By Adam Jasser For once, being a laggard is a boon rather than a drawback for ex-communist central Europe as it weathers the global financial storm engulfing western bastions of capitalism. While the world's top central banks pump billions into the financial sector to help it unwind losses made on sophisticated market instruments, their counterparts
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David Chance and Yoo Choonsik A decade ago, Federal Reserve Chairman Alan Greenspan declared that Asia would realise that "market capitalism, as practiced in the West, especially in the United States, is the superior model". Asia never quite saw it that way. Now the region's policymakers can feel that the collapse of Wall Street investment
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Oil fell more than $2 a barrel on Tuesday, after a record one-day rise in the previous session, depressed by doubts over a U.S. plan to rescue the financial sector. U.S. crude for November was $2.17 down at $107.20 a barrel by 1241 GMT, after rising nearly $7 on Monday. November Brent crude traded down
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U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress to act swiftly on a proposed financial system bailout and warned of dire consequences if they delay. In prepared testimony delivered before the Senate Banking Committee, they warned financial markets are in serious stress and the best chance for stabilizing
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A close adviser to the Greek prime minister resigned on Tuesday after being convicted of trying to pervert a criminal investigation, the latest scandal to beset the troubled conservative government. A court in Crete sentenced Yannis Kefaloyannis, a former minister and elder statesman of Greece's ruling New Democracy party, to a 12-month suspended sentence for
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Foreign activists who broke Israel's sea blockade of Gaza in August will attempt to sail to the Palestinian territory from Cyprus again on Wednesday. Greta Berlin, a spokeswoman for the U.S.-based "Free Gaza" movement, said 20 to 22 foreign activists including a Nobel peace prize winner planned to take doctors and medical supplies to Gaza.
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Presidents of the Hellenic Republic and Italy, Carolos Papoulias and Giorgio Napolitano respectively, have agreed on the precondition that the Cyprus problem must be solved before Turkey's EU accession negotiations continue. Speaking after a meeting with Napolitano in Athens, Papoulias said it is unacceptable for Nicosia, a European capital, to be divided, and reiterated to
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The Cyprus Securities and Exchange Commission may order an investigation to ascertain whether the committee handling the Cyprus Telecommunications Authority (CyTA) Pension Fund had received investment advice from a specific stockbroker and whether any such advice had been acted upon improperly. This follows reports that the CyTA pension fund registered losses after investing in high-risk
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AIG's Insurance companies are financially sound; switching may have hidden costs; insurers, brokers and agents warned to follow consumer protection rules AIG’s insurance companies are financially sound, with substantially more in assets than they need to pay all valid present and projected claims, Insurance Superintendent Eric Dinallo reassured New York policyholders. Dinallo also announced he
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The Second Limassol International Children’s Festival will be on 27-28th September 2008 at the Limassol Municipal Garden. It will start at 16.00 both days. Last year Limassol International Children’s Festival was recognized as one of the biggest events for children. During two days more than 5,000 people visited Limassol Municipal Garden where the Festival was
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