Moody's lowered its rating on Italy's bonds by three notches on Tuesday, saying it saw a "material increase" in funding risks for euro zone countries with high levels of debt and warning that further downgrades were possible.
Vladimir Putin has called for the creation of a "Eurasian Union" with former Soviet states Belarus and Kazakhstan in his first major foreign policy statement since revealing his intended return as president next year.
Two weeks after moving into a skyscraper near Wall Street to start assembling a muscular new agency overseeing banks and insurers in New York, Benjamin M. Lawsky got a surprise during an introductory meeting with a midlevel manager: His power was even broader than he thought.
Goldman Sachs has more than quadrupled its stake in the London Metal Exchange in the past two years, making the US investment bank the biggest potential winner from the proposed sale of the 130-year-old exchange.
When Apple unveils its Newsstand application next week, many magazine publishers are hoping it will mark a turning point as they seek to increase digital sales through the new wave of tablet computers.