China and other developing nations must help "pay" for the reduction of greenhouse gas emissions blamed for global warming, U.S. Commerce Secretary Gary Locke said on Monday, backing off a recent statement that put a greater burden on the United States. As the United States and other developed countries make costly commitments to address climate

The U.S. Federal Reserve has plenty of tools to push borrowing costs up when the economy recovers, Chairman Ben Bernanke said, as his counterparts in Australia turned more upbeat on the outlook for global growth. Equity markets have also been pricing in a recovery from the world's sharpest downturn in more than 80 years, with

Asian stocks scaled a 10-month peak on Tuesday after upbeat company earnings reassured investors that a U.S. economic recovery is taking root, prompting a further shift into riskier assets and away from the safe-haven dollar. Gains were kept in check as some market players booked profits on the run-up in equities and higher-yielding currencies, knocking

The global banking system has finally gotten to its feet, but it is still struggling to stand up straight, Moody's Investors Service concluded in its new report on the world's financial recovery. The ratings agency's special report — the second in a series examining the topic across nations and industries — provides an overview of

Banks and commodity stocks led a broad-based rally on Britain's top share index by midday on Monday, set to be the sixth-straight day of gains, with sentiment buoyed by a last-minute rescue of U.S. CIT Group. By 1059 GMT, the FTSE 100 added 67.32 points, or 1.5 percent, to 4,456.07, after posting its best weekly

CIT Group Inc may announce an agreement on Monday to obtain $3 billion of emergency financing from bondholders, keeping the struggling lender out of bankruptcy, a person close to the matter said. The money could strengthen CIT's finances and allow more time for the 101-year-old lender to small- and mid-sized businesses to restructure its debt.

Stock index futures rose on Monday after CIT Group Inc clinched a deal that could help it avoid bankruptcy, removing some uncertainty as the financial sector recovers from a deep crisis. CIT (CIT.N) shares rose 85 percent to $1.30 after the retail and small business lender reached a deal late Sunday to receive $3 billion

Turkey will never abandon its rights as a "guarantor" power on Cyprus, even if a peace deal is signed between Greek and Turkish Cypriot leaders later this year, Turkish Deputy Prime Minister Cemil Cicek said on Monday. Cicek was speaking in northern Cyprus on the 35th anniversary of Turkey's invasion of the island, which took

Germany's proposed bad bank scheme that aims to help commercial and public sector banks recover from the impact of the global financial crisis presents several drawbacks but also some benefits, Moody's Investors Service said in a new Special Comment. According to the rating agency, the bill confirms the overriding intention of the central government to