Both countries get seven more years to pay their bailout loans to ease the burden on their economies. | Digest: Cyprus seeks front loading of bailout money

Officials say the task has assumed even greater urgency since a banking crisis in Cyprus stoked renewed fears over the region's debt crisis.

DURBAN, South Africa (AP) — Leaders of the five BRICS nations fueling global economic growth agreed Wednesday to create a development bank to help fund their $4.5 trillion infrastructure plans — a direct challenge to the World Bank that they accuse of Western bias.

But the countries were unable to agree on some basic issues. Foreign Minister Pravin Gordhan of South Africa told reporters that there were "different views" about how much capital such a bank would need.

NICOSIA, Cyprus (AP) — All banks in Cyprus except the two largest in the country are to reopen for business Tuesday, more than a week after they shut down to prevent a drain on deposits by customers worried they would lose part of their savings.

European Union finance ministers meeting in Brussels on Tuesday will debate the contested issue of whether to legally cap the bonuses bankers can receive. | Swiss voters tell shareholders to do their job on executive pay

Euro zone country's failed to clarify how to fund the long-delayed rescue loan package for Cyprus without burdening the country with an unsustainably high debt

Japan's benchmark stock index jumped after Group of 20 finance officials refrained from directly criticizing its government for trying to force down the yen.