Russia-Ukraine Gas Spat Escalates

Profit-Taking Snaps Europe's Rally

European indexes opened lower on profit-taking after the market's recent rally and as concerns surfaced over companies' fund-raising plans. London's FTSE lost 1.4%.

Marks & Spencer to Cut 1,200 Jobs

Marks & Spencer said it would close 27 stores and cut about 1,200 jobs after U.K. comparable sales dropped 7.1% over the Christmas period and margins declined.

• U.K. Retailers Face Hurdle

Euro-Zone Inflation Falls Below Target

Euro-zone data added to expectations the ECB will deliver a hefty interest-rate cut when it meets next week.

BIS Creates Stress-Test Rules

The Bank for International Settlements has produced new guidelines outlining how banks must stress-test their assumptions of market risk.

Greece Announces Cabinet Reshuffle

Greek Prime Minister Karamanlis announced a broad cabinet reshuffle, including the replacement of the finance minister, in a bid to boost his government's flagging popularity.

German Car Sales Decline by 6.6%

German car sales dropped 6.6% last month, closing out a dismal year that saw Germans buy the fewest automobiles since reunification.

EU Weighs Next Step on CDS Clearing Plan

The European Commission is debating what steps to take after it failed to get a commitment from the credit-derivatives industry to use a central trade-clearing house for CDS.

Leo Burnett Settles Army-Ad Suit

Publicis Groupe's Leo Burnett has agreed to pay $15.5 million to settle charges that it overbilled the U.S. Army for work on its "Army of One" campaign.

Europe Fears Fallout of Gaza Conflict

Attacks against Jews and synagogues were reported in France, Sweden and Britain, raising concerns that the Gaza conflict may spill over into Europe.

Airbus Engine Issues Prompt New Oversight

Lyondell Unit in Chapter 11