By Nerijus Adomaitis and Patrick Lannin Populations in the EU's recession-hit Baltic states look increasingly concerned about the durability of currency pegs that authorities still see as a cornerstone of their attempts to recover in months ahead. The IMF allowed Latvia to keep its peg in a bailout last year, but doubts among economists are
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Turkish Cypriot authorities threatened on Friday to seize a media group in Cyprus belonging to fugitive businessman Asil Nadir over unpaid taxes. Turkish Cypriot officials said Nadir, who fled Britain in 1993, owed millions in taxes to the breakaway statelet in north Cyprus. Press reports said sequestration papers would be served later on Friday unless
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Japan and China on Friday backed government spending as the top priority in attempts to counter the global economic crisis, ahead of a G20 meeting where the United States and Europe are split over the need for more aggressive stimulus. Finance ministers from the group of leading powers will also discuss European demands for tougher
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World stocks were on track on Friday for one of their largest weekly gains in 20 years, propelled by growing confidence in the recovery of the U.S. banking system. Wall Street looked set to open with hefty gains and government bonds sold off. The Swiss franc steadied, a day after the Swiss National Bank knocked
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Apple will hold an event next Tuesday to preview new software for the iPhone, the company said. Apple said in an email invitation on Thursday that it will provide a "sneak peek" at the iPhone 3.0 software, along with information about the new software kit that third-party vendors use to create applications for the device.
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Stock index futures pointed to a fourth straight day of gains on Friday after Citigroup (C.N) said it did not need any more government capital infusions, bolstering investor optimism that banks might be seeing some stabilization. Before the bell, shares of Citigroup jumped nearly 14 percent to $1.90 after Chairman Richard Parsons told Reuters the
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The London Pension Fund Authority (LPFA), one of the UK's largest local authority schemes, is preparing to resume stock lending in the next few days after suspending it last September. The move indicates pension funds are now willing to lend stocks to short sellers after the Financial Services Authority lifted its short-selling ban on Jan.
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The Cyprus Rally kicks off today with 14 special routes of an overall length of 332.07 kilometers. After two years of participating in the Middle East Rally Championship (MERC), this year the Cyprus Rally will again be part of the World Rally Championship (WRC), as Round 3 of the WRC Calendar. For the first time,
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World stocks were on track on Friday for one of their largest weekly gains in 20 years, propelled by growing confidence in the recovery of the U.S. banking system. The Swiss franc fell sharply, a day after the Swiss National Bank intervened to weaken the currency to make it more competitive, a move that triggered
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Switzerland, Austria and Luxembourg all sought ways on Friday to fend off a global crackdown on tax evasion by offering concessions on bank secrecy. Andorra and Liechtenstein relaxed their strict bank secrecy rules on Thursday ahead of a meeting starting on Friday of finance ministers from the G20 group of developed and emerging countries that
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