International credit ratings agency Moody's downgraded euro member Cyprus to junk status Tuesday on heightened concerns over its banking sector's exposure to Greece.

The agency cut its rating on Cyprus by one notch to Ba1 and assigned a negative outlook, meaning that further downgrades are possible.

Germany's top central banker has urged the European Central Bank to come up with a plan to eventually withdraw its massive emergency loans to banks, warning that they carry significant risks and have only bought Europe time to deal with the deeper causes of its debt crisis.

Bundesbank head Jens Weidmann said Tuesday that the ECB and national central banks had run up risks by loosening collateral requirements for the loans and from the sheer size of the loans — and therefore needed to be aware of the pitfalls.

Mexican tycoon of Lebanese origin Carlos Slim is teaming up with former CNN talk show host Larry King to launch an online television venture called Ora.TV.

Slim and King, the co-founders of the network, said that Ora will produce high-quality video programming for smartphones, computers and Web-connected television sets.

Asian markets rose on Tuesday with traders expecting the final go-ahead for Greece's second bailout soon, although they were unfazed by fresh easing measures from Japan's central bank.

Sydney rose 1.21 percent, or 50.9 points, to 4,347.6, Tokyo was flat, adding 9.22 points to 9,899.08 and Seoul jumped 1.13 percent, or 22.54 points, to 2,025.04.

Japan said on Tuesday it had won approval from Beijing to buy Chinese government bonds for the first time, in a move aimed at binding Asia's two biggest economies and traditional rivals closer together.

China does not allow investors to freely purchase its debt, requiring official approval instead. But analysts said it appeared to be the first time a major economy had bought government bonds directly from Beijing.

The world's largest energy forum begins meetings on Monday over oil price fluctuations and safeguarding supplies amid heightened tensions over Iran's nuclear program and a softening in global growth.

Oil ministers and delegates from the 88-member International Energy Forum (IEF) are holding their biennial three-day gathering in the Gulf emirate of Kuwait to discuss the role of the forum in tackling market volatility.

German automaker Volkswagen, the new number two worldwide, said on Monday it expected sales to grow further this year after confirming record results for 2011.

VW posted sales last year of 159.3 billion euros ($209 billion), a gain of 25.6 percent on a 12-month basis, along with a 57-percent leap in operating profit to 11.3 billion euros.

In a recent study conducted by Deloitte, entitled ‘Fortresses and footholds: Emerging market growth strategies, practices and outlook’, over 600 executives from 10 key emerging markets, including countries in the Middle East, were surveyed to capture the greatest revenue opportunities, successful growth strategies and challenges each company faced.

The Deloitte study found that the greatest success in emerging markets came from understanding the special requirements of customers in each market, and then designing offerings to meet their needs at appropriate market prices.

President Michel Suleiman urged Arab businessmen on Monday to improve the Arab job market to provide better opportunities for the region’s youth.

On the 60th anniversary of the establishment of General Union of Arab Chambers, Suleiman said social growth and personal liberties are a guarantee to develop freedom and justice.

India on Sunday reversed its ban on cotton exports in a swift U-turn just six days after the policy announcement was greeted with outrage from farmers.

The government of India, the world's second-largest producer of cotton, unexpectedly banned all exports of the crop last Monday, saying it wanted to protect supplies for domestic mills.