Global exports of Swiss watches plummeted in March, amid a dramatic contraction of sales in main markets Hong Kong and the United States.

Oil prices built on recent gains Thursday after data showed U.S. production fell to 18-month lows and Iraq pushed for a fresh meeting of crude majors on limiting output.

The advances come just days after the collapse of weekend talks aimed at negotiating an output freeze, which had fueled worries a global supply glut would continue.

Ecuador announced drastic economic measures late Wednesday, including a hike in some taxes and mandatory wage contributions, to deal with the aftermath of the devastating earthquake that killed more than 500 people and injured over 5,000.

Saturday's 7.8-magnitude quake was the worst to hit the South American country in decades, causing hundreds of buildings to collapse and damaging roads and other key infrastructure in tourist areas.

Outside a small store on a dirt track in the remote Ethiopian town of Doni, long queues wait for government cash handouts by the most modern of methods: mobile phone.

Ethiopia, Africa's second most populous country and one of its fastest growing economies, is pushing a new electronic payment service by phone -- called M-Birr, or "mobile-money" -- in a bid to bring millions into the banking system and financial services.

Saudi Arabia will take a $10 billion loan from foreign banks to help close the gap in its state finances from collapsed oil revenues, Bloomberg News reported on Wednesday.

Citing three people with knowledge of the matter, Bloomberg said it would be the first sovereign loan in at least 15 years to the kingdom, the world's biggest oil exporter.

Australia Wednesday boosted funding to the corporate regulator by Aus$127.2 million (U.S.$99 million) and appointed a special prosecutor to investigate financial crime, in sweeping reforms prompted by public outrage over numerous bank scandals.

The yen picked up Wednesday as caution returned to markets after oil prices resumed their slide, while traders speculate over the odds of the Bank of Japan unleashing fresh stimulus.

After surging in New York, oil prices turned lower in response to news a strike in major producer Kuwait had been wound up.

Kuwait's state oil firm said Wednesday that it expects to restore full production within three days after staff ended a strike in a surprise about-turn that triggered a renewed slide in world prices.

The walkout by thousands of staff of Kuwait Petroleum Corp. and its subsidiaries on Sunday in a dispute over planned pay cuts had slashed the emirate's output from 3.0 million barrels per day to 1.5 million and prompted a brief rally in world prices.

Iran will not accept an oil output freeze because it would effectively mean a prolonging of sanctions, its oil minister said Tuesday, insisting rival producers caused a supply-led price slide.

Spain has raised its public deficit target this year from 2.8 percent of GDP to 3.6 percent, the economy ministry said Tuesday, meaning it will once again overshoot the limit demanded by Brussels.