The world readied on Monday for a slew of bank bailouts worth hundreds of billions of dollars in an effort to staunch the credit rout that threatens to tip the global economy into recession. Britain is expected later on Monday to detail plans to inject about 45 billion pounds ($68.4 billion) into four top banks
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Australian and South Korean shares bounced on Monday after policymakers around the world took increasingly bold steps to staunch the bleeding in financial markets, including guarantees on bank desposits and directly injecting capital into banks. The euro climbed while U.S. stock futures were up 4 percent, pointing to a sharply higher open on Wall Street,
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Japan's Mitsubishi UFJ Financial Group <8306.T> , which watched Morgan Stanley's <MS.N> share price plunge 58 percent last week, is amending its $9 billion deal to include only convertible preferred shares and no common stock, a person familiar with the matter said. Morgan Stanley is the latest stricken U.S. financial institution to seek refuge in
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Rich nations rushed to shore up the global financial system after the International Monetary Fund warned of meltdown, with Australia and New Zealand guaranteeing bank deposits and newspapers reporting plans for Britain's biggest retail bank rescue. The International Monetary Fund said it backed a Group of Seven plan to try to stabilize markets and urged
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Major British banks are likely to announce their plans to recapitalize early on Monday, a person familiar with the matter said, a move which could see the government take multi-billion pound stakes in several lenders. Banks are in talks with the government and regulators to determine how much capital each needs from 50 billion pounds
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Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan by major economies to chart a course out of the credit crisis, hoping the broader support will calm markets. Egyptian Finance Minister Youssef Boutros-Ghali, who chairs the IMF's policy-steering committee, said the fact that 185 countries, including emerging and developing
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The EU-harmonised inflation rate in Cyprus rose by 5.0% in September, slightly down from the 5.1% recorded in August and the peak of 5.3% in July. A decrease compared with the previous month was recorded for prices of transport, which dropped by 0.85% in response to falling oil prices. A decrease of 0.3% was also
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Building permits fell for the tenth straight month in Cyprus in July, as developers anticipated weaker demand. The number of building permits authorised by the municipal authorities and the district administration offices during July 2008 stood at 810, according to the Statistical Service, compared with 848 in July 2007. The total area provided for was
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Economist Intelligence Unit comments on concerted action by policymakers to restore confidence in the financial system. OVERVIEW The size and comprehensive nature of the UK government's rescue package for banks reflects a belated attempt by authorities in the developed world to find solutions to the financial crisis rather than responding to events on an ad
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Unemployment rose in Cyprus for the fist time in 17 months in September, according to our analysis of the registered unemployment figures released this week. Moreover, it was the fastest pace of increase seen in more than two years. At first sight the figures looked positive. The Statistical Service reported that the number of unemployed
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