Stocks in Tokyo hit a 25-year low on Tuesday and most major indexes in Asia also fell, caught in the downdraft of risk aversion sparked by renewed concern over the global financial sector. Japan's broad Topix index hit a 25-year low, while the Nikkei share average slipped to a four-month trough just above a 26-year
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President of the Republic of Cyprus, Demetris Christofias, has said that the world economic crisis has not affected Cyprus’ banking system. Speaking at the informal European Council, which took place in Brussels, the Cypriot President noted that the world economic crisis continues to deteriorate, but said “the crisis has not affected the banking system of
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Insurer AIG is set to take a $30 billion lifeline from the U.S. government and HSBC plans to raise up to $18 billion to counter a crisis that is punishing companies and crippling international trade. China's manufacturing sector declined further last month, while South Korean imports and exports also slumped as the global turmoil hit
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World stocks fell to nearly six-year lows on Monday and the dollar hit 3-year peaks after a a 12.5 billion pound ($17.75 billion) rights issue by HSBC and another cash injection to U.S. insurer AIG. Oil fell more than 3 percent while government bonds rose across the board after HSBC, Europe's biggest bank, launched the
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HSBC, Europe's biggest bank on Monday announced a 48 percent discount rights issue to raise 12.5 billion pounds ($17.7 billion), or 12.85 billion pounds ($18.32 billion) including fees. Below are the details for the deal, which is fully underwritten by Goldman Sachs and J.P.Morgan Cazenove. Number of new shares: To issue 5.06 billion shares, equivalent
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Economic impact estimated at 6.2 bln euros/year by 2020 By Pete Harrison (Reuters) – Italy, Spain and Greece could bear the brunt of climate change in Europe this century, with heatwaves and wildfires hitting tourism earnings and food production, according to a draft European Commission report. The economic impact of climate change could be 6.2
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CNP Marfin Insurance Holdings Ltd, the newly formed company from the partnership agreement between France’s leading insurance company, CNP Assurances and the insurance companies of the Marfin Popular Bank of Cyprus, is counting on the rollout of new savings plans and new ‘bancassurance’ products to increase its market share in Cyprus and Greece. CEO Takis
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Tourism and business ties between the Islamic Republic of Iran and Cyprus are expected to increase and get closer when direct flights between the two countries are established, according to Iran’s Ambassador to Cyprus, Ali Reza Bikdeli. “The two nations enjoy very close relations on political issues and we consider Cyprus as our closest EU
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The University of Pittsburgh Medical Center (UPMC) has come to an agreement with Paphos Plantations, a member of the Leptos Group of Companies for the management of a new hospital to be constructed in the Neapolis project in Paphos. The 100-bed hospital will be part of a EUR 1.5 bln or $1.9 bln complex designed
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. All the fuss and hoopla about a Qatari sheikh wanting to build a six-star luxury hotel across the street from the Hilton, makes one wonder where these ludicrous stories are generated and who gets to benefit (financially speaking) from such a project. On the other hand, events organisers and customers may be right to
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