The World Bank warned emerging economies around the world Wednesday of a rocky road ahead as the U.S. moves toward tightening monetary policy and the dollar strengthens.

But the development lender's chief economist also urged the U.S. Federal Reserve to put off any rate hikes until next year so as to give more breathing room to the slow-growing global economy.

South Korea's outbreak of the potentially deadly MERS virus on Thursday forced the central bank to cut its key interest rate to ward off greater economic damage, as retailers report a slump in business.

And in what has become the largest outbreak of Middle East Respiratory Syndrome (MERS) outside Saudi Arabia, Seoul reported 14 new cases, including the first infection of a pregnant woman.

Qatar could run its first budget deficit in 15 years in 2016, official government figures have predicted.

Ministry of Development Planning and Statistics figures also showed that the energy-rich Gulf state's economy will grow by 7.3 percent next year. 

As Greece teeters on the brink of possible default, another bailed-out eurozone nation, Portugal, is showing off its relative economic health seeking to set itself apart from the Greek crisis.

Lisbon has said it intends to pay back this month some two billion euros ($2.2 billion) it owes the International Monetary Fund, which comes after it repaid 6.6 billion euros -- around a quarter of its debt to the global lender -- early.

Spanish global clothing giant Inditex, owner of the Zara brand, Wednesday reported a 28 percent surge in quarterly profits thanks to rising sales.

The first quarter net profit of 521 million euros ($589 million) was better than expected by analysts quoted by financial data firm Factset, who had forecast 510 million euros in profit.

What does the modern air traveler want? Is it the perfect sized carry-on? A wearable device that tells you how to avoid jet lag? Free Wi-Fi? Cheap flights? Better service? 

Airlines are struggling to keep pace with the finicky desires of today's passengers, many of whom are constantly connected to a mobile device and want something special on each trip.

Greece has submitted a promised reform plan to its EU-IMF creditors, a day before Prime Minister Alexis Tsipras is due to discuss how to end Athens's debt crisis with the French and German leaders, European sources told Agence France Presse Tuesday.

Creditors "are now in the process of studying" the list of "counter-proposals", which arrived two days after European Commission chief Jean-Claude Juncker complained Tsipras had not fulfilled a pledge made at a meeting last week to send Brussels the plans, one source said AFP.

Australian Treasurer Joe Hockey on Tuesday widened a probe into the illegal buying of residential property by foreigners, with almost 200 sales being investigated for breaching investment rules.

Prices of residential real estate in some of Australia's biggest cities, such as Sydney and Melbourne, have soared in recent years, with concerns growing that cashed-up foreigners, particularly from China, have helped inflate the market.

Chinese inflation fell to 1.2 percent in May, data showed Tuesday, as Beijing struggles to boost consumer spending while analysts tipped further stimulus measures on top of the three interest rate cuts since late 2014.

The reading for the consumer price index (CPI), the main gauge of inflation in the world's second-biggest economy, was lower than April's 1.5 percent, National Bureau of Statistics said.

China will ultimately have "veto power" over major decisions of the new Beijing-led Asian Infrastructure Investment Bank, the Wall Street Journal reported on Tuesday.

The AIIB, which will be based in the Chinese capital, has 57 prospective members, but the United States and Japan -- the world's largest and third-largest economies, respectively -- notably have declined to join.