The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said. Eight financial companies — Citigroup Inc, Morgan Stanley, Goldman Sachs Group Inc, Wells Fargo & Co, JPMorgan Chase & Co, American
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Cyprus President Demetris Christofias concluded his official visit to Moscow (Thursday), having signed yesterday a joint declaration with the President of the Russian Federation Dmitry Medvedev to develop further bilateral ties and cooperation. On Thursday morning President Christofias will be declared a distinguished honoured doctorate holder by the University of International Relations of the Ministry
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Bank of Cyprus (BOC) and Russia's Uniastrum Bank signed a Memorandum of Cooperation with a view to promote a Small and Medium Enterprises (SMEs) lending programme in Russia. A press release issued by BOC notes that the Memorandum was singed in the Kremlin, at the presence of Russian President Demetry Medvedev and Cyprus President Demetris
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Cyprus Securities and Exchange Commission and Federal Financial Markets Service of Russia signed today a Memorandum of Understanding and Cooperation. A press release issued here today, notes that the Memorandum was signed in Moscow by the President of the Cypriot Commission Georgios Charalambous and his Russian counterpart Vladimir Milovidov, in the presence of the Russian
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By Brett Young (Reuters) On a quiet Sunday in the "Lazy Town" warehouse, the man many of the world's children know as Sportacus was working up some optimism for Iceland. "The Icelandic people will have to take huge cuts in terms of salary, housing and lifestyle," said entrepreneur Magnus Scheving — the brains and considerable
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By Jim Finkle and Scott Malone (Reuters) Wall Street's pain is rippling through U.S. small businesses, as bankers who once pulled in million-dollar bonuses lose their jobs and cut back spending on everything from parties to home improvements. Among those hit is Felice Pomeranz, a Boston-based harpist who has weathered two major recessions in 26
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A rout in Asia pushed world stocks to their lowest in 5-½ years on Thursday, while oil fell to below $53 a barrel and safe havens such as the yen gained as economic data indicated a global recession could get even uglier. Central banks may respond with another wave of rate cuts. The U.S. Treasury
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Japan's Nikkei share average fell 4.3 percent on Thursday to a three-week low, with Canon Inc and other exporters battered by a stronger yen and fears that the financial crisis will hurt corporate earnings. Concern that the deteriorating global economy is biting into Japan's economy intensified after the nation's exports logged their biggest annual decline
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Capital Intelligence has downgraded Latvia’s long-term foreign currency rating to ‘BBB-‘ from ‘BBB+’ and its long-term local currency rating to ‘BBB’ from ‘A-‘. The agency has also lowered the sovereign’s short-term foreign and local currency ratings to ‘A3’ from ‘A2’. The outlook remains negative. The downgrade reflects the expected deterioration in the public finances arising
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Construction starts on new U.S. homes fell to a record low in October, as did new applications for building permits, data showed on Wednesday, signaling that the national housing downturn may extend well into the future. The Commerce Department said housing starts fell 4.5 percent to a seasonally adjusted annual rate of 791,000 units from
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