The European Central Bank cut its main refinancing rate by 25 basis points to 1.25 percent on Thursday, disappointing analysts who had expected a larger cut. The ECB cut rates of its overnight facilities also by 25 basis points. Overnight deposits at the central bank will pay 0.25 percent interest and funds borrowed from the
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World leaders are close to agreeing a package of $250 billion in financing to support global trade flows, a source at the G20 summit in London told Reuters on Thursday. But analysts said the countries must act quickly to help unblock trade, which has slowed since a financial crisis damaged consumer confidence and restricted access
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European shares turned positive around midday on Wednesday, with banks gaining, and as U.S. stock index futures pared losses. At 1141 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 734.82 points, and had hit a high of 735.49, having recovered from a low of 720.51. Banks led the turnaround.
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Netflix Inc on Thursday said it delivered its two billionth movie and gave the lucky recipient of the milestone DVD a complimentary lifetime membership. Netflix said it hit the 2-billion mark on Wednesday when a Blu-ray version of "Nick and Norah's Infinite Playlist" was delivered to Clay Shannon, a Netflix subscriber in Birmingham, Ala., from
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The unemployment rate in Cyprus reached 4,5% in February, compared to 4,3% in January. According to data issued Wednesday by Eurostat, despite the slight increase in Cyprus’ unemployment, Cyprus has the second best performance in the EU after The Netherlands. The unemployment rate for males in Cyprus rose from 4,0% in January to 4,2% in
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The Swiss National Bank said on Thursday it will use all means to prevent a further rise of the Swiss franc as this could carry deflationary risks for the country, prompting the franc to drop against major currencies. "A further appreciation of the franc carries the danger of a sustainable deflationary dynamic in Switzerland. This
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Link Up Markets, the joint venture between 8 European Central Securities Depositories (CSDs) representing 50% of European securities transactions, successfully launched on March 30, allowing for easy implementation of links between Central Securities Depositories (CSDs). Clearstream Banking Frankfurt (Germany), OeKB (Austria), SIX SIS (Switzerland) and VP (Denmark) started connectivity on Monday. Connectivity of the other
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By Sylvia Westall Two million euros in three months: that's the cost so far for Vienna's Albertina Museum, home to landmark Impressionist works by Monet and Renoir, as the financial crisis pulled some of its most generous sponsors. Museums and other cultural institutions globally are being pinched, scaling back exhibitions and cutting staff to cope
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By Madeline Chambers Inside one of the world's biggest car plants, there is no sense that global auto demand is in freefall as Germany heads into its worst recession for six decades. Volkswagen's presses thud and hiss as they crush metal into shape, orange sparks fly and workers whistle to music on the radio as
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By Simon Rabinovitch The Chinese art bubble has burst. Long live Chinese art! Or so seems to be the refrain of artists and galleries in China, where prices are sagging after a decade when the country's contemporary paintings were the hottest segment of a booming global art market. Yue Minjun is among those with a
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