An IMF delegation, headed by Wes McGrew, will visit Cyprus from 29 September to 12 October in the framework of the annual evaluation of the country’s economy. According to an official press release issued by the Central Bank of Cyprus, the delegation will hold meetings with the Finance Minister Kikis Kazamias, the Governor of the
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. A string of Chinese entrepreneurs have gone into hiding to avoid repaying loans, according to state media reports, highlighting a credit squeeze on private firms and the dangers of steep interest rates in China's vast and growing informal lending market. Many cash-strapped firms are unable to borrow from banks amid a credit clampdown by
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Asian technology companies came under pressure on Thursday to slash prices of their tablet computers after Amazon.com launched its Kindle Fire at a mass market-friendly $199. From Samsung Electronics to Sony Corp , major Asian tablet makers have ambitious plans to take on Apple , whose iPad is the gold standard in the booming market.
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The European Parliament voted on Wednesday to toughen EU budget rules in a bid to help restore market confidence in the region's public finances and prevent future sovereign debt crises. The new rules will make it easier to quickly impose financial penalties on countries breaking the EU debt and deficit limits of 60% and 3%
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Bankers in London and Frankfurt are bracing for a second round of losses on Greek debt if an earlier promise to write off 37 bln euros ($50 bln) is insufficient to help the struggling country stave off default. German Chancellor Angela Merkel suggested this week that the details of a second international Greek bailout, hammered
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International auditors return to Athens on Thursday to deliver a verdict on whether Greece's tougher austerity measures qualify for aid to avert a default that would plunge the country into bankruptcy. Inspectors from the European Union and International Monetary Fund quit Greece on September 2, after the government failed to convince them it was doing
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German Chancellor Angela Merkel faces a battle for her political survival on Thursday when some of her coalition, worried about throwing good money after bad by bailing out Greece, could humiliate her in a parliament vote on euro-zone rescue schemes. Support from the centre-left opposition will ensure Germany passes the bill on new powers for
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Cyprus's economy will come close to stagnating this year and growth will inch up to no more than 1.5% in 2012, its finance minister said on Wednesday. The euro zone's third smallest economy was impacted by a massive munitions blast that destroyed the island's largest power station in July, briefly disrupting business activity from rolling
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Asian shares and commodities fell on Thursday on growing worries that Europe's intractable debt problems will plunge the world into a second global financial crisis. Copper fell 3%, gold slipped towards $1,600 an ounce to stand more than $300 below its record high earlier this month, and commodities-related stocks such as global miner Rio Tinto
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Women who drink four cups of coffee a day are 20 percent less likely to become depressed than women who rarely drink coffee, U.S. researchers said on Monday. Caffeine is the most frequently used central nervous system stimulant in the world, and coffee consumption accounts for about 80 percent of caffeine use. Drinking coffee offers
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