Bank of Cyprus has decided to exercise its option to redeem in whole the Capital Securities Series B at par. The Capital Securities Series B are perpetual without a maturity date, amount to EUR51 mln and are listed on the Cyprus Stock Exchange. The redemption date is 20th May 2009. Τhe last date of trading
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U.S. bank Wells Fargo forecast a record profit and South Korea averted recession in the first quarter, offering investors some hope that the most vicious period of the financial crisis has passed. Some encouraging data on U.S. trade and jobless claims helped Wall Street stocks end higher for a fifth straight week, while White House
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Turkey and the International Monetary Fund have agreed in principle on the conditions of a new loan deal worth up to $45 billion to help the country weather the global crisis, newpapers reported on Friday. Pressure for an accord has mounted as the economy slumped in recent months, putting it on course for deep recession.
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President Barack Obama asked the U.S Congress on Thursday for an extra $83.4 billion to fund the wars in Iraq and Afghanistan this year, citing threats from al Qaeda and a resurgent Taliban. The request, to cover the rest of the 2009 fiscal year which ends on Sept. 30, comes on top of more than
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The U.S. Treasury Department is asking banks not to mention the regulatory "stress tests" as part of their first-quarter earnings results, according to a source familiar with government discussions. Many of the top 19 U.S. banks who are undergoing regulatory stress tests have already completed internal versions of the examinations, which are designed to determine
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The financial crisis highlights the need for more effective regulation and supervision, European Central Bank (ECB) Governing Council member Athanasios Orphanides said on Thursday. Orphanides said he believed that the model of removing supervision from central banks had proved inadequate during the crisis. He cited as an example the British system, under which regulation is
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Germany and Italy suffered record falls in industrial output in February, leading a slump across the euro zone where manufacturers are bearing the brunt of a sharp downturn in global trade. From Greece to Finland, production fell in countries across the 16-member euro area and showed little sign of picking up any time soon, dealing
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Asia and Europe's biggest economies outlined plans to help banks and other businesses on Thursday, with Japan unveiling a record stimulus to counter a deepening recession. As part of a $154 billion initiative to increase lending, support small firms and promote green technologies, Japan's ruling party said it would increase long-term lending to companies by
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The number of U.S. workers filing new claims for jobless aid fell last week, but the number of people on unemployment rolls surged to a record in March, data showed on Thursday, suggesting the labor market's decline has not yet hit bottom. In another snapshot of the U.S. economy, the country's trade deficit shrank 28.3
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Private equity firm CVC Capital Partners is buying iShares asset management business from Barclays for 3 billion pounds ($4.4 billion) in a deal that will be 70 percent funded by the British bank. Barclays said on Thursday it expects to achieve a net gain on the deal of 1.5 billion pounds, which will add about
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