Headlines

Germany will save at least 15 billion euros over the coming decade thanks to its "safe haven" status among investors fleeing the euro zone debt crisis, which has driven down Berlin's borrowing costs, a leading German institute said on Monday, Reuters reported. Germany's rock-bottom interest rates, which are helping the government to cut its own debt and achieve a balanced budget, stand in sharp contrast to euro zone peers such as Greece and Portugal which remain locked outside global financial markets.

Lotte Tour Co., a South Korean tour operator, said Monday it has filed for court receivership as part of its efforts to get back on its feet following the default of a company in which Lotte has a stake, the Yonhap News Agency reported. Lotte Tour said in a regulatory filing that the Seoul Central District Court is scheduled to decide whether to approve its request, though it did not give any specific time frame. Court officials were not immediately reached for comment.

China is poised to launch its most serious economic reform drive since the 1990s after a series of top appointments at the weekend put the architects of Zhu Rongji's clash with state owned enterprises in charge of key economic agencies. Vice Premier Ma Kai, Finance Minister Lou Jiwei and central bank governor Zhou Xiaochuan were all Zhu lieutenants at the State Commission for Restructuring the Economy, which drew up the blueprint to sever the army's ties with business and make millions jobless as state-owned enterprises (SOEs) were reformed.

Europe’s surprising decision early Saturday to force bank depositors in Cyprus to share in the cost of the latest euro zone bailout set off increasing outrage and turmoil in Cyprus on Sunday and fueled fears that the trouble will spread to countries like Spain and Italy, the International Herald Tribune reported. Facing eroding support, the new president, Nicos Anastasiades, asked Parliament to postpone until Monday an emergency vote on a measure to approve the bailout terms, amid doubt that it would pass.

Europe’s fund managers are facing a ban on bonuses that exceed salary as the European parliament pushes for the extension of its severe pay clampdown on bankers to the wider financial sector. In a political development that shows how the bankers’ bonus cap could snowball through the world of finance, the parliament’s main parties support inserting the curbs into a year-old reform proposal for Ucits funds – a popular investment product that can be sold across EU borders – which have net assets of €6.4tn.

Suntech Power Holdings Co. said it didn't make a required payment on $541 million of bonds that matured Friday. It wasn't clear what the Chinese solar-panel company's plans were for repaying investors, The Wall Street Journal reported. A Suntech spokesman declined to comment. Suntech said last Monday that it had reached a "forbearance agreement" with about 60% of its foreign bondholders, who agreed to push back the date for repayment to May 15, allowing more time to negotiate a new repayment deal.

A plan to devolve potentially billions of pounds of public spending to local authorities and businesses in Britain to boost a stagnant economy won a green light from the government on Monday, Reuters reported. The Treasury said the coalition government had approved almost all the recommendations in a blueprint drawn up by Michael Heseltine, a former Conservative deputy prime minister. The scheme will see public money for projects such as housing and transport, now controlled by various government departments, pooled into a single pot from 2015.

Indonesia's leading oil and gas shipper PT Berlian Laju Tanker reached a deal with creditors to restructure its $1.9 billion debt, averting what could have been one of the country's biggest bankruptcies in years, Reuters reported. Once the world's third-largest chemical shipper, the group secured support for its restructuring plan on Thursday, just four days before a court-mandated deadline. "A deal has been reached with 100 percent of secured creditors voting for it," William Shia, head of Asian investments at Berlian Laju creditor Gramercy, told Reuters shortly after the vote.

National Australia Bank Ltd.'s restructuring of its U.K. operations is on track and the unit is now profitable, however it continues to face challenges in a difficult U.K. market, its chief executive said, The Wall Street Journal MarketWatch reported. Consumer and business confidence in Australia also remains "fragile," and both companies and individuals here will likely remain reluctant to commit to major investments until sentiment regarding the economic outlook improves, Cameron Clyne said Sunday in an interview with Australian Broadcasting Corp.'s Inside Business program. Mr.

A ruling from the European Union's top court will force Spain to make it easier for mortgage holders to escape foreclosure by challenging onerous mortgage terms in court, The Wall Street Journal reported. Thursday's decision from the EU Court of Justice could open the door for thousands of Spaniards to renegotiate tough mortgages, but risks hurting Spain's efforts to fix a broken banking sector. Madrid already has asked other euro-zone countries for some €40 billion ($51.8 billion) in loans to prop up local lenders that had bet big on real estate during a decadelong economic boom.