Investor fears that further possible coordinated action to calm markets will not be enough to fend off a global recession sent shares from London to Tokyo reeling on Monday, while the yen continued to surge. The yen held firm even after the Group of Seven nations singled out as a cause for concern its excessive
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European shares slumped early on Monday, tracking big losses in Asia as intensified fears of a global recession hit banks and energy shares, while Volkswagen soared as Porsche raised its stake. By 0935 GMT the FTSEurofirst 300 index of top European shares was down 4.4 percent at 793.52 points, adding to Friday's decline of 4.9
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Hungary has reached agreement with the International Monetary Fund and the European Union on a broad economic rescue package, including substantial financing, steadying its battered currency on Monday. The IMF said late on Sunday the deal was expected to be finalised in the next few days, and the package would help to bolster the Hungarian
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Gold slipped more than 3 percent in Europe on Monday as the surging dollar dented the precious metal's appeal as an inflation hedge, and as weakness on the equity markets prompted selling of gold to meet margin calls. Other precious metals such as silver and platinum were caught up in the sell-off, with platinum sliding
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Greek Cypriot businesses appear to be the net beneficiaries of the opening of the Green Line in April 2003, as total spending by Turkish Cypriots in the south reached EUR 14.3 mln in January-September, whereas total spending by Greek Cypriots reached only around EUR 5.5 mln, according to the JCC joint venture run by the
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British Prime Minister Gordon Brown has hinted at the possibility that lower inflation thanks to falling oil prices could prompt central banks around the world to make more joint interest rate cuts, the BBC reported. "Now inflation is actually coming down over the next few months and that will mean that it gives scope to
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Mitsubishi UFJ Financial Group, Japan's biggest bank, said on Monday it will raise up to $10.6 billion by issuing new shares, the latest sign that a free-falling stock market is likely to shred profits at Japanese lenders. News of Mitsubishi UFJ's fundraising came as Tokyo stocks tumbled to their lowest in 26 years, prompting Japan's
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European shares plumbed fresh 5-1/2 year lows on Monday, echoing a slide in Asia prompted by a surge in the yen as investors feared a barrage of central bank support would not be enough to ward off global recession. The yen continued to gain even after Group of Seven finance ministers on Monday singled out
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The final general government accounts for 2007 confirm that the government recorded a large fiscal surplus in 2007 and cut debt by almost EUR 70 mln. The fiscal balance shifted from a deficit of EUR 172.5 mln (1.2% of GDP) in 2006 to an unprecedented surplus of EUR 537.4 million (3.5% of GDP). General government
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Construction output in Cyprus rose at a slower pace in the second quarter than in the first, according to preliminary data. The production index in construction 154.1 (base year 2000=100.0), recording an increase of 4.1% over the second quarter 2007, compared with a rise of 8.3% in the first quarter and 5.8% in the fourth
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