The legislation guaranteeing bank deposits up to EUR 100,000 has cleared the last hurdle and after approval by the Cyprus Cabinet this week will be tabled before parliament for urgent passage. Under the proposed bill, the guarantee on all bank deposits placed with Cyprus banks will be increased from EUR 20,000 to EUR 100,000 indefinitely,
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Investors around the world are bracing for a volatile session on Thursday as the European Central Bank meets to decide on interest rates and whether or not it will proceed with quantitative measures, followed later in the day by the announcement of the results of the Stress Tests carried on 19 US banks. ECB President
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European shares rose for a sixth straight session on Wednesday to trade around their highest in nearly four months, led by financials, as a slew of encouraging corporate results indicated the recession was easing. Investors ignored reports that Bank of America may need as much as $34 bln in fresh capital, and looked at BNP
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The Boston Globe's biggest union reached a tentative accord early on Wednesday with owner New York Times Co to secure the money-losing newspaper's survival after a month of intense negotiations. The Boston Newspaper Guild, the lone hold-out of seven unions on a cost-cutting deal, agreed to a substantial pay cut, unpaid furloughs and changes in
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Turkish Cypriots spent EUR 5.1 mln using credit and debit cards in the southern part of Cyprus during the first three months of the year, according to data from the credit card company JCC. In April alone, they spent EUR 1.3 mln, compared with EUR 1.2 mln in March. The most popular item in the
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Credit card spending fell in the first four months of 2009 according to data from the credit card company JCC. Local plastic card use by Cyprus residents fell by 1% to EUR 602,847,795 (EUR 603 mln) in the January-April, having risen by 16% for the whole of 2008. However, one glimmer of hope was that
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Britain's top shares closed 2.2 percent higher on Tuesday led by strength in banks and commodity shares but finished below a four-month peak hit early on as Wall Street ran into some profit-taking. At the close the FTSE 100 was 93.72 points firmer at 4,336.94, catching up with gains made by its continental European and
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Bank of Cyprus is leading a major a recovery in Cyprus stocks, pushing the CSE index to an 18-week high, with analysts baffled at why Cyprus banking shares are racing higher at a time when European and major market advances have stabilised, ended or even reversed. Bank of Cyprus (BOCY) closed yesterday at EUR 3.35,
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The U.S. economy will begin to turn up later this year provided the financial sector continues to mend, although unemployment will remain high for a while, Federal Reserve Chairman Ben Bernanke said on Tuesday. In testimony prepared for delivery to a congressional committee, Bernanke sounded more confident that a recovery was at hand than he
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European shares were at their highest levels in nearly four months by midday on Tuesday with financials the top gainers on hopes that U.S. government stress tests on banks would reveal only modest capital shortfalls. At 1037 GMT the pan-European FTSEurofirst 300 index was up 1.1 percent at 852.09 points. The index is up 32
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