Citigroup's private banking arm has set up a global unit to target family offices, organisations that manage the financial affairs of rich dynasties, according to an internal memo seen by Reuters. Citi has promoted Catherine Weir, chief executive for the Europe, Middle East and Africa (EMEA) region to lead the new global family office group,

U.S. private employers unexpectedly cut jobs in August, a report by a payrolls processor showed on Wednesday, delivering another blow to the already faltering economic recovery. The private sector cut 10,000 jobs in August compared to a revised gain of 37,000 in July, ADP Employer Services said. The July figure was originally reported as a

Bulgaria's budget deficit narrowed to 1.2 bln levs ($775.7 million), or 1.8% of GDP, in the first seven months of the year after the country received European Union funds in July, the government said on Wednesday. The deficit for January-July of 1.8% of expected gross domestic product fell from a deficit of 2.2% of GDP

Britain's top share index was higher by midday on Wednesday, helped by a pick-up in M&A talk and with investor sentiment buoyed by firm economic data from China. By 1104 GMT, the FTSE 100 was up 78.13 points, or 1.5%, at 5,303.35, after rising 0.5% on Tuesday. "(M&A talk) is certainly helping the market higher.

The Cyprus University of Technology (TEPAK) will host the 42nd annual conference of Money, Macro and Finance Research Group (MMF), a leading study group, in the southern coastal city of Limassol, between September 1 and 3. According to a TEPAK announcement, the MMF annual conference is considered to be the biggest gathering of scientists of

In Cyprus, the unemployment rate for July 2010 was 7.1%, up from 5.5% a year ago, according to figures published today by Eurostat. The unemployment rate in Cyprus, however, marked a small decrease, compared to June 2010 data, when the rate was 7.2%. Cyprus’ July 2010 rate is the eighth lowest among the EU 27

The Marfin Popular Bank’s core banking pre-provision profit rose by 44% to 143.8 million euro in the first half of 2010, according to the Bank’s financial results for the first half of 2010. A press release issued by the Marfin Popular Bank says that total revenues rose by 2%, while deposits increased by 1.4 billion

President Demetris Christofias and Turkish Cypriot leader Dervis Eroglu said after a dinner they had at the former’s holiday residence in Kellaki village, that they are not comrades but they can be very good friends. “Since we are working to reunite Cyprus in the framework of a bizonal, bicommunal federation, I think that it is

Etihad Airways, the Abu Dhabi-based national airline of the UAE, will introduce its first ‘all economy’ class aircraft into its fleet in October 2010. The two Airbus A320s will be configured to carry 162 economy class passengers, an increase of 42 from the current economy capacity. The all economy cabin aircraft will operate to short

The outlook for Denmark's banking system remains negative, although with an improving trend, reflecting the expectation that key fundamental drivers of credit quality will deteriorate further in the short to medium term, Moody's Investors Service said in a new Banking System Outlook. The rating agency said that the most recent macroeconomic data point to a