The International Monetary Fund announced on Thursday a $14-$18 billion bailout for Ukraine to avert bankruptcy for the crisis-hit country amid its escalating standoff with Russia.

The agreement in principle, worth the equivalent of 10.8-13.1 billion euros, is tied to tough reform conditions which will have a big impact on the Ukrainian economy and people.

Air passengers in Germany faced delays, disruption and hundreds of flight cancellations across the country Thursday as ground staff, baggage handlers and maintenance workers walked out over pay.

Lufthansa, Germany's biggest airline and hardest hit by the strike, on Wednesday announced that it would cancel around 600 of its European and domestic flights until 2:00 pm (1300 GMT).

A major Chinese tour operator is breaking ties and canceling bookings with Malaysia Airlines while another is seeing country reservations drop as travelers grow wary after Flight MH370's disappearance, state media reported Thursday.

China Youth Travel Service said it will suspend new bookings with the airline and change currently booked itineraries that include the carrier to alternative firms, the state-run China Daily newspaper said, quoting a statement by the agency which was founded by the Youth League of the ruling Communist Party.

The Russian economy could shrink by up to 1.8 percent this year because of the effects of the crisis in Ukraine, the World Bank estimated on Wednesday.

The World Bank said that if the impact of the crisis turned out to be low because it was resolved in "a peaceful fashion", the economy could grow by 1.1 percent this year.

Consumer confidence in Germany appears to be steady after rising sharply in recent months, a new poll found on Wednesday.

"Consumer sentiment remains at a very good level, but lacks a clear direction," market research company GfK said in a statement.

China and France are expected to sign scores of business deals on the first full day of President Xi Jinping's state visit Wednesday after he was wined and dined in the gastronomic capital of Lyon.

France lags behind some European neighbors, most markedly Germany, in trade and investment links with China but has worked hard to catch up and accords in the aviation, nuclear, space, agriculture and urban development sectors are expected to be unveiled.

Failed Bitcoin exchange MtGox said Wednesday it has submitted "electronic records" and other documents to the Tokyo police after it collapsed in February admitting losing half a billion dollars' worth of the digital currency.

The Tokyo-based exchange filed for bankruptcy protection in Japan last month, saying it had lost 850,000 coins, worth nearly $500 million at the time.

The German Ifo business confidence fell for the first time for five months in March, data showed on Tuesday, as the Crimea crisis hurts sentiment in Europe's biggest economy.

The Ifo economic institute's closely watched business climate index fell to 110.7 points this month from 111.3 points in February.

Standard & Poor's cut Brazil's credit rating Monday by one notch, citing the government's unclear policy signals as it faces a weaker fiscal situation and slower growth.

S&P put Brazil's rating at BBB-, the lowest level for investment grade debt, and called the outlook stable.

Britain's main postal operator Royal Mail on Tuesday said it planned to axe 1,600 jobs under a fresh cost-cutting drive six months after the group was partly privatized.

Royal Mail said in a statement that most of the jobs to go would be in management, with no delivery staff losing their positions. It added that it would create "300 new or enhanced roles", resulting in a net loss of 1,300 jobs.