Britain strongly backs French Finance Minister Christine Lagarde as an outstanding candidate for managing director of the International Monetary Fund, British Prime Minister David Cameron said on Friday. He made the comment at a new conference during a Group of Eight summit in the northern French seaside town of Deauville. The IMF post is open

A China Education Association for International Exchange (CEAIE) delegation is paying a visit to Cyprus with view to meet representatives of public and private universities to discuss further enhancement of Cyprus-China relations on issues concerning higher education. According to a press release the delegation has already had a meeting with Education Minister during which they

The Central Bank of Cyprus will host a round table debate entitled “Towards Strengthening Financial Stability” on May 28, in the southern coastal town of Limassol. A press release issued by the Central Bank said the public debate is organized in the framework of the annual meeting of Finance Ministers and Governors of the group

Sony Corp said on Friday it would begin the restoration of its PlayStation videogame network in Asia, including Japan, on Saturday, more than a month after a massive security breach leaked details on tens of millions of accounts. The company, which has already begun restoring services in other parts of the world, said it would

The International Monetary Fund could withhold the next slice of aid to Greece due next month, the head of euro zone finance ministers said on Thursday, spooking markets with the possibility of default. European stocks fell and safe haven bond futures rose after Jean-Claude Juncker said the IMF expected the European Union to step in

Blocking a hormone involved in the body's response to stress may change the way people recall negative memories, said a study. But it's still unclear exactly how the drug works, and whether it has implications for the treatment of conditions such as post-traumatic stress disorder (PTSD), according to the study, which appeared in the Journal

French Finance Minister Christine Lagarde and Mexican central bank governor Agustin Carstens have confirmed they are candidates to head the International Monetary Fund, the main institution overseeing global financial stability. Russian Finance Minister Alexei Kudrin said on Thursday Moscow still backed Grigory Marchenko, head of the central bank of Kazakhstan, whose name was put forward

Banks in the European Union could evade part of the Basel III capital requirements under draft legislation implementing the globally agreed standards, the Financial Times reported on Friday. The FT said the draft could allow EU banks to count more of the capital in their insurance subsidiaries than the global rules call for. Banks including

Asian stocks posted solid gains for a second consecutive day on Friday as market players scooped up bargains while the euro pushed higher, though the currency's gains may be limited for now as fears of a Greek default weighed on sentiment. Noting the chunky gains in Asian stocks, European stock index futures pointed to early