The French Groupama and the German Ergo Insurance Group are among the parties to be invited to participate into the second part of the sale of ATEbank's insurance subsidiary ATE Insurance, according to Deloitte. The bank had announced that it had received 4 non-binding bids. Despite the fact that no pricing details are yet available,
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Fears about the world banking system overwhelmed any lingering support from the U.S. plan to rescue Fannie Mae and Freddie Mac on Tuesday, battering equities and sending the dollar to a record low against the euro. The U.S. currency fell to $1.6038 to the euro, its lowest ever level. Economic surveys also painted a picture
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Catholicos Patriarch Aram I, spiritual leader of the Cypriot Armenian Community, will visit Cyprus on 21–22 July 2008. According to an official announcement, Aram I, during his one-day-long visit to Cyprus, will hold meetings with the President of the Republic of Cyprus Demetris Christofias, the Archbishop of Cyprus Chrysostomos II, and the House President Marios
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Rejects MSFT bid SAN FRANCISCO (Reuters) – After six months of flip-flop deal talks that drew mostly anger and disappointment from Yahoo Inc shareholders, the Internet company may finally have done something right. Yahoo on Saturday rejected what it called a 24-hour "take it or leave it" joint proposal from Microsoft Corp and activist shareholder
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Recession fears grow By Sumeet Desai Financial markets are still betting the next move in UK interest rates will be up but the Bank of England could be readying itself to cut rates in August in case the economy keeps slowing down. Most economists polled by Reuters this month say that interest rates will stay
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By Michele Kambas & combined sources A boardroom war between BP Plc and its four Russian partners over their troubled joint venture TNK-BP has left the company without an approved 2008 investment programme or an interim dividend, two sources with direct knowledge of the matter told Reuters. TNK-BP has been the subject of a battle
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Soaring food and fuel prices pushed Britain's inflation rate to nearly double the central bank's 2 percent target in June, official data showed on Tuesday, boosting talk of interest rate hikes ahead. Consumer price inflation rose more than expected to 3.8 percent from 3.3 percent in May, while another two surveys indicated the economy was
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Registrations of motor vehicles in Cyprus slipped in June, falling by 2.2% to 6,287 compared with the same month of 2007. The main reason was very fast growth in 2007. Car sales were boosted by tax cuts in late 2006 that caused motor vehicle registrations to rise by 33.1% for the whole year and by
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By Huw Jones BRUSSELS, July 15 (Reuters) – Banks in the European Union have only a few months to come up with "credible" plans to allow consumers to switch accounts in their home country quickly and for free, otherwise lenders will face regulation, the bloc's top financial regulator said on Tuesday. European Union Internal Market
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UN Secretary General Ban Ki Moon has expressed his readiness to set under the UN auspices the new process aiming to the solution of the Cyprus problem, and to create the preconditions for its success without arbitrations and strict time frames, President Christofias stressed. Speaking last night at Larnaca airport, on his arrival from Paris,
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