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Latest Business News: Cyprus' Banking Revamp Underpins Economic Reboot

Wochit 0:57 mins

It's been just over 100 days since its financial rescue and Cyprus is struggling to cope with life under the terms of its international bailout. The country's shell-shocked banking system is still reeling from a punishing restructuring while harsh capital controls at the banks are holding back spending The second quarter was likely tough for Wall Street bank profits as markets weakened globally and merger advisory revenue dropped, leading analysts to lower their profit estimates in recent days. Microsoft's Xbox One console will hit Japanese store shelves in 2014. Speaking in an interview with gaming site 4 Gamer, Microsoft Japan President Yasuyuki Higuchi said that the Japanese market is considered "tier 2" by Microsoft, and thus, will not receive the Xbox One until next year.

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