President of the Republic of Cyprus Demetris Christofias has convened a meeting on Friday to discuss in detail the support plan of the economy which is being drawn up by the government in order to tackle the possible repercussions caused by the global financial crisis. The meeting was announced here Monday by the Minister of
More
Cyprus House President Marios Garoyian expressed his satisfaction for the cooperation between the parliaments of Cyprus and Armenia, in the framework of international organizations, assuring that Cyprus wants to contribute to the promotion of the visions and strategy planning of Armenia, playing a bridging role between its European partners and the states which are friendly
More
Oil fell more than 4 percent to below $57 a barrel on Wednesday, its lowest level for 20 months, on expectations of weaker energy demand and as global stock markets headed downwards. The fall in oil prices prompted OPEC officials to say they might decide to cut oil production further in an attempt to adjust
More
Treasury Secretary Henry Paulson on Wednesday said he was backing away from buying troubled mortgage assets using a $700 billion bailout fund, instead favoring a second round of capital injections into financial institutions that would match private funds. Paulson, in an update on the Treasury's financial rescue efforts, said his staff has continued to examine
More
Stocks extended losses on Wednesday after Treasury Secretary Henry Paulson said his department would consider capital needs of non-bank financial institutions, renewing concerns about the scope of problems in the U.S. economy. The Dow Jones industrial average was down 294.94 points, or 3.39 percent, at 8,399.02. The Standard & Poor's 500 Index was down 30.39
More
Bank of England Governor Mervyn King sounded unapologetic on Wednesday even as the Bank made its biggest revision to its economic forecasts since it was made independent in 1997. Although one of the Bank's own policymakers, David Blanchflower, predicted Britain would fall into recession as far back as the spring, King said the events of
More
Russia and China have suspended talks over $25 billion in loans to Russian oil companies due to disagreements over interest rates and state guarantees, two Russian sources close to the talks told Reuters on Wednesday. China was discussing lending Russian state oil major Rosneft and pipeline monopoly Transneft up to $25 billion in loans as
More
Google Inc will defend or even grow advertising market share as global spending shrinks in the downturn because its "efficient" model is suited to hard times, Chief Technology Advocate Michael T. Jones told Reuters. Google is the world's dominant player in Internet search advertising, and financial analysts expect it to feel the pinch as slower
More
YouTube will venture into webcasting later this month, in an effort to take the video sharing Web site's popularity to a new level by showcasing the talent behind its most viewed videos. The site, owned by search giant Google Inc., has matured from Web start-up and video fad to a site with loyal fans. But
More
Cyprus' main commercial banks have announced a 0.5% reduction on all loans connected to the European Central Bank's base rate. The decision by Bank of Cyprus, Marfin Laiki Banka and Hellenic Bank came a day before a scheduled meeting between Finance Minister Charilaos Stavrakis with the heads of the local commercial banks and follows increasing
More