The UN Secretariat team dealing with the Cyprus problem has reached the conclusion that the process of direct negotiations to solve the island's political question is moving at a slow pace. The conclusion was reached after a briefing of UN Secretary General Ban Ki Moon and Undersecretary General for Political Affairs Lynn Pascoe by the
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Cypriot teams APOEL FC and Omonia AC of Nicosia have been eliminated from the UEFA Cup. APOEL secured a 1-1 draw in ''Veltins Arena'' with Germany's Schalke, which advanced in the Cup's Group stage after its easy victory over APOEL in Nicosia with 4-1 for the UEFA Cup first leg of the first round. Omonia
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Oil fell nearly a dollar to near $93 a barrel on Friday, its third consecutive day of losses, on skepticism that a U.S. bailout package would be enough to prevent further oil demand falls. The House of Representatives could vote as early as Friday on the revised $700 billion financial industry rescue bill, which was
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Skype, eBay Inc's Web communications unit, said on Thursday that TOM Online Inc, majority owners of Skype's Chinese venture TOM-Skype, had been monitoring and storing some of its users' text messages without Skype's knowledge. Skype apologized after a report revealed that the Web service monitors text chats with politically sensitive keywords and stores them along
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Nokia, the world's top mobile phone maker, launched its free music package on Thursday, issuing a challenge to Apple Inc's dominance of the digital music market. The Finnish company also launched its first touch-screen phone 5800 Xpressmusic to rival Apple's popular iPhone. Nokia said at an analyst and media event in London it would start
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The global financial crisis has thrown British Prime Minister Gordon Brown and his ruling Labour party a lifeline in the battle to avoid a crushing defeat by the opposition Conservatives in the next parliamentary election. The credit crunch has hit Britain hard, with economists predicting the first recession since the early 1990s and hundreds of
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Europe's top banker pressed the U.S. Congress to approve a $700 billion bailout of the U.S. financial industry on Friday and urged European states to unite in tackling a crisis now shaking the world economy. European Central Bank President Jean-Claude Trichet's comments clearly echoed a growing a mood of alarm in EU capitals ahead of
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Britain's top share index fell 0.4 percent early on Friday as worries about the financial system persisted and investors also proved reluctant to take positions ahead of key U.S. jobs data due later in the session. By 0753 GMT the FTSE 100 was down 26.1 points at 4,884.5 in a volatile session after falling 1.8
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Greece's government will guarantee all bank deposits in the country, a senior finance ministry official said, even as the finance minister said the nation's banking system remained completely safe and solvent. Greece's cabinet met on Thursday to discuss ways to insulate the country's financial system from the global crisis, amid media reports that worried savers
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The Bank of Cyprus Group has obtained the approvals of the Central Bank of Cyprus and the Central Bank of Russia in relation to the agreement to acquire 80% of Uniastrum Bank in Russia. The completion of the acquisition is expected by the end of October. Uniastrum Bank is headquartered in Moscow and has the
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