Japan's Hitachi Ltd said it will buy core plasma TV parts from Panasonic-maker Matsushita Electric Industrial Co, as it restructures its loss-making flat TV business in a market dominated by rival LCD technology. Hitachi, which is struggling with flat TV losses, faces intensifying price competition from bigger TV makers Sony Corp, Sharp Corp and South
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Morgan Stanley topped the list of major financial services firms scrambling to sell themselves as fear gripped global credit and stock markets, with former emerging markets darling Russia paralyzed. Morgan Stanley was discussing a deal with U.S. regional banking powerhouse Wachovia , while CNBC reported that HSBC Holdings and China's CITIC Group were also eyeing
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Asian authorities poured more cash into money markets on Thursday and sprang to the defence of tumbling currencies, bonds and stocks to prevent upheaval on Wall Street from shattering regional confidence. China relaxed policy for the second time this week, while Japan, Australia and India pumped a further $28 bln into money markets which nearly
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SFS Group Public Company Ltd (SFS.CY) announced that the rate of acceptance of the Public Offer together with the 94.32% of White Knight Holdings Public Company Ltd (WKH.CY) (204,368,923 WKH shares) that SFS and its subsidiary Franston Ltd hold, gives to SFS 94.98% of the issued share capital of WKH. In another development, SFS has
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Cyprus Finance Minister Charilaos Stavrakis presented the 2009 state budget, which he described as “socially sensitive and balanced” and based on development. The budget was approved by the Cabinet. He said economic growth is projected at 3.7% with an estimated 0.7% fiscal surplus of the GDP. Inflation is expected to reach 2.5 – 3.0% and
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A Regional Operational Meeting on combating Human Trafficking and Money Laundering in the Mediterranean Rim Region will be hosted by Cyprus between 18 -19 September 2008, in Larnaca. The meeting is organised by the Organisation for Security and Cooperation in Europe (OSCE), the United Nations Office on Drugs and Crime (UNODC) and the government of
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Wall Street's manic dealmaking reached a new pitch on Wednesday as U.S. share prices plummeted to three-year lows and forced increasingly desperate major banks to scramble for merger partners. With the financial landscape undergoing its most dramatic transformation since the Great Depression, reports emerged of takeovers involving No. 2 U.S. investment bank Morgan Stanley, weakened
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Asian stocks tumbled 3-7 percent on Thursday, with emergency actions by central banks and governments around the world failing to ease a financial crisis that has sent investors fleeing to government bonds. The seismic shift on Wall Street this week continued to create a sense of global panic, with frenetic consolidation in the financial sector
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U.S. President George W. Bush has canceled a planned visit to Alabama and Florida on Thursday to focus on the Wall Street financial crisis, a White House spokesman said late on Wednesday. Bush is remaining in Washington to continue working with his economic advisers on the serious challenges confronting the U.S. financial markets, White House
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By Rina Chandran (Reuters) Long before "green" cars became trendy in other parts of the world, a boxy electric two-seater began rolling out of a small factory in the Indian city of Bangalore, which was then emerging as a software services hub. Today, scores of Reva electric cars can be seen tootling down Bangalore's crowded
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