Spanish police said Wednesday they had arrested 752 people in a massive probe into fake businesses created to obtain social security benefits as well as residence or work permits for foreigners.

It was "without a doubt" the biggest police operation yet against such scams, said Spanish police chief Ignacio Cosido, estimating the overall cost to the state of the frauds under investigation at 20.5 million euros ($28 million).

Australian Prime Minister Tony Abbott Wednesday defended his tough first budget which saw swingeing cuts to health and education spending in an attempt  to slash the country's massive deficit.

The moves triggered anger and claims of broken election promises, but conservative Abbott said his administration was being upfront with the public about the state of the nation's finances.

International Monetary Fund Managing Director Christine Lagarde withdrew from a graduation speech at prestigious Smith College in the United States after students and faculty protested IMF policies.

Lagarde pulled out on Monday after a petition signed by students, faculty and alumni of the progressive all-women's college said that the IMF promotes economic policies that exacerbate the oppression of women.

Treasurer Joe Hockey called on all Australians to help mend the country's finances Tuesday, declaring the "age of entitlement" over as he announced a temporary tax on high income earners and plans to lift the pension age to 70.

The first budget from the conservative government of Prime Minister Tony Abbott since its September election aims to bring the deficit down from its current Aus$49.9 billion (U.S.$46.6 billion) to Aus$29.8 billion next year. 

China's vast "shadow banking" sector is now valued at $4.4 trillion, according to the government's premier research group the Chinese Academy of Social Sciences (CASS) as it warned of potential risks to the financial system.

Shadow banking in China encompasses a huge network of lending outside formal channels and beyond the reach of regulators, including activities by online finance platforms, credit guarantee companies and microcredit firms.

Oil prices were mixed on Tuesday after rallying in the previous session in response to a vote in eastern Ukraine to break away from the country, fuelling fears of a civil war that could disrupt supplies.

The U.S. benchmark, West Texas Intermediate for delivery in June, added 16 cents to $100.75 a barrel, while Brent North Sea crude for June fell three cents to $108.38 a barrel.

Home ownership is pursued almost as a right in Britain but the housing market has a history of boom and bust -- and fears are growing of a new bubble.

The Bank of England, three former finance ministers and the Organisation for Economic Cooperation and Development (OECD) have all raised concerns that rising prices could threaten Britain's economic recovery.

Jordan, home to many Islamic and Christian holy sites, hopes a visit this month by Pope Francis will promote religious tourism and boost an industry hit hard by regional turmoil.

Tourism contributes 12 percent of gross domestic product in the desert kingdom and last year saw arrivals drop 10 percent to 5.4 million with revenues falling 6.25 percent to $3 billion (2.2 billion euros).

Emirates is not planning to buy a stake in Australian airline Qantas, a report said Monday, despite the government moving to loosen foreign ownership restrictions on the struggling carrier.

Canberra wants to alter ownership rules to allow greater foreign investment in the national airline, to help Qantas raise much-needed capital and put it on a more even footing with domestic competitors.

International Monetary Fund chief Christine Lagarde warned in a German newspaper interview Monday that the Ukraine crisis could have "severe" economic consequences for other countries.

Lagarde also told the Handelsblatt business daily that a 17-billion-dollar aid package granted to Ukraine by the IMF would not be enough.