the first quarter increased 9.5 percent to $230.6 million.

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World stocks skidded lower Monday after budget talks in the Netherlands collapsed over the weekend and a Socialist who wants to put France’s austerity plans in reverse won the first round of the country’s presidential election.

European stocks and U.S. futures fell as investors recoiled from risky assets amid a tepid report on Chinese manufacturing and signs of political resistance to proposed spending cuts aimed at extricating Europe from its debt crisis.

Britain’s FTSE 100 shed 1.4 percent to 5,690.86 and Germany’s DAX dived 2 percent to 6,612.49. France’s CAC-40 lost 1.2 percent to 3,150.42.

Wall Street appeared headed for a lower opening, with Dow Jones industrial futures down 0.8 percent to 12,890 and S&P 500 futures 0.8 percent lower at 1,364.20.

Asian stocks also posted palpable losses, especially Chinese shares. Hong Kong’s Hang Seng fell 1.8 percent to 20,624.39.

Mainland Chinese shares dropped, with the Growth Enterprise Market _ a sub-market focused on smaller, innovative companies _ falling more than 5 percent due to news it will launch a delisting system in May.

The benchmark Shanghai Composite Index lost 0.8 percent to 2,388.59 and the Shenzhen Composite Index lost 1.8 percent to 944.87.

Japan’s Nikkei 225 index swung between gains and losses before closing, down 0.2 percent at 9,542.17.

South Korea’s Kospi slipped 0.1 percent to 1,972.63 and Australia’s S&P/ASX 200 dropped 0.3 percent to 4,352.40. Benchmarks in Singapore, Indonesia, Thailand and Taiwan were also lower.

Over the weekend, Dutch lawmakers failed to resolve differences over budget cuts needed to bring the Dutch deficit back within the European Union limit of 3 percent of gross domestic product.

The government is expected to resign within the coming days and call elections later this year, making it the latest European government forced out of office by the continent’s financial crisis.

Markets were also rattled by first-round results in France’s presidential election. Socialist candidate Francois Hollande garnered more votes than incumbent conservative President Nicolas Sarkozy payday loans.

Hollande wants to renegotiate a European treaty intended to limit excessive government spending in order to emphasize growth over austerity.

If Hollande wins a second-round election May 6, economists fear those steps would upset France’s delicate cooperation with Germany that has been key to Europe’s efforts to resolve its financial crisis.

Meanwhile, a report on Chinese manufacturing suggested that a slowdown in growth may have bottomed out in the first quarter. HSBC’s China purchasing managers index _ a seasonally adjusted index designed to measure the performance of the manufacturing economy _ rose to 49.1 in April, up from 48.3 in March.

Still, any reading below 50 indicates a drop in production. The semisoft result kept traders hopes high for monetary easing by China to prop up growth. One possible option would be for the Chinese central bank to lower the ratio of reserves that banks are required to hold, a move that could boost lending.

“There is no reason to aggressively ease policy, but at the same time, it seems momentum is weaker and some fine-tuning would be useful,” said Dariusz Kowalczyk, senior economist at Credit Agricole CIB in Hong Kong.

“I think we have to wait for whether China eases policy in the near term. That will be the key determinant of market sentiment, so let’s hope they do.”

U.S. stocks rose Friday on the back of stronger profits from Microsoft, McDonald’s and other major U.S. corporations. Later Monday, ConocoPhillips, toy maker Hasbro Inc. and Netflix Inc. will report quarterly financial results.

In energy trading, benchmark oil for June delivery was down 68 cents to $103.20 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.16 to settle at $103.88 in New York on Friday.

The euro fell to $1.3154 from $1.3215 late Friday in New York. The dollar fell to 81.08 yen from 81.58 yen.

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Want some crushed bugs with your Starbucks frappuccino?

Well, you’d better get on it, because soon it will be too late. The coffee franchise announced that it’s phasing out the use of insects as food coloring in its drinks and food products.

Starbucks (, Fortune 500) President Cliff Burrows wrote, in a Thursday blog, that Starbucks is "transitioning" away from the use of an insect called the cochineal.

Burrows blogged that Starbucks "fell short of your expectations by using natural cochineal extract as a colorant in four food and two beverage offerings in the United States."

He identified the products in question as the Strawberries & Crème Frappuccino, Strawberry Banana Smoothie, Raspberry Swirl Cake, Birthday Cake Pop, Mini Donut with pink icing and Red Velvet Whoopie Pie.

Burrows said that use of the insect dye will be "fully transitioned from existing product inventories" by the end of June.

From that point on, he said that Starbucks will use lycopene, a tomato-based extract.

An earlier Burrows blog from March 29 described the cochineal as a natural product, approved by the Food and Drug Administration, with no health risk.

Starbucks: Venti-sized stock at all-time high

Starbucks spokesman Jim Olson said the company was responding to numerous petitions and individual requests from customers who were concerned about the use of an insect-based extract.

The organization Change.org contacted CNNMoney to claim partial responsibility for pressuring Starbucks with its petition of 6,000 signatures gathered by blogger Daelyn Fortney. The purpose, according to Fortney, was to switch to a "vegan-friendly" extract.

The cochineal has a long history as being used as a red dye, according to Richard Levine, communications program manager for the Entomological Society of America.

"The red in the uniforms of the British soldiers during the Revolutionary War came from cochineal dye," he said. "The same goes for the uniforms of the Royal Canadian Mounted Police." 

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Yasushi Mieno, the Bank of Japan governor who stuck a pin in the nation