European stocks fell sharply in early trade on Friday, with banks hit hard by persistent uncertainty about the U.S. government's $700 billion financial sector rescue plan and the collapse of Washington Mutual. At 0715 GMT, the FTSEurofirst 300 index of top European shares was down 1.8 percent at 1,105.72 points, with banks the leading losers.
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A delegation of the International Monetary Fund (IMF) is currently in Cyprus to discuss the supervisory authorities’ system of the island has suggested that the Central Bank of Cyprus could be the independent body, which could supervise cooperative credit institutions. House of Representatives Committee's Chairwoman on Financial and Budgetary Affairs Antigoni Papadopoulou said that the
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The Cyprus Peace Platform, which is based in the Turkish-occupied areas of Cyprus, has called for a population census to take place at both communities of the island which will be monitored by international experts, prior to the referenda that will take place as agreed by the two leaders on the island. President Christofias and
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US Secretary of State Condoleezza Rice, who met with her Cypriot counterpart Marcos Kyprianou on Thursday in New York, referred to a new opportunity to solve the Cyprus problem and the new spirit developing for some time. During the meeting, Rice and Kyprianou discussed the Cyprus problem and the US official reiterated intentions to support
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The Cyprus Stock Exchange Council announced its extending the closing time of its Markets, so that from Monday 29/9/2008 they close at 17:20 instead of 17:00. The extension will be effective for the Main Market, Shipping, Parallel, Alternative and the Investment Companies Markets. The decision has been made taking into account the fact that the
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Two thirds of investors in a survey released on Thursday think the government's bailout plan is the best solution to the current economic crisis. In an overnight survey of about 3,200 investment professionals, the CFA Institute found the majority of investors felt the government's massive $700 billion bailout to save the financial system was on
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By Lesley Wroughton (Reuters) World leaders recommitted themselves to reducing global poverty, pledging an estimated $16 billion in aid, but France said rich countries were strapped by a spreading crisis in financial markets. While some of the money had been previously announced, there were new commitments for malaria and education, including $168 million by Microsoft
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Central banks across Asia scrambled on Friday to meet a desperate demand for cash, both in their own currencies and the U.S. dollar, as the White House's $700 billion bailout plan ran into unexpected roadblocks. News of the biggest ever U.S. bank failure only added to the thirst for liquidity, with the government brokering a
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Asian stocks and the U.S. dollar fell while Treasuries rose on Friday after talks over a $700 billion plan to save the financial system hit problems and the biggest ever U.S. bank failure dashed hopes for a quick recovery. JPMorgan Chase & Co bought certain Washington Mutual Inc assets for $1.9 billion after the largest
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Talks on a $700 billion rescue for the U.S. financial system fell into chaos on Thursday amid accusations Republican presidential candidate John McCain scuppered the deal, and U.S. authorities closed Washington Mutual and sold its assets in America's biggest ever bank failure. As negotiations over an unprecedented bailout plan to restore credit markets degenerated into
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