German regulator BaFin has written to auditors and banks asking them to scrutinise their exposure to shipping loans as they prepare annual earnings reports for 2012, four financial sources familiar with the matter said on Wednesday. The formal request was made in a letter sent late last year, shortly before Hamburg-based HSH Nordbank said it
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Cyprus apologised to the Egyptian ambassador on Wednesday after a fracas with police over security screening of her footwear at the island's main airport in Larnaca. Egyptian ambassador Menha Mahrous Bakhoum was involved in an argument with police when she was asked to undergo security checks to enter the departure terminal on December 29, where she
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Cyprus Popular Bank, the island’s second largest lender, expects reduced after-tax losses for 2012 compared with its record loss in 2011, it said in a stock exchange filing. In an announcement dated December 31 but released on Wednesday, the nationalised bank said lower losses were anticipated from reduced impairment charges on Greek government bonds and
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A treaty, aiming to strengthen fiscal discipline in the euro area, entered into force on the 1st of January 2013. The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, known as "fiscal compact", aims to strengthen fiscal discipline in the euro area through the balanced budget rule and the automatic correction
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The European Commission will open the European Year of Citizens 2013 on January 10th, at an event to take place at the Rotunda of Dublin City Hall, in the presence of Commission President José Manuel Barroso, Vice-President Viviane Reding Irish Prime Minister Enda Kenny and Minister for European Affairs Lucinda Creighton. This European Year comes
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Britain's top share index jumped higher on the first trading session of 2013 after U.S. lawmakers approved a deal preventing massive tax hikes and spending cuts, boosting the outlook for the new year. The Republican-controlled House of Representatives late on Tuesday finally approved a bill that will raise taxes on top U.S. earners, fulfilling President
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The United States averted economic calamity on Tuesday when lawmakers approved a deal to prevent huge tax hikes and spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and into recession. The agreement hands a clear victory to President Barack Obama, who won re-election on a promise to address budget
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Hong Kong shares climbed to a 19-month high on Wednesday with the market poised for more gains after a bill was passed in the United States to avert harsh tax hikes on most Americans, helping ward off fears of a recession in the world's largest economy. Growth-sensitive counters led gains as midday turnover hit the
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An oil drilling rig owned by Royal Dutch Shell Plc ran aground in Alaska after drifting in stormy weather, highlighting the serious risks of working in an offshore region where some in the industry see huge potential. While the U.S. Coast Guard was concerned about a potential spill from the drillship, named the Kulluk, its
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Turkey accused the European Union of bias and bigoted attitudes towards the EU candidate country on Monday and blamed it for undermining the Turkish public's trust in the bloc. Turkey criticised the European Commission's latest report on its progress towards EU membership as it presented for the first time its own report highlighting its reforms
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