The finance minister and central bank governor of Cyprus said on Wednesday they were confident that the island's banks, which reported heavy losses on Greek sovereign debt exposure, would do their utmost to meet enhanced capital requirements this year. "We anticipate banks will implement their plans which stipulate they will use all opportunities at their disposal
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A feeding frenzy on cheap European Central Bank funding, led by Italian banks such as Intesa Sanpaolo and even non-euro zone rivals like Lloyds, offers a quick fix but a longer-term headache. Some 800 banks, including the financing arms of several carmakers, took advantage of Wednesday's 529 billion euros ($710 billion) of cheap money. Italian
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The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2100 GMT on Wednesday. ** Greece has invited bids for state-owned gas company DEPA, as it moves ahead with a privatisation programme targeted to raise 19 billion euros ($25.5 billion) by 2015. ** Malaysia's second-richest man Ananda Krishnan plans
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The EU should appoint a specially designated commissioner for Greece to oversee the country's reconstruction from its deep economic crisis, the head of the Eurogroup of euro zone finance ministers said in an interview published on Wednesday. Jean-Claude Juncker told Germany's Die Welt newspaper his proposal was different to the 'budget commissioner' previously suggested by
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Cyprus Airways suffered a loss of profits of 19 million euro after tax, compared to a profit of 232 thousand euro in 2010. According to a press release issued here on Wednesday by the company, the Board of Directors approved the indication of results for 2011 on February 28. Total revenue of Cyprus Airways reached
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Cypriot lender Marfin Popular posted a record full-year net loss of 2.5 bln euros ($3.3 bln) on Wednesday, hit by a writedown to its Greek sovereign debt holdings. The bank said it had factored in a 60% impairment in the value of its Greek bonds, writing off some 1.9 bln euros in their nominal value.
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European stocks climbed early on Wednesday, keeping their 2-1/2 month rally alive as investors bet the European Central Bank's new funding operation will ease tensions in the banking sector and boost appetite for risky assets such as equities. At 0802 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,078.77
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Cyprus, Ireland and Spain are the European countries that registered the sharpest fall on house prices as a result of their severe new supply overhangs and economic problems, according to the latest RICS (Royal Institution of Chartered Surveyors) European Housing Review. The review also points out that prospects in Cyprus for 2012 are for continued
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Asian stocks rose to a seven-month high while the euro and commodity currencies held their ground on Wednesday on hopes a fresh cash injection by the European Central Bank will help further temper market tension and underpin risk appetite. Copper and oil recovered from earlier losses, while a weaker dollar supported precious metals. The European
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The Indian government is set to raise at least $2.5 billion by selling a 5% stake in Oil and Natural Gas Corp (ONGC) on Thursday, aiming to patch up its widening fiscal deficit and revive its stalled privatisation agenda. The long-delayed ONGC sale, set to be the biggest equity offering in India this year, will
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