A look at economic developments around the globe

A look at economic developments and activity in major stock markets around the world Tuesday:

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ATHENS, Greece ? Greece's six largest banks agreed to participate in a crucial bond-swap deal, the government said, in a boost for the struggling country as a deadline for the landmark agreement looms.

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LONDON ? Worries about global growth and uncertainty over whether Greece can muster enough support in a crucial bond swap with private creditors hit stocks hard.

The FTSE 100 index of leading British shares closed down 1.9 percent while Germany's DAX slid 3.4 percent. The CAC-40 in France shed 3.6 percent.

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TOKYO ? Japan's Nikkei 225 index dropped 0.6 percent and South Korea's Kospi shed 0.8 percent. Hong Kong's Hang Seng lost 2.2 percent.

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FRANKFURT, Germany ? Banks parked a record amount of cash at the European Central Bank on Monday, in another sign that they have yet to decide what to do with money they borrowed last week.

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BEIJING ? China will cut income taxes on companies and import duties on energy and raw materials as part of efforts to spur domestic consumption and reduce reliance on exports and investment, the finance minister said.

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BERLIN ? Spaniards, Portuguese and others from countries hit hard by the debt crisis are flocking to learn German in hopes of getting jobs in Europe's biggest and strongest economy, according to data obtained by The Associated Press.

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BRASILIA, Brazil ? Brazil's government says the nation's economy expanded 2.7 percent last year. That's well below the 7.5 percent growth seen in 2010.

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MANILA, Philippines ? Philippine officials say rising labor costs in southern China are driving big foreign manufacturers to relocate to the Philippines.

Source: http://news.yahoo.com/look-economic-developments-around-globe-203941839.html

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