Standard & Poor's cut Friday Croatia's credit rating to speculative over "insufficient reforms," warning of the deteriorating fiscal position in the EU-bound country.
The international ratings agency lowered Croatia's long-term sovereign credit rating from an investment grade "BBB-" to "BB+" in the so-called junk bond range. The outlook on the rating was put as stable.Full Story
The Federal Reserve plans to subject large foreign banks to the same rigorous standards applied to U.S. banks, including subjecting them to stress tests, according to draft rules unveiled Friday.
Foreign banks with global assets of more than $50 billion that are active inside the United States will be subject to credit-exposure limits under the regulations, with more lenient rules for smaller foreign banks.Full Story
On China's economic front line with North Korea, rocket launches are far from traders' minds and few worry about sanctions impeding the flow of cars -- or pianos.
China is by far North Korea's biggest trading partner and most of the business passes through its northeastern city of Dandong, where lorries piled high with tyres and sacks were being processed on Friday at a customs post.Full Story
Lithuania will become the twelfth European Union nation to adopt a cross-border financial transaction tax, the Baltic state's new Prime Minister Algirdas Butkevicius said on Friday.
Butkevicius told reporters that he had assured visiting EU tax commissioner Algirdas Semeta that his center-left government would make a formal move in January.Full Story
China's manufacturing activity hit a 14-month high in December, a further sign of a rebound in the world's number two economy as domestic demand improved despite external weakness, HSBC said Friday.
The preliminary purchasing managers' index (PMI) released by the British banking giant hit 50.9 this month, up from a final 50.5 in November, when the figure returned to growth after 12 consecutive months of contraction.Full Story
Confidence among Japanese manufacturers hit a near three-year low in the final months of 2012, a Bank of Japan (BoJ) survey showed Friday, adding to concerns about the already weak economy.
The central bank's quarterly Tankan survey came just days after official figures showed the world's third-largest economy shrank in the July-September period, buffeted by a weak global outlook, a strong yen and a spat with China.Full Story
Coca-Cola FEMSA of Mexico is to take control of the U.S. soft drink firm's bottling operations in the Philippines in a $688.5 million cash deal, the buyer announced on its website Friday.
The transaction gives the Mexican company, the world's largest Coca-Cola bottler, 51 percent of Coca-Cola Bottlers Philippines Inc., with an option to acquire the remainder within seven years of the deal's close.Full Story
The Slovak parliament passed on Thursday a 2013 budget aimed at slashing the public deficit to 2.94 percent of output from this year's estimate of 4.6 percent.
The center-left government is applying an austerity program and is counting on boosting revenue from higher taxes on the rich, banks and corporations as well as on changes to the pension system.Full Story
German Chancellor Angela Merkel Thursday praised a new EU accord to create a supervisor to oversee banks across the eurozone and urged the release of urgently needed funds for Greece.
Addressing lawmakers in the Bundestag lower house of parliament, she said the deal clinched earlier in Brussels just hours before an EU summit was of inestimable value and had met German concerns.Full Story
The European Union agreed early Thursday to create a bank supervisor to oversee lenders across the eurozone, following marathon talks which ended hours before the year's final EU summit.
The summit later on Thursday will aim to end the third grueling year of the debt crisis on a high note with a Christmas gift for Greece, by officially releasing the next tranche of international aid.Full Story