UN Secretary-General Ban Ki-moon has warmly welcomed the start of the full-fledged negotiations aimed at a comprehensive settlement of the Cyprus problem. In a statement read out by a spokesperson after Ban met President of the Republic of Cyprus Demetris Christofias at the UN headquarters, the SG further urged the expeditious implementation of confidence building

President of the Republic of Cyprus Demetris Christofias has called on the UN Secretary General Ban Ki-moon to appeal to Turkey so that the Turkish Cypriot side will become more logical during the ongoing discussions for a Cyprus settlement. Christofias and Ban reviewed the course of the direct talks underway in Nicosia between the leaders

Goldman Sachs and Morgan Stanley were granted approval on Sunday to become bank holding companies regulated by the U.S. Federal Reserve, effectively killing off the investment banking model that has dominated Wall Street for more than 20 years. The move enables Goldman and Morgan Stanley to take deposits, gain easier access to financing and gives

The world's financial institutions will face more securities write-downs combined with rising loan losses in the second half, Standard & Poor's Ratings Services said. "The overlap of these two phases may prove to be the most difficult test yet for the battered global financial sector," said Standard & Poor's credit analyst Scott Bugie. We believe

Democratic presidential candidate Barack Obama on Sunday called the $700 billion price tag for a financial market bailout "staggering" and said the final product must protect U.S. taxpayers and include a commitment to new regulatory reforms. At a rally in downtown Charlotte, North Carolina, Obama laid the blame for the Wall Street crisis on Republican

U.S. Republican presidential candidate John McCain on Sunday called for broad oversight of the Bush administration's $700 billion plan for rescuing Wall Street. In an interview on financial cable TV channel CNBC, McCain said responsibility for the bailout should be spread beyond Treasury Henry Paulson. "I think we need to appoint an oversight board of

Japan's ruling party chose outspoken nationalist Taro Aso, an advocate of spending and tax cuts to boost the economy, by a landslide on Monday to be next prime minister and woo voters before an election that may be held soon. The former foreign minister will take over the reins from Yasuo Fukuda, who suddenly quit