The cost of purging bad bank debts from the world financial system is rising and it looks increasingly likely taxpayers will have to foot a large portion of a bill that could run into the trillions of dollars. The problem is two-fold: first there is the matter of either removing or limiting the losses from
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European shares pared losses on Monday after U.S. factory activity slowed less sharply in January with a key gauge of manufacturing improving for the first time since June, according to an industry report. At 1517 GMT, Europe's FTSEurofirst 300 was down 2 percent at 780.68 points after having traded as low as 769.01. The Institute
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The Russian rouble hit fresh lows versus a euro-dollar basket on Monday, coming within half a percent of the trading boundary where a showdown is expected between speculators and the central bank. Russia has spent some $200 billion, or a third of its reserves, keeping currency depreciation gradual in the face of low oil prices
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Dallas Federal Reserve President Richard Fisher warned on Monday against "Buy America" provisions in a proposed fiscal stimulus law and said it could lead to devastating protectionism. "Protectionism is the crack cocaine of economics," Fisher told C-Span television in an interview for its "Washington Journal" program. "It provides an immediate high that leads to economic
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U.S. consumers cut spending for a sixth straight month in December and their incomes shrank, according to a government report on Monday that underscored the rapid deterioration in the economy. The Commerce Department said spending decreased by 1.0 percent after falling by a revised 0.8 percent in November. That figure was previously reported as a
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A Cyprus Airways plane, with 114 people on board, has come off a taxiway at Heathrow Airport in London a few minutes after it had landed smoothly in bad weather conditions. Cyprus Airways spokesman Kyriakos Kyriakou has assured CNA that all 104 passengers and 10- member crew are safe and unharmed, noting that Cyprus Airways
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Speaker of the Chamber of Deputies of the Parliament of the Czech Republic Miroslav Vlcek has expressed his support to the efforts of the Republic of Cyprus to solve the Cyprus question on the basis of an agreement abiding by the UN relevant resolutions. In an interview with CNA, on the occasion of the official
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SFS Group Public (SFS) announced that it has asked the Cyprus Securities and Exchange Commission (CySEC) to review its decision ordering the suspension of the operational license of Sharelink Securities & Financial Services Ltd. In an official announcement, SFS says the CySEC decided to be very strict in a case where the Company itself reported
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The Extraordinary General Meeting of Aspis Holdings Public Company Ltd (ASP) held on January 30, 2009 approved the special resolutions increasing the Company's nominal capital from 158 mln shares of nominal value EUR 0.68 each and the issue of up to 12,8 mln new shares at the price of EUR0.68 each to the shareholders who
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World stocks hit a one-week low and the euro set a two-month trough against the dollar on Monday as jitters intensified about poor economic data and falling corporate profits in a rapidly slowing global economy. A closely-watched euro zone survey showed the region's manufacturing business shrank again albeit at a slower pace in January while
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