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. The proposal will suggest closer coordination between countries and powers to force losses on the bondholders of failing banks to prevent a
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In what U.S. officials described as a major blow to al Qaeda, the group's second-ranking leader, a militant known as Abu Yahya al-Libi, was killed in a strike by a missile fired from a U.S.-operated drone, an official confirmed Tuesday. The official said the Libyan-born Libi, a cleric, was killed in a drone strike early
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Finance Minister Vasos Shiarli has indicated that a proposed investment by Qatar in an open field opposite Hilton hotel, in Nicosia, will probably not materialise, adding that the Emir of Qatar has expressed his intention to proceed with an investment or with some investments in Cyprus. Sharli, who briefed Monday the House Committee on Development
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World stocks edged higher on Tuesday after data showed the U.S. services sector grew at a slightly faster pace in May, but the euro zone crisis appeared to be escalating as Spain said it was being shut out of credit markets. The better-than-expected U.S. data dented safe-haven demand for U.S. Treasuries, pushing yields back above record
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European shares advanced on Tuesday after a choppy, nervous session as investors tentatively bought into beaten-down shares on hopes for global central bank policy action to revive the economic recovery. The Euro STOXX 50 provisionally closed up 0.4 percent at 2,086.94, extending the previous session's modest bounce off Friday's eight-month closing low in the aftermath
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On the long, slow walk alone down the aisle of St. Paul's Cathedral, people bowing and curtseying on either side as she passed, Queen Elizabeth cut a forlorn figure. Her husband of 64 years, Prince Philip, was hospitalised on Monday with a bladder infection, removing a familiar face from the closing stages of a long
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The first trial of a senior Muammar Gaddafi-era official accused of crimes relating to last year's war opened on Tuesday, in what will be seen as a test of the Libyan government's ability to try high profile loyalists and family members of the ousted leader. Under heavy security, Buzeid Dorda, a former intelligence chief arrested
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* Ruling party rushes first reading vote through * Angry opposition demonstrators march to soccer fan zone * Clashes with police heighten tension on eve of Euro 2012 A crowd of Ukrainians clashed with police in the capital Kiev on Tuesday after the ruling party rushed a contentious draft law upgrading the official role of
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The Cyprus Statistical Service has made a large upward revision to the population figure following the census conducted in October 2011. The estimated population is now 862,000, compared with a previous official estimate in the national accounts data of 806,800. The population in 2011 was thus 6.8% higher than previously estimated. The figure for 2010
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**Business services up, consumer down** The services sector had a mixed record in the first quarter of the year according to data on turnover from the Statistical Service. On the positive side, turnover in the sector that represents international business services (professional, scientific and technical activities) rose by 4.2% over the year earlier in the
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