News Headlines - 22 June 2012

▽Moody's cuts ratings of 15 banks, Morgan Stanley down 2 notches | Reuters

Ratings agency Moody's downgraded 15 of the world's biggest banks on Thursday, lowering credit ratings by one to three notches to reflect the risk they face from volatile capital markets activities.

▽Euro's big four seek way out of crisis in Rome | Reuters

The leaders of Germany, France, Italy and Spain will try to find common ground in Rome on Friday to restore confidence in the euro zone ahead of a full EU summit next week, with German Chancellor Angela Merkel likely to be outnumbered.

▽The Chosun Ilbo - S.Korea, Japan, U.S. Hold Military Drills

South Korea is participating in several military exercises, some overlapping and involving other countries including the United States and Japan. U.S. and Japanese naval forces have joined their counterparts from South Korea for a two-day exercise in international waters south of Jeju island.

▽WikiLeaks' Assange says ready for life in Ecuador | Reuters

WikiLeaks founder Julian Assange on Friday said he was ready for a life in Ecuador and said the country had been "quite supportive" of his bid for asylum.

▽Windows Phone 8 News is Awkward for Partner Nokia | PCWorld

Microsoft made important headway in its bid to compete in the smartphone market this week, announcing the next-generation Windows Phone 8 smartphone operating system. But in the process, the company has "placed their hardware partners in a very awkward situation," says Wayne Lam, IHS senior analyst in wireless communications.