PARIS - President Nicolas Sarkozy has promised new measures to slash France's public deficit amid fears that France could be the next country after the United States to suffer a top credit-rating downgrade.
NICOSIA - Fitch Ratings said Cyprus will probably be unable to meet its financing requirements during the rest of this year and early 2012 and will likely need an EU bailout.
ZURICH - Swiss banks will pay two billion francs ($A2.51 billion) to German tax authorities under a deal reached on Wednesday between Bern and Berlin to end a long-standing tax evasion and banking secrecy dispute.
BRUSSELS - European bank shares suffered huge losses on stock markets, with French banks the biggest losers as new problems emerged over private-sector Greek debt re-scheduling.
LONDON - Europe's main stock markets plunged on Wednesday, over new debt fears on Greece and rumours of a France credit rating downgrade that was immediately denied by ministry officials.
WASHINGTON - The US budget deficit has topped $US1 trillion ($A964.37 billion) for a third straight year, adding pressure on Congress and the White House to make more progress a long-term plan to shrink the growing imbalance.
WASHINGTON - US employers posted more job openings in June, a sign that hiring could improve a bit in the coming months.
NEW YORK - Macy's reported a 64 per cent increase in second-quarter earnings, becoming the first major retailer to post results following a downgrade of US debt late last week.
ZURICH - Swiss food concern Nestle reported that its first-half sales fell 12.9 per cent to 41 billion francs ($A30.454 billion), while earnings were flat, as a result of the strong franc.
NEW YORK - Oil prices see-sawed, rocked by growth worries in the US and Europe, but finally pushed higher on a shock fall in US inventories and the Fed's vow of low interest rates for two more years.
HONG KONG - Asian stocks rallied, part of a global uptick after the US Federal Reserve pledged to keep interest rates near zero for at least two years.
Australian
SYDNEY - The Australian dollar was trading around 1.5 US cents lower on Thursday morning, amid big losses on global equity markets.
SYDNEY - Global media giant News Corporation says it expects double-digit earnings growth in 2011/12.
SYDNEY - News Corporation says the phone hacking scandal in the UK has had "no material impact" on the global media giant's other operations after reporting full year earnings in line with market consensus.
SYDNEY - Rupert Murdoch says the News Corporation board has backed him to continue as chief executive of the company he founded more than half a century ago.
SYDNEY - Supersize is suddenly becoming downsize as home buyers opt for smaller, more efficient homes, one Australia's largest property developers says.
SYDNEY - The Reserve Bank of Australia (RBA) failed to alert police when it received damning evidence its subsidiary Note Printing Australia (NPA) was implicated in bribery, Fairfax newspapers reported on Thursday.
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