Middle East stock markets slumped to multi-year lows on Tuesday as speculation intensified that a five-year Gulf property boom was over and that developers would be forced to merge as financing conditions deteriorated. Ambitious Gulf developers have unveiled $100 billion in new projects in the past two days, but investors were focusing instead on Europe's
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European Union finance ministers agreed to guarantee bank deposits up to 50,000 euros ($67,930), against 20,000 euros under current rules, a document viewed by Reuters said on Tuesday. Ministers agreed that the ceiling should be "raised to 50,000 acknowledging that many are determined to raise the minimum to 100,000 euros," the document said. The European
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Russia negotiated an emergency bailout for Iceland and unveiled an aid package for its own banks on Tuesday, while Japan called for greater coordination in tackling the global financial crisis. Australia reacted by cutting interest rates by 100 basis points to 6.0 percent, putting pressure on Western central banks to lower the cost of borrowing
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Greek flights will be grounded and urban transport is expected to come to a standstill on Wednesday as workers stage a 24-hour strike against the conservative government's privatisation policy. Greece's private sector umbrella union (GSEE), which includes workers at some privatised companies, said on Tuesday that airport staff, dockers and transport workers would protest against
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Cypriot President Demetris Christofias said on Tuesday he was disappointed with peace talks with rival Turkish Cypriots on the ethnically divided island, but that he was still optimistic there could be a deal. Christofias, who leads the Greek Cypriot community, started talks with Turkish Cypriot leader Mehmet Ali Talat on Sept. 3, hoping to end
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A highly-experienced team of international agriculture and rural development experts funded from the EU aid programme for the Turkish Cypriot community will be present throughout the annual agricultural fair taking place in Nicosia from 9 to 12 October at the exhibition centre. Visitors to the fair will be able meet the experts and learn about
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Britain and its banks will hold more urgent talks over a possible multi-billion pound injection of public money into the sector over coming days, an industry source said as the financial crisis tightened its grip. News of talks held on Monday night between the banks and the with Chancellor of the Exchequer Alistair Darling sent
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Iceland took over its second largest bank on Tuesday and Russia announced an aid package for banks, seeking to limit damage from the global financial crisis. Following are measures taken by national governments around the world on Tuesday: ICELAND Iceland used emergency powers adopted on Monday to dismiss the board of directors of Landsbanki, the
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All banks operating in Cyprus, including the subsidiaries of Greek banks, are robust and secure, Central Bank of Cyprus has announced, commenting on the possible impact of the financial crisis the world is facing and worries over the strength of Cypriot financial institutions. In response to media questions, CBC issued today an announcement in which
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What if there were a run on a bank and no one knew? In recent days some U.S. media have focused on a "silent run" on the deposits of Wachovia bank, which is now being taken over, after a bailout plan stalled and its rival Washington Mutual was seized. Commentators including Nouriel Roubini, Professor
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