TOKYO (AP) ― The Japanese Cabinet approved a fresh stimulus spending of more than 20 trillion yen ($224 billion) on Friday, rushing to fulfill campaign pledges to break the world’s third-biggest economy out of its deflationary slump.Prime Minister Shinzo Abe announced the decision at a news conference where he said the new measures were intended to add 2 percent to Japan’s economic growth and contribute 600,000 new jobs.Abe urged the central bank to move more aggressively to encourage lending an

International credit rating agency Moody's drove Cyprus deeper into junk on Thursday with a three notch downgrade from B3 to Caa3 over concerns that the country may ultimately default on its burgeoning debt level.Moody's says more downgrades are possible for the country that is trying to finalize a bailout with international lenders to rescue its banks, which sustained massive losses on bad Greek debt and loans. The agency said that an anticipated increase in the amount of money that Cypriot ban

The European Central Bank has left its benchmark interest rate unchanged at a record low of 0.75 percent even though the economy in the euro area remains stuck in recession. Markets were waiting to hear ECB head Mario Draghi talk about his outlook for the economy at a news conference later Thursday.The bank held off cutting rates after recent economic survey data supported its position that the economy in the 17 European Union member countries that use the euro will recover gradually this year. 

TEHRAN (AP) ― Iran’s revenues from vital oil and gas exports have dropped by 45 percent because of sanctions over its suspect nuclear program, a senior lawmaker said Monday, a clear admission that sanctions over Iran’s suspect nuclear program are having a severe impact.Iran’s sanctions-driven financial crisis has led to collapse of the currency, proposals for an austerity budget and government demands that local airlines clear their debts pay cash for fuel, or faced grounding ― but its leaders h

Japan will buy bonds issued by the European Stability Mechanism to help weaken the yen, Finance Minister Taro Aso said. The bond transactions will be funded by the country’s foreign exchange reserves, Aso told reporters Tuesday in Tokyo. The nation hasn’t decided on the purchase amount, he said. Buying ESM bonds may help Prime Minister Shinzo Abe push down the yen while avoiding criticism of his currency policies from trading partners such as the U.S. and South Korea. “The Europeans would be hap

French employers will reject moves to overhaul rigid labor rules unless unions drop demands for heavier welfare charges on short-term job contracts, their leader said on Monday, suggesting talks this week could fail.Socialist President Francois Hollande called on employers and unions to strike a deal by the end of 2012 that would grant companies more flexibility in hiring and firing while giving more job security to workers on short-term contracts.As talks resume this week, Medef chief Laurence