The euro fell to a four-month low against the dollar and German government bonds climbed to their highest in three weeks on Wednesday, as the implications of the Cyprus bank bailout deal weighed on sentiment. Cyprus is expected to complete capital control measures on Wednesday to prevent a run on banks by depositors after the
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– Students, bank workers stage protests – Minister says capital controls to last weeks – Banks remain closed until Thursday Cyprus is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders. Cypriots
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Britain's government said household energy bills were headed for an 18 percent increase by 2020 but its policies promoting domestic energy efficiency, including its so-called Green Deal, would make the rise significantly smaller. The average British household could face an energy bill of 1,496 pounds ($2,300) per year by 2020, according to a report published
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An earthquake with a magnitude of at least 6.1 shook Taiwan on Wednesday, official agencies said, but there were no immediate reports of casualties or damage. The U.S. Geological Survey registered the quake with a magnitude of 6.3. The epicenter of the quake was near central Taiwan at a depth of about 15 km (9
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The chaos and uncertainty following Italy's parliamentary election last month is compounded by the imminent retirement of the one man who has any chance of solving the crisis, President Giorgio Napolitano. A wave of support for the populist 5-Star Movement produced an electoral earthquake in the Feb 24-25 poll, shaking the traditional political system to
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Belgian chocolate makers believe their renowned pralines should have similar protection to that enjoyed by French champagne or Italy's Parma ham. They want the term "Belgian chocolate" to be their exclusive preserve and also want to crack down on foreign rivals dressing up their products as "Belgian style" or of a "Belgian recipe". Copycats, they
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Bank of Cyprus Board of Directors has not accepted the resignations of its Chairman and four of its members. A press release issued by the Bank of Cyprus said Chairman of the Board of Directors Andreas Artemis and members of the Board Vassilis G. Rologis, Costas Z. Severis, Anna Diogenous and Takis Arapoglou submitted on
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Governor of the Central Bank of Cyprus Panikos Demetriades has said that the haircut on deposits over 100,000 euro in the Bank of Cyprus would be around 40%. In a joint press conference with Minister of Finance Michalis Sarris, the Governor said that efforts are made for the banks to re-open Thursday, while any restrictions
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Luxembourg's foreign minister accused Germany on Tuesday of "striving for hegemony" in the euro zone by telling Cyprus what business model it should pursue. Like Cyprus, Luxembourg has a large financial sector, whose comparatively light-touch tax and regulatory regime has long irked its much bigger neighbours Germany and France. Germany, the European Union's biggest and
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The Federal Reserve has ordered Citigroup Inc to better police for the risk of money laundering, part of a broad U.S. regulatory crackdown on the potential for illicit money flows. The Fed told Citigroup's board to submit a plan within 60 days to improve its oversight of companywide anti-money laundering compliance, according to a consent
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