Franco-Belgian bank Dexia agreed early on Monday to the nationalisation of its Belgian banking division and secured state guarantees in a rescue that could pressure other euro zone governments to strengthen their banking sectors. Belgium will pay 4 bln euros ($5.4 bln) to buy Dexia Bank Belgium, the largely retail Belgian division, which has 6,000
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Christians clashed with military police, leaving at least 24 people dead in Cairo, and the cabinet called an emergency meeting for Monday, vowing the violence would not derail Egypt's first election since Hosni Mubarak was toppled. Christians protesting about an attack on a church set cars on fire, burned army vehicles and hurled rocks at
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European Central Bank council member Erkki Liikanen on Monday stressed the need for bank recapitalisation to counter debt crisis which he considered as Europe's greatest since World War Two. His comments came a day after the leaders of Germany and France promised to unveil new measures to solve the euro zone's debt crisis by the
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Donald Tusk will be the first Polish prime minister since the fall of communism more than two decades ago to rule for a second consecutive term after his centre-right Civic Platform trounced rivals in an election, cheering the markets. With 64% of the votes counted, Tusk's pro-business party had won 37.5% of votes in Sunday's
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Greece's central bank said on Monday it activated a bank rescue fund to save Proton Bank , effectively nationalising the small lender that is under investigation for possible violation of the country's money-laundering laws. Greece and its international lenders have set up a capital support backstop, the Financial Stability Fund (FSF), as a safety net
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Greek petroleum and electricity workers threatened late on Sunday to go on strike, to oppose planned wage cuts that form part of the debt-laden country's austerity drive. Workers at the country's biggest refiner Hellenic Petroleum said they would start a walkout on Tuesday, demanding their exclusion from the provisions of a draft law which would
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The euro edged higher on Monday after leaders of Germany and France promised a new comprehensive plan to recapitalise euro zone banks by the end of the month, though markets remain wary as they have been disappointed many times before. The meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy offered no details,
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Brent rose on Monday to near $106, fuelled by optimism that demand in the world's largest consumer would hold after U.S. data allayed fears of a renewed recession while the euro zone edged closer to a resolution of its debt crisis. Market sentiment improved after leaders in France and Germany promised on Sunday a new
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The leaders of Germany and France promised on Sunday to unveil a new comprehensive package for solving the euro zone's debt crisis by the end of the month, but offered no details and papered over differences on how to shore up European banks. German Chancellor Angela Merkel and French President Nicolas Sarkozy said after talks
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Chief executives of leading public companies in Cyprus deservedly take home the highest earnings and by default are the biggest income tax contributors to the Internal Revenue Dept. Although their salaries and bonuses may irk some of the militant union leaders, these CEOs are burdened with the responsibility for the success or failure of the
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