Shares in Swiss banking giant UBS AG rose 3 percent on Thursday after it agreed to pay $780 million and identify certain American clients to settle criminal fraud charges in the United States. The settlement, announced on Wednesday, further cracks Switzerland's trademark bank account secrecy and could have wide implications for the $7 trillion-offshore banking
More
Asian shares edged higher on Thursday as recent selling pressure eased and safe-haven buying of the dollar and gold subsided, but reminders of the global economic gloom and financial sector woes kept investors cautious. Weak U.S. housing and industrial output data, along with concerns that worsening economies in central and eastern Europe could put more
More
The meeting between President Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat has been postponed because of the death of Elsi Christofias’ father. According to an official announcement, issued here today, the cancellation of the meeting was decided following an understanding between Christofias and Talat. The new meeting between the leaders of the two communities
More
Revenue from tourism in January fell by 11.6% compared with the same month of 2008 to EUR 31.2 mln. For the whole of 2008, revenue had fallen by 3.5% to EUR 1.8 bln. In the same month tourism arrivals fell by 7.1%.
More
The number of building permits authorised in the last month of 2008 fell by 4.8% in December to 779 from 740 in December 2007. However, the value of building permits authorised continued to show the strong rising trend which it had displayed since September. Building permits in value terms rose by 19.7% to EUR 259.5
More
Moody's Investors Service said that Bahrain-based Investcorp's half year 2009 losses of US$ 511.0 mln are in line with expectations and that the Baa3/Prime-3 deposit ratings remain on review for possible downgrade. On 12 November 2008 Moody's downgraded Investcorp's ratings to Baa3/Prime-3/D+ from Baa2/Prime-2/C- and put the Baa3/Prime-3 deposit ratings on review for possible further
More
The outlook for European building materials companies is negative, reflecting the industry's ongoing challenges of weakening demand, pricing pressure and tight credit set against the backdrop of a global economic downturn, Moody's Investors Service said in a new report. The growth in shipments of building materials globally slowed markedly in H2 2008 and companies' results
More
British factory orders fell more than expected this month and at their sharpest rate since 1992, and firms expect to cut output at the fastest pace in nearly 30 years, a survey showed on Wednesday. The Confederation of British Industry said its monthly total order book balance fell to -56 in February from -48 in
More
A top Czech rate setter warned of higher interest rates and Hungary's prime minister sought new means to defend the forint on Wednesday as emerging European policymakers faced up to steep falls in their currencies. Investors stepped up a long selloff in the Hungarian, Czech and Polish currencies this week, exacerbating a slide that has
More
Royal Bank of Scotland may need to pay over 5 billion pounds ($7.1 billion) for a UK government insurance scheme designed to cap any losses on toxic assets set to be unveiled next week. RBS, which is 70 percent owned by the UK government, is expected to put up to 160 billion pounds of assets
More