Depositors should be the very last to suffer losses when a bank collapses, according to a proposal being discussed by European Union countries and seen by Reuters, which would shield savers from the kind of losses they face in Cyprus. The idea comes as member countries finalise a new draft law for the European Union
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Europe's share markets advanced and the euro slipped on Tuesday as some investors positioned for the European Central Bank and the U.S. Federal Reserve to extend their monetary measures to stimulate economic growth. Opinions remain divided on whether the ECB will lower interest rates. Only a narrow majority of 76 economists polled by Reuters last
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A potential exit of Cyprus from the euro zone would entail both political and economic dangers for the country, Government Spokesman Christos Stylianides has warned. The warning, included in a written statement issued on Monday, came on the eve of a House debate on a memorandum of understanding the government has concluded with its international
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Α Eurogroup decision on Cyprus’ financial predicament was predetermined, President of the Republic Nicos Anastasiades has said. In an interview with the Greek TV station NET, broadcast Monday evening, President Anastasiades said that Cyprus was a guinea pig in the way that problematic banking systems would be dealt with in the Eurozone. “It was a
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British online fashion retailer ASOS posted an 11 percent rise in first half profit and remained positive on its outlook for the year, saying trading momentum was strong. While the UK's traditional high street stores have suffered as consumers worry about job security and squeezed household incomes, online retailers are faring far better, with ASOS
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Cyprus's parliament decides on Tuesday whether to back a bailout imposed by its EU partners, with approval likely from a thin majority against mounting calls for the island to exit the euro. Lawmakers were due to meet in an extraordinary session to ratify the terms of the aid, which is conditional on Cyprus winding down
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Asian shares advanced on Tuesday with investor risk appetite bolstered by expectations for U.S. Federal Reserve and the European Central Bank to continue with growth-supportive monetary stimulus measures. European stock markets were seen extending gains, with financial spreadbetters predicting London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX would open up as much as 0.6 percent.
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One day last October, a memory stick containing special software for deleting data was placed into a desktop computer at Bank of Cyprus. Within minutes, 28,000 files were erased, according to investigators who had wanted to copy the data for an official report into the collapse of the Cypriot banking system. The deleted files included
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The Canadian government is set to tighten rules on Monday to prevent employers from using its temporary foreign worker program to squeeze Canadians out of jobs, acting after two high-profile cases tarnished the program's reputation. Citizenship and Immigration Minister Jason Kenney and Human Resources Minister Diane Finley are expected to announce reforms to the program,
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The European Union will ban three of the world's most widely-used pesticides for two years because of fears they are linked to a plunge in the population of bees critical to the production of crops. The executive European Commission said on Monday it would press ahead with the ban on a class of pesticides known
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