Japan's policies for tackling its economic woes amount to a band-aid, the main opposition party's policy chief said on Wednesday, arguing reallocating public resources could revive the economy without costing more. With the global financial crisis sending the economy deeper into recession, Prime Minister Taro Aso's support has dwindled to near 20 percent, boosting the
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American International Group, once the world's largest insurer, owes around $10 billion to other financial services firms for trades that have gone sour, the Wall Street Journal reported in its online edition on Tuesday. The report, citing people familiar with the matter, says the trades have not been explicitly disclosed before, and are not covered
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Greece’s Panathinaikos FC has brought an end to Anorthosis Famagusta FC's remarkable European campaign, clinching a place in the UEFA Champions League knockout stage for the first time in seven years. A second-half strike from Giorgos Karagounis was enough to seal a remarkable turnaround for the Greek side, ending the match with 1-0 and managing
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Cyprus Airways flights to Greek destinations have been cancelled due to the 24 hour general strike across Greece on Wednesday. Spokesman for the national carrier, Kyriakos Kyriakou told CNA today that extra flights have been scheduled from midnight tonight to serve the passengers who were affected by today’s strike. A total of 12 flights to
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Cyprus' bid to be established as a financial services centre has gained a new momentum after the signing of a Memorandum of Understanding (ΜοU) between the Cyprus Securities and Exchange Commission (CySec) and the Federal Financial Markets Service of Russia, CySec Chairman Giorgos Charalambous has said. The MoU was signed in Moscow by the Chairman
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President of the Republic of Cyprus, Demetris Christofias, departs today for Brussels to participate in the European Council. The EU -27 heads of state and government will mainly discuss the world financial crisis. President of the European Commission Manuel Barroso has said that the EU Council will address three major issues: the economic recovery, climate
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Greece's two largest union federations held a nationwide general strike on Wednesday in protest at the conservative government's policies, as anger at economic hardships fuelled the worst riots in decades. Here is a selection of implemented reforms and measures Greece's conservatives have taken: PENSIONS: Despite fierce union opposition, parliament approved in March an overhaul of
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Hopes that governments worldwide will help out ailing industries and implement stimulus measures to fight against a deepening economic crisis lifted global stocks on Wednesday although Europe was weak. European shares were about a half a percent higher lower in choppy, early trading but Japan's Nikkei average rose 3.2 percent to a one-month closing high.
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Prime Minister Yulia Tymoshenko on Wednesday pronounced Ukraine's political crisis over and vowed to bring in "new people" to a strengthened government team to tackle the effects of the world financial crisis in the country. Tymoshenko was addressing ministers a day after the creation of a new governing coalition rooted in the 2004 pro-Western "Orange
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European shares fell early on Wednesday after two days of gains, led lower by banks and oils and tracking U.S. markets hit by company profit warnings, though Rio Tinto jumped on its plans to cut jobs and spending. At 0940 GMT, the FTSEurofirst 300 index of top European shares was down 0.6 percent at 854.61
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