Europe and Latin America Department Director of the UN Peace Operations Department David Harland and the official responsible for Cyprus at the same UN Department are paying a visit to Cyprus this week to look into the contingency planning that needs to be made as regards UNFICYP structure after the settlement of the Cyprus problem.
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The European Commission has approved under European Community Treaty state aid rules a Cypriot scheme using special government bonds to reinforce stability in financial markets and mitigate the effects of the crisis. In particular, according to an announcement issued Thursday by the Commission, the measure is limited in time and scope, requires adequate remuneration and
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Britain's top share index closed 1 percent down on Thursday, coming off earlier lows, as weaker crude and metals weighed on energy stocks and miners. The FTSE 100 ended 50.49 points lower at 5,207.36, having come off earlier lows of 5,166.46 but struggling around the 5,200 level. "All stock markets are looking like they have
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Britain's banks are batting back accusations they have already forgotten the financial crisis that struck last year, insisting they are revamping and bracing for a "very different" future. In the first of a series of documents detailing the changes adopted by the industry and ongoing reforms, the British Bankers Association (BBA) trade body urged regulators
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Moody's Investors Service downgraded Thursday the long-term global local currency (GLC) deposit ratings of two Armenian banks — ACBA-Credit Agricole and Ardshininvestbank — to Ba2 from Ba1. The outlook on all ratings of both banks is now stable. Like most governments, the Armenian authorities are at least as (if not more) likely to support their
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The sharp reduction in light vehicle production in the global automotive industry has started to moderate and very modest growth trends may be starting to emerge, Moody's Investors Service said in a six-month update of its Industry Outlook. The trend toward a firming of business fundamentals among automotive manufacturers accounts for Moody's recent change in
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AT&T Inc reported stronger-than-expected third quarter profit as the wildly popular iPhone helped it land a record number of new wireless customers for the period, sending its shares up 3.7 percent. Some investors have worried about AT&T's increasing dependency on Apple Inc's (AAPL.O) iPhone for growth, but at least for now the phone is paying big
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The number of U.S. workers filing new claims for unemployment benefits rose more than expected last week, data showed on Thursday, indicating the labor market remains fragile despite signs of economic revival. Initial claims for state jobless insurance increased 11,000 to a seasonally adjusted 531,000 in the week ended October 17 from a revised 520,000
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Asian shares rose on Friday as investors were encouraged by upbeat earnings reports from the United States and Asia while the dollar resumed a broad slide after a Fed official indicated U.S. rates would remain low. European stock futures gained 1 percent while U.S. equity futures edged up 0.2 percent. The British pound hit its
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Moody's Investors Service explains in a new Special Comment that the financial crisis and the resulting macroeconomic shock have exerted pressure on the compliance of banks with debt covenants. The breaching of covenants can trigger early debt repayments and thus weaken banks' liquidity positions. Under a worst-case scenario, this could lead to default. However, refinements
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