Bank of Cyprus Group said it has agreed to sell its 14-branch Australia subsidiary to regional lender Bendigo and Adelaide Bank for 100 mln euros. The Cyprus bank said it’s liquidity base will be boosted by 250 mln euro, while the deal’s contribution to the capital buffer required by the European Banking Authority until next
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THE FINANCIAL MIRROR CONSENSUS FORECASTS This week we publish the second of our quarterly Financial Mirror Consensus Forecasts, with six well known economists from the private sector and academia, giving their opinions on which way the economy is heading this year and next. This quarter, there is greater consensus among the economists over the future
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A judge declared French former president Jacques Chirac guilty on Thursday of misusing public funds, in a political graft trial that made history by producing the first conviction of a head of state since Nazi collaborator Marshal Philippe Petain in 1945. In the absence of the 79-year-old who ruled from 1995 until 2007, the judge
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Civil servants continued their protests for a third day, objecting to parliament passing austerity measures that aim to reduce the public sector deficit and get the cash-strapped government out of the current economic crisis. Air traffic controllers extended their strike by two hours on Thursday morning, causing havoc at Larnaca and Paphos airports where more
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Children whose fathers smoked around the time of their conception have at least a 15 percent higher risk of developing the most common form of childhood cancer, a type of leukemia, according to an Australian study. Although the findings, published in the American Journal of Epidemiology, credit multiple factors in children developing acute lymphoblastic leukemia
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Public sector workers in Cyprus walked off the job on Thursday in protest at austerity measures taken by the cash-strapped government and approved by parliament in an effort to arrest a runaway deficit. Thousands of workers observed the strike, which left emergency services like hospitals with skeleton staff and threatened to disrupt local elections on
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British property group Hammerson has sold a property in London's financial district to the real estate arm of Kuwait for 176 million pounds ($271 million), one of a string of buildings for sale in the area. The 214,200 square feet property at 60 Threadneelde Street is on the site previously occupied by the London Stock
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The House of Representatives approved a new set of austerity measures, aiming at further fiscal consolidation. The new measures were passed amid major dissatisfaction by the public sector workers whose union PASYDY had staged a three hour work stoppage as a reaction to the new measures. PASYDY has also decided a 12 hour strike on
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Asian shares fell into bear market territory for the year and commodities and the euro nursed stinging losses on Thursday, as fears that Europe's debt crisis is still worsening prompted investors to dump riskier assets and seek shelter in the dollar. The gloomy mood was not improved by a private sector survey indicating China's factory
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Germany unveiled a new bank rescue law on Wednesday that will let struggling lenders like Commerzbank offload billions of euros worth of sovereign debt into a new bailout fund, according to a draft version of the law seen by Reuters on Wednesday. Worries about a capital shortfall at Commerzbank, Germany's second-largest bank, have led to
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