Treasury Secretary Timothy Geithner said without government backing for the housing finance system, future economic downturns could be harsher, when discussing the future of Fannie Mae and Freddie Mac. The two mortgage giants were essentially nationalized at the peak of the crisis in 2008 to avoid losses and stem the credit contagion. So far, they've
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The Cyprus government is preparing its 2011 State Budget, which will be focused in reducing the fiscal deficit by EUR 300mln to 4.25% of GDP, through spending cuts, higher taxes and the gradual recovery of the economy. The Ministry’s of Finance basic scenario for the 2011 State Budget is that the economy will grow by
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Cypriot Banks have tightened the criteria for granting loans to businesses and households in the second quarter of 2010, in comparison with the first quarter of the year, according to the Bank Lending Survey, released by the Central Bank of Cyprus. The survey indicates that the demand for loans from businesses during the second quarter
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Cypriot tennis player Marcos Baghdatis beat Thomaz Belucci 2-1 set in the second round of the Cincinnati Masters Tournament, and qualified for the third round. Baghdatis won the first set 6-2, lost the second 6-4 and won the third 7-6 in a tie break. In the third round, he will be playing against Tomas Berdych,
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U.S. housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, pointing to a weak economic recovery. The Commerce Department said on Tuesday housing starts rose 1.7% to a seasonally adjusted annual rate of 546,000 units.
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Greece's largest lender National Bank raised its 75% stake in Macedonia's Stopanska Banka on Tuesday, buying an additional 20% on the Skopje stock exchange, an NBG official said. "The additional shares were bought today from the European Bank for Reconstruction and Development (EBRD) and the IFC," said the official who did not want to be
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British airport operator BAA offered ground staff a 2% pay rise plus a one-off payment of at least 500 pounds ($781), averting strikes which had threatened to close major UK airports, the Unite union said. Unite said on Tuesday it would recommend its members at BAA — which include security staff, firemen and engineers —
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After many weeks of intense negotiations, Irish low cost airline Ryanair has agreed to include Larnaca in its destinations. The decision was taken on Monday evening and Hermes Airports has already been informed. Invited to comment, Hermes Airports spokesman Adamos Aspris confirmed the decision, describing it as a “very important development”. He said Ryanair’s presence
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British consumer price inflation slowed in July but as expected remained above 3%, forcing a third open letter from the Bank of England this year to explain why inflation is still above target. The Office for National Statistics said that the annual CPI rate slowed to 3.1% from June's 3.2%. That was the lowest since
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Asda, Britain's No. 2 grocer, said the outlook to the end of 2010 remains challenging with UK families facing the lowest amount of disposable income in the final quarter for two years. Ahead of the publication of second-quarter sales on Tuesday, Asda, owned by U.S. retailer Wal-Mart Stores, said research carried out on its behalf
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