By Joseph A. Giannone Goldman Sachs Group Inc, Morgan Stanley, JPMorgan Chase & Co and several other big U.S. banks said they were in a position to quickly repay Treasury capital injections after regulators released bank stress test results. Officials assessed the financial strength of 19 financial institutions to see how much capital they would
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China's vice premier Wang Qishan said the global financial crisis is spreading and the economy will get worse before it gets better, in a written article in the Financial Times on Friday. He said financial stability would be aided by keeping exchange rates of major currencies stable through exchange rate policy coordination. He also rejected
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Part-nationalised lender Royal Bank of Scotland fell to a small first-quarter loss after bad debts quadrupled and it took another 2.1 billion pound ($3.2 billion) writedown on risky assets. Britain's second biggest by market value, now 70 percent owned by the government, reported a first-quarter loss of 44 million pounds, compared with a 479 million
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Asian shares dipped and the safe-yen haven yen edged up on Friday in a muted reaction to U.S. bank stress results that provided no real surprises, with investors turning cautious ahead of U.S. employment data later in the day. Also weighing on sentiment was a weak auction of 30-year U.S. Treasury bonds on Thursday, which
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U.S. regulators told top banks on Thursday to raise $74.6 billion to build a capital cushion officials hope will restore faith in financial firms and set a course out of the deepest recession in decades. Within minutes of release of the bank "stress test" results, which showed smaller capital needs than once feared, several of
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The EU summit in Prague for the Eastern Partnership, aiming at strengthening ties between the EU and six Eastern Europe countries, namely Ukraine, Belarus, Moldavia, Armenia, Georgia and Azerbaijan, wrapped up its works on Thursday. Cyprus was represented at the meeting by Minister of Foreign Affairs Marcos Kyprianou, who told CNA after the summit that
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President of the House of Representatives Marios Garoyian has said that, despite the sincere political will and the constructive initiatives on behalf of the Greek Cypriot side, no substantive progress has been achieved so far at the negotiating table on the Cyprus issue. Garoyian, who held a meeting on Thursday with his Maltese counterpart Louis
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Minister of Finance Charilaos Stavrakis has said that Cyprus is satisfied with the progress achieved so far regarding negotiations between Cyprus and Qatar for an investment in Nicosia on behalf of the Arab Gulf country. Stavrakis, who is currently in Qatar accompanying Cypriot President Demetris Christofias during his official visit there, held a meeting Thursday
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The total sales of petroleum products in March 2009 recorded an increase of 9.8% compared to the previous month, according to the Statistical Service. A significant increase was recorded in the sales of aviation kerosene, gasoil, gasoil low sulphur and unleaded motor gasoline. However, the provisions of gasoil to ships showed a decrease. The total
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European equities turned negative in afternoon trade on Thursday, tracking a fall in U.S. stocks, with weaker drugmakers and insurers weighing on the market. By 1427 GMT, the pan-European FTSEurofirst 300 index was down 0.4 percent at 855.22 points after rising as high as 878.08 points. Drugmaker Novo Nordisk fell 2.9 percent, Shire was down
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