Germany and European Union officials are urgently exploring ways to rescue Spain's debt-stricken banks although Madrid has not yet requested assistance and is resisting political conditions, several EU sources said on Wednesday. Madrid, the euro zone's fourth biggest economy, said on Tuesday it was effectively losing access to credit markets due to prohibitive borrowing costs
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Laiki Bank sponsored and took part in the “China Offshore Summit”, a very successful conference held in China on 30 and 31 May 2012. The conference was organised by China Offshore, one of the biggest media companies in China. The conference, which was attended by over 200 business representatives, aimed to provide Chinese professionals about
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Political and business corruption in Europe, especially in the Mediterranean, could further weaken vulnerable economies struggling to overcome the euro crisis, an international watchdog said on Wednesday. While it sees itself as one of the world's least corrupt regions, few countries in Europe regulate lobbying or give citizens easy access to public information, allowing a
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The European Central Bank is expected to hold back from policy moves when it meets on Wednesday, instead urging governments to address the euro zone's crisis, but it could indicate a readiness to cut interest rates as early as next month given a weakening economy and Spain's banking troubles. The ECB is widely seen as
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Oil rose toward $100 a barrel on Wednesday as supportive economic and crude stocks data from the United States outweighed pressure from Europe's lingering debt crisis. Brent crude rose more than $1.10 to $99.94 before easing back to $99.75 by 0819 GMT. U.S. crude climbed $1.06 to $85.35. "We probably need to see a more
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The Cyprus issue and the Cypriot economy were the main issues discussed during the meeting of Democratic Rally (DISY) President Nikos Anastasiades and the President of the European Commission Jose Manuel Barroso, on Tuesday in Brussels. Deputy President Averof Neofytou was also present in the meeting. Concerning the Cyprus issue, Anastasiades and Barroso agreed that
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The planet Venus made a slow transit across the face of the sun on Tuesday, the last such passing that will be visible from Earth for 105 years. Transits of Venus happen in pairs, eight years apart, with more than a century between cycles. During Tuesday's pass, Venus took the form of a small black
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Moody's Investors Service cut the credit ratings of six German banking groups and Austria's three largest banks on Wednesday, saying they face risks if the euro zone crisis deepens. The downgrades are part of a broad review of banks in the region that has had investors on edge but were mild compared to cuts for
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Asian shares rose on Wednesday as concerns that Europe's financial strains could intensify following a warning from Spain that it was being shut out of credit markets fuelled hopes that policy makers will unveil fresh monetary stimulus measures. European shares were seen higher, with spreadbetters predicting major European markets to open as much as 1.5
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The European Commission will propose far-reaching powers for regulators to deal with failing banks on Wednesday, a step towards the banking union the European Central Bank has demanded to secure the euro's future. But the proposal, which suggests closer coordination between countries and increased powers to force losses onto bondholders, is unlikely to take effect
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