The European Central Bank has plenty of room to lower interest rates further even after last week's record 75 basis point cut, ECB policymakers said. Athanasios Orphanides, head of the Cyprus central bank and an ECB Governing Council member, said the euro zone economy was set for an extended downturn and inflation would keep falling.
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Hundreds of protesters clashed with police for a third day in several Greek cities in riots fuelled by growing economic hardship and triggered by the shooting of a teenager on Saturday night. Police chased rioters with tear gas in Thessaloniki and clashes were reported in Crete, Corfu and elsewhere, while in Athens 13 police stations
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Chinese and European leaders were due to plot their next steps on Monday to steer the world economy away from a precipice, while stimulus measures presented, planned or pending propelled stock markets higher. The U.S. Senate was set to reconvene as White House and Democratic congressional negotiators sought to agree a rescue package for the
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Oil rose above $43 a barrel on Monday, as a rebound in global equity markets and further evidence of supply cuts by top exporter Saudi Arabia helped the market break a six-session losing streak. The market had fallen 25 percent last week, its biggest weekly fall in nearly 18 years, depressed by the world economic
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Almost three-quarters of Britain's residential landlords expect rental arrears to rise in 2009 as recession threatens ability of tenants to pay rent, research from the National Landlords Association (NLA) showed on Monday. The research showed 71 per cent of landlords expect rent arrears to increase during 2009 compared with just 1 percent who said they
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The European Commission has adopted safety and quality measures for organ donation and a 10-point action plan to work with member states on strengthening organ donation and transplantation systems in Europe. There are currently 56,000 patients waiting for a suitable organ donor in the EU. It is estimated that every day 12 people die while
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The fundamental credit outlook for the Slovak banking system is stable, reflecting the rated banks' focus on traditional banking activities, their generally sound financial fundamentals and low risk appetite. The outlook is also underpinned by the operating environment, which has not deteriorated as rapidly as in some other Central and East European countries, and by
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Banks need to take a much broader view of investment risk as they dig their way out of the current financial crisis, and mortgage-backed securities need to become simpler and much more transparent, a senior U.S. Federal Reserve official said on Monday. "Not only do banks need to assess counterparty credit-worthiness and behavior on an
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Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered company's compensation committee is resisting his request, the Wall Street Journal said, citing people familiar with the situation. The compensation committee has not reached a decision, but is
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Cyprus and Britain signed on Monday a Memorandum of Understanding (MoU) in the fields of scientific research and development. The Memorandum was signed by Cyprus Minister of Education and Culture Andreas Demetriou and British High Commissioner to Cyprus Peter Millett. The Memorandum provides for the establishment of a joint committee composed of officials from the
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