Standard and Poor’s has lowered Cyprus’ Sovereign rating by one notch to “BB” from “BB+” previously, maintaining its “negative” outlook saying that short-term financing pressures are rising and there is uncertainty over Cyprus’ ability to secure bilateral funds. S&P added that “even with official assistance, which we view as vital if Cyprus is to avoid
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Greek political leaders agreed to 11.5 billion euros ($14.14 billion) of austerity cuts demanded under its bailout terms, opening the way for a deal with foreign lenders within the month, Greek officials said on Wednesday. The junior partners in the conservative-led coalition government of Prime Minister Antonis Samaras set aside demands for an immediate renegotiation
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Asian shares fell while the euro and commodities inched higher on Thursday as investors hope the European Central Bank will take policy action later in the day after the U.S. Federal Reserve stopped short of offering fresh stimulus. European stocks looked set to open higher, while a 0.2% gain in U.S. stock futures signalled a
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The head of the International Monetary Fund on Wednesday vowed the global lender will stand by troubled Greece and said uncertainty over the future of the euro zone was clouding the outlook for the embattled Spanish economy. IMF Managing Director Christine Lagarde said a broad decline in confidence was being fueled by weak economic data
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More than half of Germans are pessimistic about the economy but support for Chancellor Angela Merkel's conservatives is holding firm, thanks partly to their tough stance on the euro zone, according to an opinion poll published on Wednesday. The Forsa-Institute survey, published in the Stern weekly, also showed Merkel's junior coalition partner, the Free Democrats,
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Bulgarian experts have constructed an image of the face of a suicide bomber who killed five Israeli tourists and a Bulgarian bus driver on the Black Sea coast two weeks ago, the interior minister said on Wednesday. The computer-generated image shows a man aged around 30, with swept-back black hair and dark eyes. The bomber
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Diana Containerships Inc reported a second-quarter profit, helped by an increase in the total number of vessels, and the Greece-based company said it signed a time-charter contract. The company entered into the contract with French family-owned shipper CMA CGM SA for one of its container vessels at a daily rate of $7,500 per day. The
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Britons are taking more prescription drugs than ever but the state health service is paying less for them – cheering news for taxpayers, if not for drugmakers. The trend reflects an increased use of generic medicines amid a Europe-wide drive by governments for lower-cost prescribing, which is squeezing prices and taking its toll on drug
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Get out of nuclear power and do it fast, angry Fukushima residents told Japanese government officials on Wednesday at a public hearing on energy policy held in an area ravaged by a nuclear disaster that has whipped up opposition to atomic power. The Fukushima hearing, the ninth out of 11 planned n ationwide, sought to
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European shares were steady around midday on Wednesday as investors waited to see if policymakers would back up pledges to support the euro zone with decisive measures such as buying bonds of troubled countries to lower their borrowing costs. Shares in Nokia jumped as much as 17% in brisk volumes, with traders and analysts citing
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