Marfin Popular Bank and MIG issued a statement insisting that they are not affected by developments occurring in Dubai. Due to a number of articles regarding the ownership of shares of our Marfin Popular Bank by “Dubai Financial Group”, the Group said: 1. Marfin Popular Bank has not provided any credit facility, financing or loan
More
Moody's Investors Service has downgraded the ratings of three Romanian commercial banks in light of its global review of systemic support indicators for the country's banking system, and also because of the asset quality challenges faced by Romanian banks in the currently difficult operating environment. The affected banks are Banca Comerciala Romana SA (Erste Group),
More
The yen hit its highest level in 14 years on the dollar on Friday and also jumped against the Australian dollar and higher-yielding currencies, with investors unwinding risk trades as stocks fell on concerns about debt problems in Dubai. The yen climbed following declines in European share markets on Thursday, when U.S. markets were on
More
Americans headed to department stores in droves in the dead of night on Friday to kick off the holiday shopping season, though many said they had pared back how much they would spend on family members and on themselves. Black Friday, the day after U.S. Thanksgiving, is often the single busiest shopping day of the
More
Japan's finance minister raised the prospect of a Group of Seven joint statement on currencies to cool the yen's rally as the dollar tumbled to a 14-year low against the yen on Friday. In a sign Tokyo was stepping up its warnings of the chance of currency intervention, market sources said the government and the
More
Japan's Nikkei slid 3.2 percent to hit a 4-month closing low on Friday for a fifth straight week of losses, hurt after the yen touched a 14-year high against the dollar and debt problems surfaced in Dubai. Honda Motor Co and other exporters skidded on the stronger yen, while Japan's top bank Mitsubishi UFJ Financial
More
Lloyds Banking Group investors on Thursday overwhelmingly approved the bank's record rights issue but gave executives a grilling for mistakes made during the financial crisis. Lloyds also said at a meeting of shareholders that it had a "modest" exposure to Dubai World, a company at the centre of worries about debt problems in Dubai, but
More
Debt problems in Dubai hit financial markets across the board on Thursday, sinking global stocks, helping lift safe-haven bonds and taking the dollar up from a 14-year low against the yen. Gold climbed to a new record high but fell back as the dollar rose. Banking stocks came under pressure because of potential exposure to
More
The owners of a Greek ship hijacked more than six months ago off the coast of Somalia denied on Thursday it had been released by Somali pirates. Pirates in the Somali coastal town of Haradheere said earlier on Thursday they had released the Maltese-flagged Ariana after agreeing a ransom. "It is not true. The ship
More
The European Commission adopted Thursday a financial package of 275 million euro to support programmes to eradicate, control and monitor animal diseases in 2010. Cyprus will receive 8,2 million euro to combat scrapie of sheep and additional 320.000 euro for the control of animal diseases. The 224 annual or multi-annual programmes which were selected for
More