Cyprus was on Thursday fine-tuning a "Plan B" aimed at securing a eurozone bailout that the European Central Bank warned should be adopted by the weekend to avoid a banking meltdown on the debt-hit island.

Eurogroup head Jeroen Dijsselbloem said Thursday that the Cyprus debt crisis poses a "systemic risk" that threatens to ricochet right through the eurozone.

Cypriot leaders are to decide on Thursday on a newly drawn up plan aimed at securing a bailout for the near-bankrupt eurozone member, after parliament rejected a controversial tax on savings.

The government will stick firmly to a barrage of austerity measures, Chancellor of the Exchequer George Osborne insisted in a budget that also slashed economic growth forecasts, while offering plans to boost the weak economy as the eurozone crisis reignites.

Britain will stick firmly to a barrage of austerity measures, finance minister George Osborne insisted in a budget that also slashed economic growth forecasts, while offering plans to boost the weak economy as the eurozone crisis reignites.

New Zealand's economic growth reached a four-year high in 2012, the best since the country went through a recession that it has long struggled to shake off, official data showed Thursday.

President Barack Obama notified Congress Wednesday that it would launch trade talks with the European Union aimed at forging the world's largest free-trade area.

The Federal Reserve kept its easy monetary policies in place Wednesday, saying high unemployment and the government's sharp spending cuts remain barriers to full recovery from the 2008 crash.

The income gap between the richest and poorest people in Spain has widened by 30 percent since 2006 due to the country's sharp economic downturn, the Spanish branch of Catholic charity Caritas said Wednesday.

Federal Reserve Chairman Ben Bernanke warned Wednesday that broad-based US government spending cuts could curb the economic and jobs recovery.

China expects progress towards creation of a development bank and a joint foreign reserves fund at the BRICS summit of five emerging powers in South Africa, President Xi Jinping said in remarks released here Wednesday.

The Federal Reserve kept its monetary easing policies in place Wednesday as it trimmed its 2013 and 2014 economic growth forecasts for the US economy.

Most European stock markets rebounded on Wednesday following two days of losses caused by Cyprus' bailout drama.

French police on Wednesday raided the Paris home of IMF chief Christine Lagarde in connection with a probe into her handling of a high-profile scandal when she was a government minister.

US government-controlled mortgage giant Freddie Mac has sued more than a dozen of the world's biggest banks over losses from the alleged rigging of the Libor interest rate.

India's government is to sell a stake in state-run steel giant SAIL, the steel ministry said on Wednesday, as part of an ambitious disinvestment plan to reduce the country's deficit.

George Osborne refrained from altering the Bank of England's inflation target on Wednesday, despite concerns that GDP would be a more sensible measure, but gave it more leeway to boost economic growth.

Britain will stick firmly to a barrage of austerity measures, George Osborne insisted Wednesday in a budget that also slashed economic growth forecasts, while offering plans to boost the weak economy as the eurozone crisis reignites.

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.