Britain launched a second bank rescue plan on Monday and Royal Bank of Scotland recorded the biggest loss in UK corporate history, while a cut in Spain's credit rating caused fresh market wobbles. Announcing Britain's bank bailout, finance minister Alistair Darling said fourth-quarter GDP figures out on Friday would confirm the UK was in recession
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Russia let the rouble's value slide again for the sixth time this year on Monday and said it will overhaul the state budget to reflect the sharp fall in the price of oil, its main export. Prime Minister Vladimir Putin, whose high popularity ratings and chances of returning to the Kremlin as President in 2012
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CNP Marfin Insurance Holdings Ltd, the newly formed company as a result of the long-term partnership agreement between France’s leading insurance company, CNP Assurances and Marfin Popular Bank of Cyprus aims to take a 5.5-7% of the Greek insurance market while maintaining its dominant position in Cyprus. The terms of the agreement include the transfer
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European stocks eked out a small gain by midday on Monday, as drugmakers rose, but Royal Bank of Scotland slumped more than 40 percent after posting the biggest loss in British corporate history. At 1206 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 805.20 points. The index also rose
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Nearterm prospects for the UK economy remain grim and it will be a long route back to sustainable economic prosperity, according to an analysis by Citigroup. The UK government announced a range of measures aimed at improving credit supply. There are seven main elements says the Citi analysis: 1. Extend debt guarantee scheme for banks.
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Atlantic Insurance Company Public Ltd (ATL.CY) announced that all necessary approvals for the sale of 7,039,606 shares, or 18% of its capital that its major shareholders agreed to sell to Piraeus Bank (Cyprus) Ltd in September 2008 have been secured. The approvals allow Piraeus Bank (Cyprus) Ltd to acquire up to 25% plus 1 share
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Sharelink Securities & Financial Services Ltd, the financial services arm of SFS Group Pcl (SFS.CY) revealed that on January 13, 2009 it filed a complaint with the Police and on January 14 informed the Cyprus Securities and Exchange Commission that it suspended Georgios Falekos, an officer at the Group’s Wealth Management Unit, as soon as
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World stocks rose on Monday while government bonds fell after Britain launched a multi-billion rescue plan for its troubled banks and the incoming U.S. administration planned more measures to help the economy. The UK government will allow banks to insure against steep losses and guarantee their debt to stop the credit crunch pushing the economy
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Germany's Free Democrats (FDP) plan to use their sharp gains in a regional election on Sunday to push for changes to an economic stimulus package agreed by Chancellor Angela Merkel's coalition earlier this month. The FDP, which favours small government and free markets, was the big winner in an election in the western state of
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Citigroup said on Monday it is still committed to its Japanese brokerage and asset management units, denying media reports that the U.S. bank is actively looking to unload a major part of its Japanese business. Citigroup, which reported an $8.3 billion quarterly loss on Friday, said it plans to split into two units and shed
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