World Markets

Fitch cut Japan's sovereign credit rating on Tuesday, citing concerns about the country's debt level and 'leisurely' pace of fiscal consolidation. 

The European Union's antitrust chief ratcheted up the pressure on Google, giving it a matter of weeks to settle an investigation into allegations of anti-competitive behavior and avoid formal charges and a possible fine.

European officials are developing contingency plans in case Greece ends up getting having to leave the eurozone currency bloc.

Moody’s slashed the credit ratings of 16 Spanish banks and a U.K. subsidiary of Banco Santander by one to three notches.

Fitch sliced Greece’s long-term credit rating to CCC from B-, citing a “heightened risk” Greece won’t sustain its membership in the eurozone.

The European Central Bank has ceased monetary policy operations with some Greek banks as they have not been successfully recapitalized.

European markets fell and the euro dipped to a four-month low on growing probability that Greece will leave the eurozone.

Talks to form a unity government reached an impasse, forcing the country to call for fresh elections. As a result, its membership in the eurozone is at stake.

Facebook's IPO is the deal of the year, maybe the decade. But it won't solve Greece's debt problems and it's unlikely to give a lift to the broader markets.

Greece's president met little enthusiasm from political leaders summoned to a final round of talks on Monday to avert a new election.

In another attempt to tackle the fallout of Spain's 2008 property market crash, the country's top five lenders will set aside an extra $19.4 billion in provisions to cover risky property deals.

Greece's political-party leaders made a last push to avert a new election, which a poll showed would give victory to a radical leftist and doom an EU bailout.

Germany warned Greece it will only receive its bailout funds if it sticks to a previous agreement that includes deep budget cuts. 

China's central bank warned of continued risks of inflation and pledged to increase two-way flexibility in its yuan exchange rate in a report released on Thursday.

The Bank of England said Thursday it is keeping its main interest rate steady at 0.5% and the size of its asset-buying program at 325 billion pounds as expected.

Spain took over Bankia, the country's fourth biggest lender trying to dispel concerns over the government's ability to clean up the financial sector.

Euro zone governments kept Greece afloat after agreeing a payment of 5.2 billion euros from the region's bailout fund, despite opposition following the Greek election results.

Stepping up efforts to save its troubled banks, Spain is proposing banks recognize huge losses from its 2008 property crash.

Europe has swung rapidly from a continent burdened by debt and consumed by the idea of sharp austerity to a continent still laden with debt but consumed by a vague strategy of growth.

A senior government official in Hungary says the debt-laden nation is seeking 15 billion euros in international loans over three years to stabilize its economy, blaming the IMF and EU for delays in starting aid talks.

Business indexes released Friday suggested a recession in the eurozone could now extend to mid-year and be deeper than previously estimated. 

Spain saw strong demand at an auction of three and five-year bonds on Thursday, but the country saw its borrowing costs jump.

The European Banking Authority said on Wednesday it was pleased with progress by banks in meeting tougher capital requirements as part of last year's European stress test of the sector.

Standard & Poor's lifted Greece's credit rating out of default territory on Wednesday, but the firm kept Greece firmly at junk status and warned that a deep recession and political uncertainty could derail the nation's progress.

Output in factories across the eurozone shrunk faster in April than the month before, while the Chinese manufacturing sector contracted at a slower pace last month, data released on Wednesday showed.

Spain dipped back into recession territory in the first quarter as domestic demand contracted and the government cut back sharply on spending.

Standard & Poor's said on Friday that Spain's sovereign debt rating could suffer further downgrades and Spanish banks could need state aid if the nation's debt troubles continue to escalate.

The International Monetary Fund said there are commitments to boost its resources by more than $430 billion as it deals with increased demands resulting from Europe's debt crisis.

Greek banks will post big losses for 2011 on Friday, as they will include the writedown on government bonds that was negotiated as part of the country's rescue package.

The International Monetary Fund said the global economy is on track to expand this year by 3.5% and by 4.1% in 2013, up slightly from the 3.3% and 3.9% forecast in January, but warned growth is fragile.

Spain's 10-year bond yield jumped above the 6% mark on Monday amid worries about the country's ability to service its debt.

Standard & Poor's on Friday reaffirmed its top-notch AAA rating for Britain's debt, saying it expects the country's debt burden to peak in 2014 thanks to tighter fiscal policies.

The Iranian government is reportedly gearing up to buy massive quantities of feed grains as western sanctions disrupt the financing of Iran's imports, traders said on Thursday.

Egypt aims to get approval of a $3.2 billion IMF financing agreement before May 15, allowing the money to be disbursed before a new president takes the reins at the end of June.

The yield on Italy's three-year note surged by more than one percentage point as compared to a month ago at an auction on Thursday amid ongoing concerns over the country's ability to service its debt.

An 8.6 magnitude earthquake and a strong aftershock hit off the coast of Indonesia on Wednesday. Officials issued tsunami warnings in a region where a tsunami killed thousands in 2004.

European shares hit a 12-week low on Tuesday as fresh concerns about global growth and pressure on some highly indebted euro zone countries hurt cyclical stocks, with charts for a major blue-chip index showing scope for yet further declines.

Two Greek bondholders sued the government on Friday over money they have lost as a result of the country's massive debt restructuring.

The Bank of England held steady on its monetary policy on Thursday, determining that no additional economic stimulus was yet necessary.

The suicide of a 77-year-old Greek pensioner outside parliament has quickly become a symbol of the pain of the debt-laden country's austerity measures.

The European Central Bank held its main interest rate steady at 1% on Wednesday as it looks to keep the eurozone’s economy afloat while also keeping inflation risks in check.

A minority of private holders of Greek government debt remain sharply divided on whether those opposed to a bond swap costing them three-quarters of their investment should be obliged to take part in the deal, government figures showed on Monday.

Joblessness in the 17-nation zone hit 10.8% in February, the highest level in almost 15 years.

Euro zone manufacturers suffered a miserable March, adding to signs the bloc is in recession as the downturn spread to core members France and Germany.

Consumer prices in the 17 nations sharing the euro were up 2.6% in March from a year ago thanks to rising oil prices.