Saudi Arabia is quietly planning to raze slums in one of its largest cities to make way for newer, restored neighborhoods as part of a wider plan to keep up with soaring demand for affordable housing.

A gap between what is available on the market and what many Saudis can afford has left people frustrated and accusing the government of corruption. A shortage of low- and middle-income housing means millions of Saudis cannot afford to buy a home.

U.S. President Barack Obama Friday nominated former Israeli central bank governor and renowned economist Stanley Fischer as vice chair of the Federal Reserve, completing a shakeup of the board's leadership.

The president also named former under secretary of the Treasury Lael Brainard to join the Fed board, and renominated current Fed governor Jerome Powell for a full term, setting up a full team for incoming chairwoman Janet Yellen.

Pakistan is hoping a sell-off of government stakes in state-owned energy companies, banks and troubled airline PIA will bring a much-needed boost to foreign exchange reserves, a top official said Friday.

Prime Minister Nawaz Sharif's privatization program cleared an important hurdle this week with the approval of financial advisers for the sale of shares in more than half a dozen state-owned companies.

China's annual trade in goods passed the $4 trillion mark for the first time in 2013, official data showed Friday, confirming its position as the globe's biggest trading nation.

Exports from the world's number two economy rose 7.9 percent to $2.21 trillion, while imports increased 7.3 percent to $1.95 trillion, the General Administration of Customs announced.

Asian financial hub Singapore on Friday said it was scrutinizing trade in virtual currencies such Bitcoin, precious stones and metals to forestall new forms of illicit financing by criminals and terrorists.

In an inaugural report on money laundering and terrorist financing risks, the city-state said these sectors were identified for further study "as technology evolves and criminals become more sophisticated".

Malaysia and Turkey pledged Friday to wrap up a free-trade deal this year as embattled Turkish leader Recep Tayyip Erdogan prepared to return home to a political crisis.

Erdogan met with his host, Malaysian premier Najib Razak, on the final day of a week-long trip that earlier took him to Japan and Singapore.

At least three people including a prominent businessman have been arrested in Greece in a probe over unsecured loans from ex-state Hellenic Postbank, authorities said on Thursday.

An anti-corruption magistrate ordered the arrests late on Wednesday in connection with loans issued by the postal bank about a decade ago, a justice source said.

Eurozone business and consumer confidence in December rose to levels last seen in July 2011 as the economy recovers from a hugely damaging recession, official data showed Thursday.

The European Commission said its Economic Sentiment Indicator (ESI) for the eurozone rose 1.6 points to 100, with the wider 28-nation European Union up 1.4 points to 103.5.

Turkey said on Wednesday that the state-owned Halkbank, whose chief executive was rounded up in a sweeping graft probe, would keep on handling payments for energy imports from neighboring Iran.

"The Iranian state has accounts with Halkbank. We deposit the payments for the oil and gas to these accounts," Deputy Prime Minister Ali Babacan said in an interview with Bloomberg HT television.

Australian carrier Qantas said it was facing some of its toughest-ever challenges on Thursday as Moody's downgraded its credit rating to junk, with the airline battling intense competition and spiraling costs.

Moody's cited "a sharp deterioration in the company's core domestic business" following the airline's shock profit warning and announcement of job cuts in December, which had already prompted Standard and Poor's to assign it junk status.