Britain's Serious Fraud Office will prosecute Olympus and its subsidiary over a huge loss cover-up scandal, the Japanese camera and medical equipment maker said Wednesday.

It is the latest turn in an affair that badly damaged Japan's corporate governance image and turned the company's first foreign leader into a high-profile whistleblower.

Top economist Raghuram Rajan, renowned for predicting the 2008 global financial crisis, takes over as head of India's central bank on Wednesday amid the country's worst financial storm in years.

Rajan, a high-profile former IMF chief economist, replaces Duvvuri Subbarao as governor of the Reserve Bank of India (RBI) which has been battling to halt the plummeting rupee amid a sharp economic slowdown.

The Swiss economy, already one of the soundest in struggling Europe, grew by 0.5 percent in the second quarter, official data showed on Tuesday, beating expectations.

The increase beat the expectations of analysts polled by the AWP financial agency, who expected the small, Alpine nation's gross domestic product to grow between 0.0 and 0.4 percent.

Central and eastern European countries have escaped most of the turmoil that has recently lashed emerging economies as they have been shielded by the recovery in the neighbouring eurozone.

"A number of equity markets in Emerging Europe -- Poland's in particular -- have proved relatively resilient during the recent emerging market sell-off," Capital Economics said in its August report.

Oil prices eased in Asian trade Tuesday on receding fears of an immediate U.S. intervention in Syria but upbeat global economic data capped losses, analysts said.

New York's main contract, West Texas Intermediate for delivery in October, was down 93 cents at $106.72 in afternoon trade, while Brent North Sea crude for October dipped 12 cents to $114.21.

Nokia said on Tuesday it was selling its beleaguered mobile phone unit to Microsoft for 5.44 billion euros ($7.17 billion) as the U.S. tech giant tries to fight back against rivals Apple and Google.

Investors cheered the news, as Nokia's share price soared by 45 percent in opening trading on the Helsinki stock exchange to 4.3 euros.

Italy implemented a new tax on high-frequency trading on Monday, becoming the first country to impose a levy on an opaque and little-regulated market practice.

The 0.02-percent levy applies to transactions lasting less than half a second and is the second part of new financial transaction taxes being imposed in Italy.

China on Monday lowered its economic growth figure for last year to 7.7 percent from 7.8 percent, the National Bureau of Statistics said.

The figure posted on the bureau website remains the lowest one for gross domestic product growth since 1999, when it expanded 7.6 percent. China is the world's second-biggest economy.

Sunshine and sandy beaches are all very well, but they are not enough to snare the best expatriate executives to Australia's biggest city Sydney, a study found Monday.

A survey of more than 3,000 executives around the world found that the "dominant issue in deciding where to locate is workplace related", and Sydney must do more to emphasize its desirability as a work destination.

Oil prices fell in Asian trade Monday after U.S. President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria eased prospects of an imminent strike, analysts said.

New York's main contract, West Texas Intermediate for delivery in October, eased $1.46 to $106.19 a barrel in afternoon trade, while Brent North Sea crude for October fell $1.01 to $113.00.