China's Suntech reached its zenith as the world's largest solar panel producer, but has plunged to the nadir of financial distress in just a year, highlighting the woes of the industry it shaped.

Taiwan's leading personal computer maker Acer has announced a larger than expected fourth-quarter net loss after a write-down of the value of its brands, including Gateway and Packard Bell.

US firm Anadarko Petroleum has announced what it calls a "potentially giant" oil find in deep waters of the Gulf of Mexico.

The government on Wednesday halved its economic growth forecast for 2013, Chancellor of the Exchequer George Osborne revealed in his annual budget.

Debt-hit Cyprus was scrambling Wednesday to secure funding for its banks after lawmakers rejected the terms of an EU bailout deal, soliciting Russia, the church and state institutions for cash.

Egypt's President Mohamed Morsi said Wednesday he hoped his country can join major emerging market peers in the BRICS group as he pitched for Indian investment in his country's troubled economy.

British finance minister George Osborne was Wednesday set to stick firmly to the government's controversial austerity plan when he presents his annual budget to parliament despite a promise to spend on infrastructure.

Global crude oil prices bounced back on Wednesday after eurozone finance ministers and the European Central Bank (ECB) vowed to support Cyprus as a crucial bailout deal stood on the brink of collapse, analysts said.

Asian markets were mixed on Wednesday after Cypriot lawmakers comprehensively rejected a plan to tax savings as part of a crucial bailout deal.

German retail giant Metro said Wednesday profits were hit by one-off restructuring charges and portfolio changes last year, but it is pencilling in "moderate" sales growth this year.

South Africa's central bank held off cutting interest rates to boost the continent's largest economy Wednesday, as rising inflation bound the hands of policymakers.

Bank of England governor Mervyn King has repeated an earlier call for more quantitative easing stimulus cash, minutes of a recent policy meeting showed on Wednesday.

The eurozone's current account surplus narrowed to 14.8 billion euros ($19.1 billion) in January from 16.0 billion euros in December, European Central Bank data showed on Wednesday.

Deutsche Bank, Germany's biggest bank, said Wednesday that writedowns and legal costs hit its 2012 earnings harder than expected and it has now been forced to restate last year's profits.

South African consumer inflation jumped to 5.9 percent in February, all but ruling out an interest rate cut when the central bank meets Wednesday.

Chinese automaker Geely said Wednesday its 2012 net profit jumped 32 percent, helped by recovering domestic sales and strong growth in exports.

George Osborne was Wednesday set to stick firmly to the government's controversial austerity plan when he presents his latest annual budget to parliament despite a promise to spend on infrastructure, as Britain sails close to another recession.

Iraq's economy is expanding and government coffers are swelling, but Sabah Nuri, like many Iraqis who still struggle with poverty and poor services, has yet to see the benefits of rising oil exports.

Deutsche Bank, Germany's biggest bank, said Wednesday that writedowns and litigations costs hit its 2012 earnings harder than expected and it has now been forced to restate last year's profits.

European stock markets opened higher on Wednesday following two days of losses caused by Cyprus' bailout uncertainty, with London's benchmark FTSE 100 index rising 0.23 percent to 6,456.09 points.