The European Central Bank fears another banking crisis in 2010 if the recession drags on, said ECB financial stability expert Dejan Krusec on Wednesday, cited on the website of the Daily Telegraph. If there is a quick 'V-shaped' recovery the banks would be strong enough to weather the downturn, he said. "If this is 'U-shaped',
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The chairman of the largest party in Latvia's five-party ruling coalition said on Thursday his party would back harsh spending cuts to win more International Monetary Fund (IMF) and European Union (EU) lending. Latvia plans to slash spending by 500 million lats ($1.01 billion) this year, including cuts in the minimum wage and public sector
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Gaping U.S. trade and budget deficits and a weak auction of government debt that pushed interest rates higher pointed to a bumpy road to recovery for the world's largest economy on Wednesday. A Federal Reserve report noting businesses see some signs of moderation in the contraction, even though conditions were weak or deteriorated further in
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By Wendell Marsh Wall Street may be losing its luster for new U.S. college graduates who are increasingly looking to the government for jobs that enrich their social conscience, if not their wallet. In the boom years, New York's financial center lured many of the brightest young stars with the promise of high salaries and
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Commodity-related stocks in Asia and the Australian dollar rose for a third straight day on Thursday as oil prices extended gains, keeping a rising trend in raw materials prices intact. U.S. Treasuries edged higher, after the benchmark 10-year yield advanced to 4 percent overnight, the highest since Oct 16, on concern about how expensive it
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Cyprus’ Permanent Representative to the UN, Ambassador Minas Hadjimichael, in a letter dated 4th June 2009 to the UN Secretary General, protested over a new incident of violation of Cyprus’s sovereignty and territorial integrity, as well as its air and maritime space, by Turkey. Cyprus’ Permanent Representative notes in his letter that on 27 May
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Cyprus and Romania signed a Protocol of Cooperation, aiming inter alia at further promoting bilateral relations in the financial and trade sectors. The Protocol was signed after the conclusion of the 13th Meeting of the Joint Cyprus-Romania Committee by Director General of the Planning Bureau Andreas Moleskis, who headed the Cypriot delegation, and Romanian Minister
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Bank of Cyprus announces that the issue of up to EUR645.327.822 Convertible Capital Securities has been oversubscribed with total subscriptions amounting to EUR 659 mln. Subscriptions were received from Eligible Shareholders (with priority right on the basis of EUR 11 Convertible Capital Securities for every 10 shares held as at 12 May 2009) as well
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President of the Cyprus Chamber of Commerce and Industry (KEVE) Manthos Mavrommatis has announced that the Cyprus-Russia Business Association and the Ministry of Commerce, Industry and Tourism are organising a mission to Moscow and Sotsi from June 16 to 20. Mavrommatis told a press conference that 25 companies would be participating in the delegation, mainly
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Falling U.S. inventories drove oil to a seven-month high above $71 a barrel on Wednesday, while dollar weakness and sentiment the economy has begun to stabilise also spurred industrial metals higher. The U.S. currency's pullback helped gold get back above $960 an ounce, with future inflationary concerns also factored into the price. Copper hit a
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