Moldova

The Moldovan government says loss-making national airline Air Moldova has been sold to a Romanian group for 1.2 billion Moldovan lei ($71 million). The Public Property Agency said Tuesday that Civil Aviation Group paid 50 million lei ($2.96 million) to Moldova's state budget, the International New York Times reported on an Associated Press story. The remaining money from the purchase will go toward covering debts that were sold to prevent the airline's bankruptcy. Air Moldova was founded in 1983 and has flights to 33 destinations.

Moldova will step up an investigation into the disappearance of more than $1 billion from three banks, the head of the central bank told Reuters on Tuesday, after around 10,000 people protested over the scandal at the weekend. Last year Moldova placed Banca de Economii, Banca Sociala and Unibank under central bank administration after a series of non-performing loans bankrupted the lenders, which together account for up to 20 percent of the tiny former Soviet republic's banking system in terms of assets.