Panicked Cypriots have queued at banks as rumours of another "haircut" swirled, prompting the government to issue a denial.

Retail spending surged 2.5% during January and February as low interest rates encouraged consumers to head to the shops.

Building approvals have risen strongly in February, but economists caution that the figures can be volatile.

Australia's services sector is edging closer to growth thanks to recent interest rate cuts, a survey has found.