The central banks are finding it difficult to boost growth by increasing domestic demand and hence the need to depend upon foreign demand. The progressive rate cuts and monetary easing measures have led to massive falls in these currencies thereby helping these countries to increase exports.

Microsoft sued the Internal Revenue Service on Monday, seeking information about a law firm hired by U.S. tax authorities in a review of how the software company books sales between subsidiaries.

China, the world's biggest tobacco market, is considering a draft regulation that would ban indoor smoking, limit outdoor smoking and end tobacco advertising, the state-run Xinhua news agency has reported.

The European Union's top official for digital markets said on Monday he was concerned that big tech companies may be abusing dominant positions, but he also said investigations into Google must not be rushed.

An advanced malicious software application has been uncovered that since 2008 was used to spy on private companies, governments, research institutes and individuals in 10 countries, anti virus software maker Symantec Corp said in a report on Sunday.

Last month the Bank of Japan announced aggressive easing of its monetary policy and shocked the global financial markets.This led to the yen hitting fresh lows against the dollar. The weakening of the yen is believed to reverberate through the Asian markets.

China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making.

Recently released Chinese data suggest a grim economic outlook for the country. Foreign direct investment has been consistently declining; consumer price index showed some stability this month but remained below 2 percent, flash manufacturing PMI also declined in November and gross domestic product fell to its slowest pace since the global financial crisis, registering 7.3 percent year-on-year expansion in the third quarter.

While the fall in the oil prices is generally regarded as positive for many businesses, it has a major influence on inflation expectations, interest rates and bond prices at the global level.

Singapore said on Friday it plans to regulate fast-growing third-party taxi booking services like Uber and GrabTaxi for the first time, capping fees and requiring them to dispatch only licensed cabs and drivers.