IBT Staff Reporter

Greece's stores had their worst Christmas in decades, with retail sales dropping by 30 percent compared with the same period last year as the economic crisis shattered consumer confidence, the ESEE retail federation said on Tuesday.

China took a further step on Tuesday toward ending its dependence on U.S. satellites to provide navigation and positioning services with the start of trial operations of its homegrown Beidou system.

A panel reviewing the auditing of Olympus Corp after its $1.7 billion accounting scandal said it had so far not found any problems with the work of Ernst & Young's Japanese arm and questioned the accuracy of a separate investigation critical of auditors.

Debt-riddled Japan Tuesday relaxed its self-imposed decades-old ban on military equipment exports in a move that will open new markets to its defense contractors and help the nation squeeze more out of its defense budget.

NTT Docomo Inc, Japan's biggest mobile phone service operator, said Tuesday it will partner with South Korea's Samsung Electronics Co and other Japanese firms to develop chips for smartphones.

Asian shares eased on Tuesday as investors squared positions in thin volume before U.S. markets reopen after a long weekend and investors see fresh data that could offer clues about prospects for the world's largest economy.

A panel reviewing the auditing of Olympus Corp after its $1.7 billion accounting scandal said it had so far not found any wrongdoing by the Japanese arm of Ernst & Young and questioned the accuracy of a separate investigation critical of auditors.

China's central government will run a smaller fiscal deficit in 2012, according to a report by local media.

Hollywood leading man Matthew McConaughey has proposed to his longtime girlfriend and the mother of their two children, model Camila Alves, the actor said in a posting on celebrity website Whosay.com

Japan and India are in the final stages of deciding on a dollar swap agreement and expect to reach agreement during Japanese Prime Minister Yoshihiko Noda's visit to India this week, Japan's finance minister said on Tuesday.

China's listed banks are expected to raise over 100 billion yuan ($15.78 billion) through equity financing next year as they face pressure to replenish capital due to rapid loan growth and tighter regulation, the China Securities Journal reported on Tuesday.

A panel reviewing auditing at Olympus Corp <7733.T> said it had so far found no violations of accounting guidelines in the handoff to the Japanese arm of Ernst & Young from another auditor, which drew questions from a previous panel looking into a $1.7 billion accounting scandal.

Toronto Maple Leafs Ron Wilson received the Christmas present he had been hoping for when the National Hockey League club confirmed they had signed the head coach to a contract extension.

A panel reviewing auditing processes at scandal-hit Olympus Corp <7733.T> said on Tuesday it found no violation of accounting guidelines in the handoff to the Japanese arm of Ernst & Young from the previous auditor in 2009.

Bollywood struck gold in 2011, revving up lacklustre box offices in India with help from its leading men who wooed audiences back to cinemas after a dismal 2010.

Above the ballooning dress of Marilyn Monroe is the face of the late North Korean despot Kim Jong-il. A pigeon flies overhead and a feather lies nearby on the ground.

Asian shares were steady on Tuesday in thin volume as investors took to the sidelines before U.S. markets reopen later in the day from a long weekend and data which could offer clues over growth prospects in the world's largest economy.

Mission: Impossible - Ghost Protocol easily beat its rivals in the race to No. 1 at box offices over the Christmas holiday weekend, returning action star Tom Cruise to winning form after several recent flops.

Unions representing the flight attendants of Southwest Airlines and AirTran Airways on Monday reached an agreement to work under one common contract once members ratify the terms, according to a joint statement by the attendants' respective unions.

Veteran rockers Van Halen unveiled plans on Monday for a tour with original lead singer David Lee Roth returning to the stage.

Shoppers found a mixed bag of bargains and so-so deals on Monday, as a day off for many Americans lured some out for what was likely to be the third-busiest shopping day of the holiday season.

Japanese and Indian stocks outperformed the rest of Asia in thin trade on Monday, with sentiment partly lifted by signs of U.S. economic recovery, although trading was subdued with many markets closed for Christmas holidays.

Agricultural bankers and other players in the world's grain markets say fallout from the collapse of giant broker MF Global is changing cash grain trading and fueling calls for alternatives and reforms.

Retailers were bracing for a busy day on Monday, as a day off for many Americans and warm, dry weather were expected to entice shoppers looking for deep discounts.

Interested in sharing more personal moments of life to a small group of friends rather than a large network? An app called Path could help.

Japan's Fujifilm Holdings is watching developments at scandal-ridden Olympus Corp but it is too early to say if it will invest in the rival endoscope maker, a senior executive told Reuters in an interview on Monday.

The sign in a boutique selling glass hand-crafted on the Venetian island of Murano betrays an uncertain grasp of English. But the owner is very sure who is to blame for the tough times confronting the 700-year-old local glassmaking industry.

Europe should boost the total firepower of its rescue fund and frontload its funding to send a positive signal to investors and international partners that it is determined to solve its debt crisis, Japanese officials said on Monday.

China's industrial output is expected to grow 11 percent for 2012, easing from an estimated 13.9 percent in 2011, China's industry minister said on Monday.