By Fiona Mullen Director, Sapienta Economics Ltd The European Commission’s alleged decision last week to remove Cyprus from the excessive deficit procedure (EDP) is a puzzling one. I say alleged, because it is not quite that simple, as will become clear. But the Commission’s decision has still confused many, leading to accusations that the Commission
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. The world economy has begun improving but is beset by problems such as high unemployment and rising prices which could fuel crippling trade protectionism or even lead to war within nations, the head of the International Monetary Fund warned on Tuesday. Rising food and fuel prices in recent months have already hit poorer countries
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— ASE up 4.4%, Cyprus CSE up 5.3% — Greek bank shares jumped more than 8% on Tuesday as bond yield spreads tightened below 800 basis points and traders anticipated positive news from an upcoming EU summit on the debt crisis. "Spreads are down, below 800 bps, ahead of an EU summit later this week
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— Oil still above $100; Egypt riots choke ports — Global stocks rallied and the euro rose to its highest versus the dollar in more than two months on strong manufacturing data worldwide and easing fears that Egypt's unrest would spread in the Middle East. But crude remained above $100 a barrel in London as
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. Spanish, Italian and Greek share prices recovered sharply in January, after a dismal 2010 on concerns over sovereign debt problems, with analysts saying Italy offers the safest bet of these euro zone peripherals. Concerns over higher inflation in booming emerging markets, cheap valuations and tentative signs of stability in the euro zone sovereign debt
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Ireland will vote on Feb. 25 in the first general election in Europe dominated by the euro zone debt crisis and by demands to renegotiate an unpopular EU/IMF bailout. The two main opposition parties are overwhelming favourites to replace outgoing Prime Minister Brian Cowen's scandal-racked administration. But with the economy in a prolonged slump and
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As Egyptians poured onto the streets on Tuesday to demand he go, President Hosni Mubarak had already given more ground in a week than ever before in his 30 years in power. His abdication seems to have already begun. For a man dubbed "The Pharaoh", it is an end of historic proportions. Some recalled the
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A 54-year-old Swiss care worker has admitted abusing 114 people, including children and disabled adults, in care homes in Switzerland and Germany over the past 29 years, Swiss police said on Tuesday. Police arrested the care worker last April after two disabled men, living in a nursing home, told their parents that they had sex
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European share prices gained on Tuesday, with sentiment lifted by strong euro zone manufacturing data and technology stocks buoyed by positive results news from Autonomy and Infineon. By early afternoon, the pan-European FTSEurofirst 300 index was up 0.8% at 1,152.35 points after ending flat on Monday following Friday's falls when the market was hit by
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Russian spy Anna Chapman has registered her name as a trademark to cash in on her growing popularity since she was deported in a Cold War-style swap last year, Russia's state patent agency told Reuters on Tuesday. "Maybe she wants to open the 'Anna Chapman' dry-cleaner or make cookies," Nikolai Kravtsov, an official at the
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