Italy's Prime Minister Mario Monti insisted Tuesday that the eurozone was overcoming its debt crisis and that member states were determined to preserve the common currency.

"The euro area is overcoming its crisis," Monti told a UAE-Italy business forum in Dubai, where he stopped as part of a tour of the Gulf region.

Pressure piled up on France on Tuesday to reform its economy following a critical debt downgrade from ratings agency Moody's but initial market reaction was muted and the government stood by promises that change is underway.

Moody's is now the second of the three major ratings agency to cut France's top-notch triple A rating, noting it down to "Aa1" with a warning that a further downgrade could be on the cards.

Australia's central bank Tuesday said further interest rate cuts were possible, but stood by its decision earlier this month to leave them on hold, citing recent improved data on the global economy.

The Reserve Bank of Australia (RBA) last cut its official cash rate by 25 basis points in October to 3.25 percent, a low not seen since late 2009 when it first resumed hiking them after the global financial crisis.

The Bank of Japan held off launching fresh easing measures on Tuesday, despite growing calls for further stimulus to spur the economy and as it warned of a "high degree of uncertainty".

The decision came days after the frontrunner to become Japan's next prime minister vowed aggressive monetary easing to fix the nation's financial woes if he is elected next month.

Brazilian President Dilma Rousseff has warned that too much austerity could make it difficult for the 17-nation eurozone to emerge from the financial crisis it has endured for four years.

Rousseff says the austerity measures that Spain and other members of the zone have invoked should include more flexibility so high unemployment can be reduced. When the financial crisis hit Brazil in 2008, Rousseff's predecessor went on a government spending spree.

An Iranian semi-official news agency says the country has started building a $10 billion natural gas pipeline to Syria as part of efforts to boost its energy sector that has been battered by international sanctions.

Monday's report by the Fars news agency says the 1,500 kilometer (750 mile) pipeline will pass through Iraq before reaching Syria. It says Iran begun construction of the first phase of the project involving a 225 kilometer (140 mile) stretch at an estimated cost of $3 billion.

An investment fund run by Qatar's government says it will team with an Italian holding company to channel up to €2 billion ($2.5 billion) to traditional Italian industries, including fashion, food and furniture design.

Monday's announcement of the four-year deal comes during a visit to Qatar by Italian Premier Mario Monti. It lists no specific companies for the new investments, but it deepens Italy's commercial links for Qatar, which already controls the Italian fashion house Valentino.

Hundreds of Jordanians demonstrated on Monday outside the prime minister's offices in protest against fuel price hikes that have met with public outcry over the past week, an AFP journalist said.

Around 500 protesters marched two kilometers (more than a mile) from the headquarters of Jordan's joint unions body in west Amman to the premier's building, chanting "Those raising fuel prices want to see the country burn," and "Beware the people's wrath."

Financial regulators on Sunday issued a series of recommendations to regulate the non-bank or "shadow" financial sector, which was estimated to be worth $67 trillion (52.5 trillion euros) in 2011.

The sector includes hedge funds and finance companies or securities entities that provide credit or credit guarantees without being regulated like a bank.

Beating the odds in Spain's deep recession, the Mango fashion powerhouse in Catalonia says sales are booming worldwide, and even at home.

Owned by media-shy billionaire Isak Andic, Mango typifies an export-led business savvy that is the pride of many Catalans, who will hold snap regional elections November 25 over a pro-independence push.