The European Central Bank and a group of euro zone countries are working on a possible initiative to enable crisis-stricken banks to have direct access to Europe's permanent bailout fund, German daily Sueddeutsche Zeitung wrote on Thursday, without citing sources. "According to the Sueddeutsche Zeitung's information, a group of euro zone countries will check in
More
Asian shares rose on Thursday, retaining positive momentum as the Federal Reserve reassured markets it would keep its very accommodative stance to support growth, while optimism grew over strong quarterly corporate earnings. Investor confidence was also boosted by a rally in Apple shares as it reported quarterly profits nearly doubling on the back of soaring
More
Brent crude was steady around $119 a barrel on Thursday, as optimism over a recovery in the U.S economy offset easing concerns of a disruption in Iranian oil exports and high U.S. crude stocks. The U.S. Federal Reserve said on Wednesday it would support growth in the world's top oil consumer if necessary as it
More
The U.S. dollar floundered at three-week lows against a basket of major currencies on Thursday, after the Federal Reserve did little to alter the perception that it remained deeply committed to a dovish policy stance. While the Fed's policy meeting turned out to be a bit of an anti-climax to many market players, a fall
More
Bayern Munich summoned up all their famous resilience to oust Real Madrid in a nerve-jangling Champions League penalty shootout on Wednesday, denying Jose Mourinho's expensively-assembled side a tilt at a 10th European crown and setting up a final showdown against Chelsea next month. Bayern goalkeeper Manuel Neuer stopped spot-kicks from Cristiano Ronaldo, who had given
More
President Christofias is not backing down on the issue of re-appointing Athanassios Orphanides as Central Bank governor for another five years at the end of this month and has extended his list of hopefuls to include two former ministers – Praxoula Kyriakou Antoniadou and Charilaos Stavrakis. Already, Christofias had been keen to appoint his own
More
* GGB haircut raised from 60% to 74%; 237 mln in unsold rights must go by June * Bank of Cyprus adjusted higher its losses for 2011, with the final audited results announced Tuesday showing total losses of 1.37 bln euros, up from 1.01 bln announced in the unaudited results end-February. It said that the
More
Hellenic Bank shareholders have approved a capital increase plan through a rights issue worth 66 mln euros during an extraordinary meeting held in Nicosia on Tuesday. One right will be issued for every existing share at 43c each and for every two rights, shareholders will receive three bonus shares. Unexercised rights will be offered to
More
. The pro-labour government is facing a dilemma, once again. It is having a hard time fending off criticism about its inability to help the low-income households and the working class, while at the same time it needs to find ways to cut back on excessive spending. But shifting funds around within the Budget is
More
MEP Eleni Theocharous and the European People's Party are hosting an event to mark the publication of the journal Eurodialogue: "Turkey on the European Doorstep" on Friday, April 27 at 7:30pm at the University of Cyprus, "Anastasios G. Leventis" lecture theatre. The event will be addressed by MEP Eleni Theocharous, the President of DHSY Nicos
More