European Union finance ministers are trying to set up a united banking supervisor to better deal with future financial crises.

The 27 ministers hope to have a deal by the end of the year that will give the European Central Bank wide-ranging authority over banks. They remain divided over whether the ECB should oversee all banks or only the largest.

The leader of an anti-bailout party leading opinion polls in Greece has called for a delay in the repayment of rescue loans until the country emerges from its major recession, which is heading into a sixth year.

Alexis Tsipras, leader of the main opposition Radical Left Coalition Party, argued austerity policies pursued by the three-party coalition government would continue to weaken Greece's economy and leave the country more reliant on emergency loans from other eurozone states and the International Monetary Fund.

Car sales in Italy plunged by 20.1 percent in November on a 12-month comparison, continuing the downward trend of the past few months, the transport ministry said in a statement on Monday.

The number of new car registrations was 106,491 in November compared to 133,284 in November 2011, the ministry said. The fall was far sharper than the 12.06-percent year-on-year decline seen in October.

Australian airline Qantas's trial of in-flight Internet access has been shelved due to a lack of interest from passengers who prefer to sleep or enjoy a rare break from the online world while flying.

Qantas began a service in March which gave travelers on Airbus A380s flying to Los Angeles and London in-flight connectivity using their personal WiFi-enabled laptops and other electronic devices.

The Iraq Stock Exchange says one of the country's largest mobile operators will start publicly trading its shares early next year. It will be the first stock float since the reign of Saddam Hussein.

The ISX said in a statement Sunday that a quarter of the Iraqi telecom operator Asiacell shares will be traded publicly as of Feb. 3.

Greece launched on Monday an operation to buy back debt at a big discount, a vital part of a repackaged rescue plan to avert bankruptcy before the end of the year.

Eurozone finance ministers are expected to review the details of the operation when they meet later in Brussels, as well as discuss help to Cyprus and banking supervision.

France's top central banker on Monday took aim at London's heavyweight position in euro trading, saying the bulk of the business should be done within the 17-nation eurozone.

Speaking to reporters on the sidelines of a conference in Tokyo, Banque de France Governor Christian Noyer said there was no reason for London being the busiest euro trading center since Britain in not a member of the currency club.

Manufacturing activity in China hit a 13-month high in November, HSBC said Monday, in another sign that the world's second largest economy is emerging from a drawn-out slumber.

The banking giant's purchasing managers' index (PMI) hit 50.5 last month, up from 49.5 in October, putting it above the 50 mark that indicates growth. A reading below signals contraction.

The Indonesian subsidiary of British oil giant BP on Monday said a $12.1-billion deal to expand its liquid natural gas operations in the country had been given final approval.

The deal, announced last month during President Susilo Bambang Yudhoyono's state visit to London, will allow BP to develop a third liquefied natural gas (LNG) liquefaction train at its Tangguh project in West Papua province, according to a statement from BP Indonesia.

U.S. President Barack Obama urged Congress Saturday to immediately extend a tax cut for middle class Americans, arguing the move will give 98 percent of families and 97 percent of small businesses certainty that will lead to faster economic growth.

"Congress can do that right now. They can give families like yours a sense of security going into the New Year," Obama said in his weekly radio and Internet address.