Japan cut oil imports from Iran by 65 percent in April while boosting shipments from Saudi Arabia, official data showed Wednesday, amid Western efforts to squeeze Tehran over its atomic programme.

Resource-poor Japan, which relies heavily on Middle East oil, came under pressure earlier this year to curb imports from Iran, with Washington seeking to push Tehran into a corner over what it says is a nuclear weapons programme.

Three Spanish savings banks, Ibercaja, Liberbank, and Caja3, said Tuesday their boards have approved a merger that would create the country's seventh largest bank by assets.

The new bank is estimated to have assets of around 120 billion euros ($149.6 billion).

Vulnerable Eurozone giants brace Wednesday for annual economic and public finance report cards from Brussels that may demand policy changes -- or else threaten fines.

Issued for only the first time since Brussels was given the power to fine spendthrift states, all eyes will be on Spain, Europe's fourth-biggest economy.

Iraq will offer a dozen oil and gas exploration blocks in a two-day auction beginning on Wednesday that Baghdad hopes will boost its reserves and strengthen its position as a key producer.

The sale, the fourth such auction to be organized by Iraq since mid-2009, comes as the country ramps up its oil exports, which account for the vast majority of government income, and looks to boost gas production to increase electricity output, the shortage of which is a key complaint of its population.

Indonesian President Susilo Bambang Yudhoyono said Europe's economic woes could hit Southeast Asia and warned the region against copying the integrated Eurozone model, in comments printed Wednesday.

Yudhoyono told the Wall Street Journal that the slowdown in China's economic growth, stoked by weak demand from Europe, will "impact directly on the economy in this region".

Standard & Poor's Ratings Services said Monday it has maintained sovereign credit ratings for oil-rich Kuwait at AA on strong financial resources with a stable outlook.

S&P "affirmed its 'AA/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Kuwait," said the ratings agency.

Standard & Poor's revised its outlook for Lebanon's credit rating to negative from stable on Monday, citing the ongoing unrest in neighboring Syria and the increased risk of domestic instability.

But S&P affirmed its 'B/B' long- and short-term foreign and local currency sovereign credit ratings for the country.

Spanish Prime Minister Mariano Rajoy has admitted the state is struggling to borrow, as its risk premium hit a euro-era record and fears spread over the country's stricken banks.

Rajoy sought Monday to calm investors after the distressed lender Bankia pleaded for the biggest state rescue in Spanish history.

Japan said Tuesday it will start direct currency trading with China for the first time, scrapping the dollar as an intermediary unit to boost ties between the two Asian economic giants.

The move, which will boost trade and investment between the traditional rivals, marks the first time Beijing has allowed a major currency other than the greenback to trade directly with the yuan.

Spain's troubled lender Bankia plummeted 28.66 percent on the Madrid stock market on Monday after the bank sought a record 19-billion-euro ($24-billion) state bailout.

Bankia shares dived 45 cents to 1.12 euros when trading was resumed after a suspension.