Japan on Tuesday cut its fiscal year growth forecast for the world's number three economy, blaming weak exports and rising imports as well as the impact of April's sales tax hike on consumer spending and business confidence.

The Cabinet Office said it now expects expansion of 1.2 percent in the year to March, compared with a previous estimate of 1.4 percent.

Russian stock markets fell on Monday as investors expressed alarm at the escalating crisis in Ukraine following the Malaysian plane disaster and the prospects of tougher sanctions doing more damage to the Russian economy.

Moscow's ruble-denominated Micex stock exchange was down 1.27 percent in late morning trading, while the dollar-denominated RTS was down 1.32 percent.

Malaysia Airlines is in uncharted territory after the disappearance of Flight 370 in March with 239 people aboard was followed this week by the downing of another of its jets, carrying 298 people, over Ukraine.

Before the disasters the carrier had among the worst financial performance of any airline. An even bigger question mark now hangs over the future of Malaysia Airlines, with its brand tied to two almost unfathomable tragedies.

Rising sales helped boost hiring and wages at U.S. businesses in the second quarter, and companies are optimistic that the trends will continue this fall, according to a new survey by the National Association for Business Economics.

Fifty-seven percent of the 85 respondents to the quarterly survey said sales at their companies rose in the April-June period. That was up from 53 percent in the first quarter and 35 percent in the same period a year ago. Just 5 percent of firms said sales fell during the second quarter.

Electrical appliance group Philips reported a 23 percent slump in net second quarter profit on Monday, to 243 million euros ($329 million).

The Dutch giant said in a statement sales were also down 5.4 percent to 5.3 billion euros.

Swatch has applied to set up stores in India, a report said Saturday, as the Swiss-based watchmaker moves to tap a growing and increasingly accessory-conscious consumer class.

The publisher of the U.S. business magazine Forbes said Friday a controlling stake in the group had been sold to a Hong Kong-based investment consortium.

The United States on Friday opened the way to offshore oil and gas exploration in the Atlantic Ocean, authorizing the controversial use of sonic cannons for seismic surveys.

Exploration off the U.S. East Coast has been banned since the early 1980s, largely because of environmental concerns. The use of sonic waves, whose noise levels are magnified under water, risks harm to marine life.

Visiting Chinese President Xi Jinping announced Friday huge investments in hydroelectric power, shipbuilding, railways and a deal to help Argentina build its fourth nuclear plant.

Business leaders in Australia Friday called on G20 leading economies to implement recommendations on structural reforms and free trade that could boost global growth by U.S.$3.4 trillion and create millions of jobs.

The business chiefs, who are in Sydney for a two-day B20 summit, said their list of 20 recommendations -- if adopted by G20 leaders -- would help them exceed the 2.0 percent additional GDP target over five years that finance ministers agreed to in February.