Germany may lose out, says a top Swiss banking official, in case Berlin does not vote in favour of a deal that is meant to end tax evasion tensions running since long with Switzerland. Claude-Alain Margelisch clearly states that a tax deal veto means loss of money by the German state.

After the ratings by existing agencies were criticized on the grounds of biasing and arbitration, the International Non-Profit Credit Rating Agency (INCRA) rated the five governments in an attempt to give fair judgment.

It has been reported that Moody's Investors Service, rating agency, has wiped out France from triple-A credit rating. The action was taken by the agency on Tuesday. Nations that have received top rating from the agency previously are now worrisome about the ratings.

It seems that the Nokia Lumia 920 is proving a big success for the company as reports are confirming that the regional launch of the product has sold out all the pr-order bookings that were allocated to serve the first two weeks of the product in the market, says Nokia Middle East.

It seems that the chemical company Oxea has received a great boost as it has successfully increased the limit of its syngas production ability in Bay City, Texas. However, now they have been planning to expand other projects.

Three German deputies had visited Iran the previous week and the same has highlighted the resilient trade relationship of Germany with Tehran. However, the same has sometimes been a reason of outrage and frustration for France, Britain, the US and Israel to impose strict EU economic sanctions.

Small and Medium Enterprises (SMEs) have a great scope in East Africa. Seeing the hope of development in the area, ex- German President Horst Kohler has promised that he will make all efforts for development of the industry.

Tuesday, the shares of Telefonica's O2-branded German unit saw an increase by 3%, as per a recent report. The rise was seen probably in the wake of a biggest initial public offering by Europe in more than a year.