The Bank of Japan (BoJ) may need to keep up its stimulus drive for an "extended period", the International Monetary Fund said Friday, as it warned again that Tokyo must follow through on promised economic reforms.

Fears that a recent sales tax rise would dent a recovery in the world's number three economy have boosted speculation that the BoJ would be forced to expand its monetary easing campaign to counter any downturn.

British supermarket giant Tesco has completed the creation of its Chinese joint venture, forming the largest multi-format retailer in China, it said on Thursday.

The groups had already revealed plans earlier this year to combine Tesco's 131 branches and shopping mall operation in China, with China Resources Enterprise's Vanguard business that has 2,986 stores.

Spain reported Thursday the fastest economic growth since a devastating 2008 property crash, even as 5.9 million people searched in vain for work with the unemployment rate stuck at 26 percent.

Boosted by domestic demand, Spanish gross domestic product grew at a quarterly pace of 0.4 percent in the first three months of 2014, the highest rate in six years, the National Statistics Institute said.

Faced with a stalling China market, French winemakers are working to entice a growing middle class in Asia away from spirits and beer -- but face big obstacles in doing so.

Chinese wine shipments and consumption fell for the first time in a decade in 2013. The drop comes as Beijing reins in luxury spending and extravagant banquets, against the backdrop of a slower economy, and an anti-graft campaign backed by President Xi Jinping to root out official corruption.

Russia on Thursday signed an agreement with Belarus and Kazakhstan on creating a Eurasian Economic Union designed to strengthen ties between the three ex-Soviet countries.

The agreement was signed by Russian President Vladimir Putin, Belarussian President Alexander Lukashenko and Kazakh President Nursultan Nazarbayev in the Kazakh capital of Astana.

A member of Brazil's World Cup organizing committee sparked controversy Tuesday by telling protesters angry over the tournament budget that the money had already been spent or stolen.

Reacting to the wave of protests over the more than $11 billion being spent on the event, Joana Havelange chided demonstrators calling for some of that money to be redirected toward health, education and transport, telling them they were too late.

The holding company of collapsed virtual currency exchange MtGox is looking to sell the trademark to the word Bitcoin, The Wall Street Journal said Wednesday.

The company hopes to raise at least 100 million yen, or about $1 million, for a package including the Bitcoin trademarks in Japan and the European Union, the Journal quoted an executive of the company as saying.

Chinese e-commerce giant Alibaba will buy a 10.35 percent stake in Singapore Post (SingPost) for Sg$312.50 million ($249 million) as part of a strategic cooperation deal, both companies announced Wednesday.

The two companies also signed a memorandum of understanding to discuss a joint venture in the global logistics business, particularly in Southeast Asia, the statement said.

Loans to the private sector in the euro area -- a gauge of economic health -- are still contracting, but at a slower rate than before, European Central Bank data showed on Wednesday.

The volume of loans to private businesses and households declined by 1.8 percent in April, after falling by 2.2 percent the previous month, the ECB said in a statement. 

Oil prices were mixed in Asia Wednesday, underpinned by concerns about the Ukraine crisis as fierce armed confrontation between government forces and pro-Moscow separatists continued unabated, leaving dozens dead.

U.S. benchmark, West Texas Intermediate (WTI) for delivery in July, eased four cents to $104.07 in afternoon trade. Brent North Sea crude for July gained 13 cents to $110.15 per barrel.