Australia hopes to raise up to Aus$5.51 billion (US$4.82 billion) through the sale of the country's largest health insurer in an initial public offering, Finance Minister Mathias Cormann said Monday.

The conservative government confirmed in March that Medibank Private would be sold as it seeks to offload assets to raise funds to reinvest in infrastructure.

French and German ministers are due to meet Monday to discuss ways of boosting growth in Europe's two biggest economies, as Paris called on Berlin to step up investment.

After a massive sell-off on European stock markets last week triggered by a flurry of disappointing economic data, French Finance Minister Michel Sapin and Economy Minister Emmanuel Macron are to meet German counterparts Wolfgang Schaeuble and Sigmar Gabriel in Berlin.

Ratings agency Moody's Friday downgraded Russia's credit rating to Baa2 from Baa1 citing poor growth prospects, the Ukraine crisis and sanctions as well as capital flight.

"The first driver for the downgrade ...relates to the longer term damage the already weak Russian economy is likely to incur as a result of the ongoing crisis in Ukraine and, relatedly, the additional sanctions imposed against Russia," the agency said in a statement, adding that it was maintaining Russia's outlook at "negative".

The dollar Friday climbed against other currencies following dovish comments from U.S. and British central bankers and continued concern about the eurozone.

The dollar rose against the euro and yen for a second day running as global financial markets steadied, in part in response to soothing commentary from central bankers.

Ukraine and Russia both signaled progress towards settling their festering row over gas Friday, raising hopes of an EU-backed resolution of the broader conflict embroiling the Soviet-era allies.

Russian President Vladimir Putin met his Ukrainian counterpart three times in the space of ten hours in Milan Friday, twice in the company of various European Union leaders then, finally, in their first private meeting since late August.

The first made-in-Japan passenger aircraft in nearly four decades is being unveiled Saturday as its maker pushes into the booming regional jet sector with an eye to taking on industry giants Embraer and Bombardier.

Mitsubishi Heavy Industries, a military contractor best known for its "Zero" World War II fighter, is set to pull back the curtain on its new Mitsubishi Regional Jet (MRJ), a fuel-efficient, next-generation aircraft that claims to offer more passenger comfort with lower operating costs.

Virgin on Friday took full control of budget carrier Tigerair Australia, buying the remaining 40 percent it did not already own for Aus$1 (88 U.S. cents) from its Singapore-listed parent.

The deal was revealed as it was announced that Singapore Airlines (SIA) would take majority control of Tiger Airways -- of which Tigerair Australia was a subsidiary -- as part of a turnaround plan for the loss-making budget firm.

Cyprus' finance minister says the bailed-out country will manage to keep its debt well below projections by its international creditors.

Harris Georgiades says debt will peak this year at 105 percent of gross domestic product and will show a modest 2-percentage-point drop in 2015.

Google said Thursday its profit in the past quarter dipped slightly from a year earlier, even as revenues for the technology giant showed a sharp increase.

Net third quarter profit fell five percent from the same period a year ago to $2.8 billion, while revenue grew 20 percent to $16.5 billion.

A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years.

The global price of oil is $84 per barrel, down $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world's oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day — and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel.