Ireland defended its dramatic move to nationalise Anglo Irish Bank, as fears over its impact on an already wounded economy hiked the cost of protecting against a sovereign default to record highs. Dublin abandoned plans to inject 1.5 billion euros into the commercial lender late on Thursday and opted instead to take it over amid
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The UN Secretary General's Special Adviser on Cyprus Alexander Downer has said that the leaders of the two communities discussed deadlock resolving mechanisms, among other issues, during their meeting on Friday in the framework of direct talks to solve the Cyprus problem, noting that ''it was a very good meeting and good progress was made.''
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President of the Republic Demetris Christofias said Friday's meeting with Turkish Cypriot leader Mehmet Ali Talat, in the context of direct talks to solve the Cyprus problem, brought them much closer to agreeing on issues regarding deadlock resolving mechanisms for the legislative and the judiciary. Returning to the Presidential Palace after the meeting, President Christofias
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World stocks rose from the previous day's one-month low on Friday while government bonds and the yen slipped after Washington rescued Bank of America and Congress advanced emergency economic aid plans. Bank of America will receive another $20 billion in U.S. government cash and a guarantee against almost $100 billion of potential losses on toxic
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A new light-bending material has brought scientists one step closer to creating a cloaking device that could hide objects from sight. Beyond possible military applications, it also might have a very practical use by making mobile communications clearer, they said on Thursday. "Cloaking technology could be used to make obstacles that impede communications signals 'disappear,'"
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Yahoo Inc's new Chief Executive Carol Bartz will receive a compensation package of about $19 million in 2009, in addition to a bonus and stock options, according to a regulatory filing on Thursday. Bartz's appointment, confirmed earlier this week, is seen paving the way for the Internet company to make decisions on major issues including
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An oversupply in the market has caused the recent slump in prices for milk and dairy products, and Agriculture Commissioner Mariann Fischer Boel has pledged to introduce new measures to support the sector. The Commission will next week reintroduce export refunds for butter, cheese and whole and skimmed milk powder. When intervention buying for butter
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Global credit quality continued its negative trajectory during the fourth quarter of 2008, according to Moody's Investors Service. The upgrade-downgrade ratio was 0.07 during the fourth quarter and 0.24 for 2008 overall, highlighting the negative credit environment in the second half of the year. Watchlists and outlooks followed a similar pattern. At the end of
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The Cyprus government has covered 20% of its total 2009 financing needs during the first 15 days of the year after it raised a total of EUR 315 mln through two bond issues for five years. In the first week of January, the government raised EUR 150 mln though 5-year bond issue at an average
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Cyprus annual inflation was 1.8% in December 2008 , down from 3.1 in November 2008. According to a Eurostat news release issued here Thursday, said that Euro area annual inflation was 1.6% in December 2008, down from 2.1% in November. A year earlier the rate was 3.1%. Monthly inflation was -0.1% in December 2008. EU
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