European stocks rose in choppy trade early on Thursday, driven by gains in insurers, while banks capped the market's advances due to uncertainty about when U.S. Congress might pass a $700 bln rescue plan. At 0735 GMT, the FTSEurofirst 300 was up 0.3% at 1,104.8 points. Insurers were the top gainers on the index. AXA
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Minister of Commerce, Industry and Tourism Antonis Paschalides said on Wednesday that the government has managed to strengthen competition regarding fuel prices in Cyprus, noting that he would not hesitate to issue a decree determining prices if necessary. He added that Cyprus is among the countries that have not been affected much by the international
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By Tim Gaynor (Reuters) When Wall Street crashed in 1929, retiree Helen Haas remembers lining up with her mother at a Chicago bank to withdraw her $50 in savings — and coming away with just $2. Emerson Colaw recalls his family losing the farm in Kansas when the bank closed, leaving his father with no
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Congress looked close to reaching a deal to approve a $700 billion plan to bail out the U.S. financial system and President George W. Bush called an emergency meeting for Thursday to hammer out details. The move toward a deal will likely calm U.S. markets, which remained on tenterhooks on Wednesday as negotiations dragged on.
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Asian stocks mostly fell and the U.S. dollar dipped against major currencies on Thursday, pressured by doubts over the U.S. government's proposed $700 billion bailout plan and worries about the economic fallout from the crisis. Gold gained, rising toward Tuesday's seven-week high, and short-term government debt prices climbed on concerns the U.S. bank rescue may
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(Reuters) President George W. Bush on Wednesday made an appeal for support of a $700 billion financial bailout being negotiated with the U.S. Congress. In a nationally televised address, Bush warned that the financial crisis could push the economy into a long-term recession if the government does not act now. Here are some of excerpts
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Cypriot President Demetris Christofias urged the United Nations on Wednesday not to try to impose a solution on the island, which has been divided between Greek and Turkish Cypriots since 1974. Numerous U.N.-led efforts to reunite Cyprus have failed, most recently in 2004, when Greek Cypriots rejected a plan prepared under the aegis of previous
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The global credit crisis will have a profound impact on Cyprus, but with some delay, as the hard and long process of de-leveraging risk begins, according to a markets expert. Chris Pavlou, TFI Public Co. Vice Chairman and CEO, said that global banks and financial institutions will proceed to shrink their balance sheets and return
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KPMG Cyprus is introducing the “Cost Optimisation” concept to the Cyprus market as the best medicine for corporations to protect themselves from the negative effects of the global credit crisis now playing havoc with financial markets. Cost optimisation is essentially a market-tested tool to manage costs now that these are rising and there is a
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Cyprus President Demetris Christofias met with his Lebanese counterpart on Monday on the sidelines of the UN General Assembly in New York, whom he briefed on the latest developments in Cyprus and the newly-launched direct talks for a settlement. “We have ascertained”, President Christofias said after the meeting with President Michel Sleiman,, “that relations between
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