Global financial markets were shaken to their core on Monday after Lehman Brothers filed for bankruptcy protection and Merrill Lynch agreed to be taken over as a deepening crisis took new, bigger victims. The U.S. Federal Reserve also said for the first time it will accept stocks in exchange for cash loans and 10 of
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The leaders of the two communities in Cyprus, President of the Republic Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat, have expressed their commitment to work hard to reach a solution of the Cyprus problem, that would reunify the island, divided since the Turkish invasion of 1974. The two leaders attended Sunday evening a
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Foreign Minister Markos Kyprianou has said that the Greek Cypriot side has to show seriousness in the process of direct negotiations for a settlement of the Cyprus question and expressed hope that Turkish Cypriot leader Mehmet Ali Talat will follow suit. Kyprianou said that the Greek Cypriot side will speak at the negotiating table and
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European stocks tumbled in early trade on Monday after Wall Street firm Lehman Brothers filed for bankruptcy protection, sending fresh tremours into financial markets. By 0720 GMT, the FTSEurofirst 300 index of top European shares was down 3.1% at 1,126.08 points. The benchmark closed 1.9% higher on Friday. Lehman filed for bankruptcy protection, after trying
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Lehman Brothers Holdings Inc filed for bankruptcy protection, after trying to finance too many risky assets with too little capital, making it the largest and highest-profile casualty of the global credit crisis. The Chapter 11 filing on Monday did not include its broker-dealer operations and other units, such as asset management firm Neuberger Berman. Those
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Google Inc has bought Korean blogging software developer Tatter and Company, the two companies said on Friday. The companies did not disclose how much Google paid for the acquisition. Tatter co-chief executive Chang-Won Kim announced the deal on his personal blog in an entry titled "We've been Googled!," saying that the acquisition would help Google
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News Corp's MySpace, the world's largest social networking site, said on Sunday its long-expected MySpace Music joint venture with three major music labels will launch with four major sponsors underwriting the costs of streaming free music to mlns of MySpace users. MySpace said McDonald's, Sony Pictures, Toyota and State Farm will power access to be
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U.S. video game giant Electronic Arts Inc has pulled away from an offer to buy rival Take Two Interactive Software Inc after pursuing the "Grand Theft Auto" game publisher for more than six months. On Sunday, EA said it ended private negotiations with Take Two about a potential transaction and had decided to no longer
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Cyprus employment rate increased by 3.2% in the 2nd quarter of 2008 compared to the same period of the previous year, according to statistical data (estimate) issued by Eurostat. The respective growth for the 1st quarter of 2008 was 2.9%. A press release issued by the European Commission, presenting a first estimate of Eurostat on
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By Christian Plumb and Dan Wilchins (Reuters) Not long ago, when Lehman Brothers CEO Richard Fuld talked about "everyone's worst nightmare" he was referring to a massive fraud at French bank Societe Generale. Just a few months later Fuld, a 30-year-veteran of Lehman who had ably steered it through near-death experiences like the Asian debt
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