Greek central bank governor George Provopoulos said on Thursday he expects consolidation moves in the country's banking sector to take place this year as banks seek alliances to deal with the debt crisis. The government and the central bank have called on lenders to explore tie-ups and form stronger entities to better cope with the

Germany refused to be rushed into boosting the euro zone's rescue fund after Moody's cut Spain's credit rating on Thursday and markets piled pressure on Portugal on the eve of a summit of the currency bloc. The euro fell to a one-week low of $1.3804, the risk premium on Spanish bonds widened and the cost

Moody's Investors Service said that most of the credit conditions that supported the performance of the US and European bond fund markets in 2009 and 2010 are likely to continue. Consequently, Moody's said in an industry outlook that credit outlook is stable for the bond fund sector. "Although we envisage a stabilisation in the credit

Moody's downgraded Spain's sovereign debt rating by one notch on Thursday and warned of further cuts to come due to fears that bank restructuring will cost more than twice what the government expects. "(Moody's) believes there is a meanjngful risk that the eventual cost of the recapitalization effort could considerably exceed the government's current projections,"

The German government ordered a freeze on Thursday on bank accounts in the country held by the Libyan central bank and the Libyan Investment Authority, aiming to cut off potential sources of funding for Muammar Gaddafi. The economy ministry said the move responded to a European Union decision this week to clamp down on Libyan

The duty-free shop at Dubai's glitzy international airport brims with travellers choosing from row upon row of carefully stacked wine, champagne and whisky. The lavish display highlights a push by major alcoholic drinks-makers into the Gulf Arab region, lured by a vast youth population and large expatriate community whose taste for alcohol remains undaunted by

Tourist trends from Germany to Cyprus are estimated to be upwards in the coming summer season, compared to a year before, an official announcement says. This emerged during a meeting today between the Minister of Commerce, Tourism and Industry Antonis Paschalides, a CTO delegation and major German tour operators, on the margins of the ITB

The European Parliament has called on Turkey to begin immediately withdrawing its occupation forces from the northern part of the Republic of Cyprus, which they occupy since they invaded in 1974. The Parliament urges Ankara to show “active support” for the ongoing peace talks for a Cyprus settlement and to contribute in “concrete terms” to

The Tokyo Stock Exchange may begin talks with its smaller Japanese rival on a possible merger to survive a wave of sector consolidation and fend off competition from fast-growing Asian bourses. Atsushi Saito, the chief executive of the TSE, said combining the TSE's dominant position in cash equities trading and the Osaka Securities Exchange's strength