Governments, not the European Central Bank, have to solve the sovereign debt crisis, one of the bank's top policymakers Juergen Stark was quoted as saying. ECB policymakers have become increasingly vocal in urging governments to take action to tackle the current debt crisis, which has forced a near 200 billion euro bailout of Greece and

Foreign housemates working in Cyprus are estimated to have reached 35,000, or 2,57% of total population, Minister of Labour and Social Insurance Soteroulla Charalambous has said. Addressing a conference organized by the Women’s Movement of Cyprus' Green Party, the Ecologists and Enviromentatlists’ Movement, the Minister said that foreign house help has become necessary for some

Government Spokesman Stephanos Stephanou has said that the government will continue addressing economic challenges in a responsible and decisive manner. “The government will continue addressing the economic needs and challenges in a responsible manner, very cautiously and decisively”, he said in statements after the memorial service for the late President of the Republic of Cyprus

From "Spiderman" to "Mission Impossible," Bollywood actors are increasingly finding their way into mainstream Hollywood films. As Hollywood brings more Indian and Asian characters into its stories, established stars in India are now looking for a career in the West, hoping to make it big in an industry Bollywood looks up to for inspiration. "Slumdog

Asian stocks chalked up modest gains on Monday, buoyed by upbeat U.S. data, while Chinese shares rose nearly 3 percent as investors reacted with relief that Beijing's policy moves to cool inflation did not include an interest rate rise. The benchmark U.S. Treasury yield hit a six-month high in response to the best consumer sentiment

Evidence of green business profits and more direct industry engagement may be needed to push U.N. climate talks out of stale rich-poor rivalries to a global agreement. Negotiations like the just-finished 190-nation U.N. climate talks in the Mexican resort of Cancun do not give businesses or investors a formal role, consigning them instead to hold

A majority of British retailers believe Christmas will be no worse than last year, despite the financial pressures of the last 12 months and the recent snow, a survey said on Monday. The British Retail Consortium (BRC) said its Christmas trading snapshot of 17 major retailers, representing up to 51 percent of the sector by

Capital Intelligence, the international credit rating agency, has raised the long-term foreign currency rating of Turkey’s Finansbank A.S. (FB). That rating, which continues to be constrained by the country’s sovereign rating, was moved up to ‘BB’ from ‘BB-’ as a result of Capital Intelligence raising the country’s sovereign rating in May of this year. The

Moody's Investors Service has downgraded by one notch the global local-currency (GLC) deposit ratings and standalone bank financial strength ratings (BFSRs) of five Pakistani banks: Allied Bank, Habib Bank, MCB Bank, National Bank of Pakistan and United Bank. At the same time, the agency affirmed the foreign-currency deposit ratings assigned to these banks at B3/Not