Weak European banks may get up to six months to bolster their balance sheets after a fresh round of stricter stress tests force them to face up to a fall in the value of sovereign bonds, EU officials said on Thursday. This timeline, which is being suggested by European officials as part of a push

Most BRICS economies favour bolstering the capital base of the International Monetary Fund as a way to contribute to a financial rescue package for Greece, G20 sources told Reuters on Thursday. The sources, speaking as Group of 20 finance deputies met in Paris ahead of finance chief talks on Friday and Saturday, said the idea

Slovakia finally ratified new powers for the euro zone's rescue fund on Thursday, the last country to do so, clearing the way for a bolder effort to arrest Europe's sovereign debt crisis, which threatens global financial stability. The vote came 10 days before a European Union summit called to approve a "comprehensive strategy" to fight

Asian shares inched down on Friday, tracking New York and European shares lower as weak Chinese trade data raised concerns about the global economy, while the euro eased after another sovereign debt ratings downgrade. Lingering concerns about Europe's debt woes and the latest credit rating downgrade of Spain underpinned the safety of government bonds, slightly

Some European banks must be recapitalised, Eurogroup Chairman Jean-Claude Juncker told Deutschland Funk radio on Friday, adding intensive discussions on the subject would begin next Monday. Banks would need a tailored solution he said. Asked if a possible forced recapitalisation was intended to force higher participation by banks, Juncker said: "Private banks must know that

British tax authority HMRC is contacting 6,000 holders of accounts with HSBC's Swiss bank to see if they have declared all income and gains to the taxman, offering a final opportunity to straighten out their affairs. HMRC has already started criminal and serious fraud probes into more than 500 individuals and organisations, it said on

Silvio Berlusconi finally seems close to being kicked out of power after an extraordinary 17-year political career but his demise, when it comes, will be a lot less surprising than how long he has lasted. The 75-year-old prime minister resembles a boxer who has absorbed so many killer punches that it would only take a

Italy was set on Thursday to test fragile investor confidence in the euro zone's ability to heal its debt problems, with a sale of bonds, while weaker Chinese trade data acted as a reminder of broader economic problems. European shares were flat after recent gains and following data showing China's trade surplus narrowed for a

  A seven-seat space taxi backed by NASA to ferry astronauts to the International Space Station will make a high-altitude test flight next summer, officials said on Tuesday. Sierra Nevada Corp's "Dream Chaser" space plane, which resembles a miniature space shuttle, is one of four space taxis being developed by private industry with backing from