Two of Europe's biggest fashion retailers, Next and Hennes & Mauritz , have endured a tough start to the year, hit by a combination of unhelpful weather and economic headwinds. Retailers across Europe are battling a prolonged squeeze in consumer incomes as governments try to reduce their deficits. Freezing wet weather has also discouraged shoppers.
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Cyprus’ government decided to set up an Investment Solidarity Fund, in a bid to secure the required €5.8 billion to unlock the €10 billion financial assistance package of the European Stability Fund to Cyprus. The creation of the Fund comes in the wake of the rejection of a controversial tax levy on banking deposits agreed
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The Cyprus debt crisis poses a "systemic risk" that threatens to ricochet right through the Eurozone, European Head Jeroen Dijsselbloem has said. Speaking Thursday during a European Parliament hearing, the Eurogroup President referred to "worries about the stability of the Eurozone," adding that the "present situation is definitely a systemic risk and the unrest of
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Google Inc's YouTube said 1 billion unique users were now visiting the video-sharing website every month, or nearly one out of every two people on the Internet. "If YouTube were a country, we'd be the third largest in the world after China and India," YouTube said in a blog post on Wednesday. () Expanding high-speed
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Euro zone finance officials acknowledged being "in a mess" over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy. In detailed notes of the call seen by Reuters, one official described emotions as running "very high", making it difficult to
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A revised levy on bank deposits is not on the table of crisis talks on Thursday between Cypriot leaders scrambling to raise billions of euros to clinch an EU bailout, the parliament speaker said. "We didn't discuss a (deposit) haircut and we are not reverting to it," speaker Yiannakis Omirou told reporters. The deputy leader
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Signs the euro zone's economic downturn is deepening and worries over a possible financial meltdown in Cyprus sent world shares, oil and the single currency lower on Thursday. The falls would have been steeper but for earlier data showing a pick-up in Chinese factory activity and a reiteration on Tuesday by the U.S. Federal Reserve
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The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its banks and inevitable collapse. The ultimatum came with the island's leaders locked in talks on a "Plan B" to try to raise 5.8 billion euros demanded by the EU under
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Cyprus expects to clinch a financial support package by Monday, Central Bank governor Panicos Demetriades said, meeting a deadline after which the European Central Bank has threatened to cut off funding for the island's crippled banks. "I expect a programme of support for Cyprus by Monday," he told reporters as President Nicos Anastasiades and party
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Cyprus Bailout: Stupidity, Short-Sightedness, Something Else?), The Editors, Cyprus.com In our previous article (Cyprus Bailout: Stupidity, Short-Sightedness, Something Else?), we discussed why we thought the combination of an across-the-board bank levy (regardless of institution health), in absence of restructuring the capital structure of banks was a bad idea and bad precedent. Now, we will lay
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