Russia will reduce the share of U.S. treasuries in its forex reserves, the world's third-largest, a senior central bank official said on Wednesday, driving the dollar broadly lower. Russia holds about 30 percent of the reserves, worth $404.2 billion, in treasuries. Central bank First Deputy Chairman Alexei Ulyukayev said it would buy bonds issued by
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British industrial output rose for the first time in over a year in April after a jump in oil and pharmaceuticals production, raising the prospect that the economy could already be out of recession. But policymakers have urged caution on getting carried away with expectations of a strong recovery, especially because banks remain reluctant to
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The European Commission adopted two communications analysing the EU's work on justice and internal affairs in recent years and setting out its priorities for the future. Ordinary citizens should be at the heart of the future Stockholm Programme, to be debated by the European Parliament and adopted by the European Council before the end of
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Eurobank EFG has become the fifth largest bank in Cyprus based on Central Bank data according to the Bank’s General Manager in Cyprus, Michalis Louis. Speaking at a press conference to mark the Bank’s second anniversary in Cyprus, Louis and Eurobank EFG Group CEO Nikolaos Nanopoulos said the Group intends to expand the number of
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Consumer spending through use of plastic money fell 4% year-on-year to EUR 142.8 mln in May 2009 according to the credit card clearing consortium, JCC Payments Systems. (Full report available in print edition of Financial Mirror and also available online to subscribers in PDF format)
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VAT receipts, which constitute the biggest component of indirect taxes fell 6.5% to EUR 716 mln in the first five months of the year, a clear indication of a weakening private consumption demand forcing overall indirect tax receipts to decline by 17.8% year-on-year. (Full report available in print edition of Financial Mirror and also available
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British interest rates could stay low for some time and it is still not clear whether the pick-up in the economy will prove durable, Bank of England policymaker Kate Barker was quoted as saying on Wednesday. "Our present view is that we think rates could stay low for quite some time," she was quoted as
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Japanese machinery orders unexpectedly fell in April and French industrial output dropped too, data showed on Wednesday, suggesting world economies have more choppy waters to navigate before heading into recovery. Global economic data has improved in recent weeks from a nadir in March, partly spurred by trillions of dollars of government stimulus, and stock markets
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European stocks rose in early trade on Wednesday, with banks leading on news that top U.S. banks have been cleared to repay state aid and oil majors boosted by a jump in crude oil above $71 a barrel. At 0814 GMT, the FTSEurofirst 300 index of top European shares was up 1.6 percent at 883.58
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European Union leaders will call at a summit next week for rapid progress on agreeing and implementing new financial regulations to prevent another global economic crisis, a draft summit declaration showed on Wednesday. The draft, prepared for the June 18-19 EU summit or Council in Brussels, showed the EU leaders would approve the creation of
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