The president of Belarus ordered a halt to the transit of Russian natural gas to Europe on Tuesday, escalating an energy conflict with Moscow.

Belarus' President Alexander Lukashenko said on Tuesday he had ordered a halt to the transit of Russian natural gas to Europe after Russia cut gas suppliers to its neighbour over its debts.

Japan's outstanding public debt stands at 862 trillion yen 1.8 times the gross domestic product while "strong state finances is essential for both growth and social security."

Japan's new Prime Minister Naoto Kan said on Monday that the government is considering a proposal to raise the consumption tax in an effort to slash huge public debt, but added that it may take two years or more before the government lifts the nation's 5 percent consumption tax rate, Xinhua reported.

China's economy is likely to expand 9.5 percent in 2010, said the World Bank in its latest report.

China's economy is likely to expand 9.5 percent in 2010, said the World Bank in its latest China Quarterly Update released on Wednesday.

"We project GDP growth of 9.5 percent for 2010 and 8.5 percent for 2011, with risks both ways," said Ardo Hanson, Lead Economist for China with the World Bank.

Iran's nuclear chief says his country is designing a new atomic research reactor.

Iranian Atomic Energy Organization head Ali Akbar Salehi said on Wednesday his country is designing and constructing multiple next-generation nuclear reactors, following the fourth round of sanction approved by the UN Security Council a week ago.

"Iran is designing a reactor to produce radioisotopes, which will be more powerful than the Tehran reactor," Iran state media IRIB quoted Salehi as saying.

France will slash state spending by 45 billion euros in the next three years to bring its public deficit back down to three percent of gross domestic product by 2013.

France will slash state spending by 45 billion euros (54.5 billion dollars) in the next three years to bring its public deficit back down to the European Union's limit of three percent of gross domestic product by 2013, Prime Minister Francois Fillon said on Saturday.

Taiwan's high court on Friday upheld corruption convictions for the island's former leader Chen Shui-bian and his wife, but reduced their life sentences to 20 years in jail.

Taiwan's high court on Friday upheld corruption convictions for the island's former leader Chen Shui-bian and his wife, but reduced their life sentences to 20 years in jail.

The couple' son and daughter-in-law were sentenced to one year in prison.

China's central bank has signed a bilateral currency swap agreement totaling 3.5 billion yuan with the Central Bank of Iceland on Wednesday.

China's central bank has signed a bilateral currency swap agreement totaling 3.5 billion yuan with the Central Bank of Iceland on Wednesday.

The agreement will run for three year, after which it can be renews if both sides agree, said governor of Iceland's central bank Mar Gudmundsson.

Geithner said the United States and the American people have benefited, and must continue to benefit from strengthening economic relationship with China.

The U.S. Treasury Secretary Timothy Geithner said on Thursday the U.S. government will keep in touch with China over issues including strengthening economic ties between the two nations and Chinese yuan's appreciation, Xinhua reported.

The global economy is recovering from recession but Europe's debt problems have created new hurdles on the road to sustainable medium-term growth.

The global economy is recovering from recession but Europe's debt problems have created new hurdles on the road to sustainable medium-term growth, said the World Bank in its latest global economic prospect report on Wednesday.

The new joint venture will underwrite and sponsor deals in China's securities market; First Capital Securities will hold 67% of the JV and JP Morgan will hold the remaining 33%.

J.P. Morgan announced on Wednesday it has signed a deal with First Capital to form a joint venture, which will allow it to underwrite and sponsor deals in China's securities market.