U.S crude oil is expected to average $79.44 a barrel in 2010, a Reuters poll showed on Monday, a slight decline from the June poll and the third consecutive lower monthly forecast. The poll of 31 analysts, banks and government agencies showed a lower consensus forecast, and respondents cited Chinese macroeconomic policy, global oversupply and
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A work to rule protest by Greek air traffic controllers over austerity-driven reforms in their sector has disrupted hundreds of flights in and out of Cyprus. Cyprus national carrier Cyprus Airways said more than a dozen flights were cancelled on Monday and airport operators said over 300 flights had been delayed since Sunday. Greek air
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Fears of further economic difficulties hit the popularity of Bulgaria's GERB in July, a year after the centre-right party won an election a year ago on promises to battle a deep recession, a survey showed on Monday. Support for GERB, led by Prime Minister Boiko Borisov, stood at 33% in July, down two percentage points
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Shares in ATEbank fell on Monday after the lender failed an EU stress test, the results of which were published last week. ATEbank shares were down 2% to 0.98 euros in early trading at 0839 GMT, with the Athens banking stock index up 1.1% at 1736.79.
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Greece can cope with its debt load without having to go into insolvency, European Central Bank Executive Board member Lorenzo Bini Smaghi said on Monday. Bini Smaghi took up the examples of Mexico and Brazil in the past 15 years, saying it is possible for countries to reform their economies after receiving aid and then
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The euro edged up and Asian shares rose on Monday as solid U.S. corporate earnings and surprisingly strong euro zone data offset growing scepticism that stress tests on European banks were not strict enough. The upbeat sentiment was expected to carry over to European markets, with Britain's FTSE 100, Germany's DAX and France's CAC-40 seen
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BP Plc was expected to announce changes at the top on Monday with the anticipated departure of CEO Tony Hayward, who came under fire for his handling of the massive oil spill in the Gulf of Mexico. Hayward would be replaced by Bob Dudley, an American executive who is now managing the oil spill response
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Seven European banks would not be strong enough to withstand another recession and would face a capital shortfall of 3.5 bln euros, tests run in an attempt to revive investor confidence showed on Friday. Five of Spain's smaller regional lenders, known as cajas, failed the test and their recapitalisation is likely to speed a restructuring
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Greece's state-controlled ATEbank failed the European Union stress test, the bank said on Friday.Under the most adverse scenario, with sovereign shock, it would have a Tier 1 ratio of 4.36 percent. Its shortfall under this scenario would amount to 242.6 million euros. "The Bank will proceed to a capital increase to cover future capital adequacy
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Marfin Popular Bank Public Co Ltd was subject to the 2010 EU-wide stress testing exercise coordinated by the Committee of European Banking Supervisors (CEBS), in cooperation with the European Central Bank, and the Central Bank of Cyprus. Marfin Popular Bank Public Co Ltd acknowledges the outcomes of the EU-wide stress tests. This stress test complements
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