By Lesley Wroughton (Reuters) As world leaders meet this weekend to shore up the global financial system, one of its original architects says the 64-year-old system is not the problem. Jacques Polak, the last known surviving delegate to the Bretton Woods conference in 1944, said inadequate supervision of banks — not the financial system itself
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Asian shares fell for a second day on Wednesday and oil prices hovered near a 20-month low as poor corporate earnings highlighted the damage from the global economic slowdown on companies and consumers. The yen surrendered gains as Asian markets held up better than Wall Street, with Japan's Nikkei average dipping 1.3 percent on the
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The Republic of Cyprus and the Russian Federation have signed a Protocol on Economic Cooperation to further existing ties of friendship between the two countries and to enhance cooperation in the finance, trade, industry, tourism, transport, health and education sectors. The Protocol was signed by the Cyprus Minister of Finance Charilaos Stavrakis and the Russia
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President of the House of Representatives Marios Karoyian arrived this morning in Yerevan for a two-day official visit to Armenia, at the invitation of the President of the National Assembly of the Republic of Armenia Hovik Abrahamyan. The Cypriot official will be received by Armenian President Serzh Sargsyan and Prime Minister Tigran Sargsyan. He will
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Cyprus Minister of Commerce, Industry and Tourism Antonis Paschalides, the Cyprus Tourism Organisation, the Cyprus Hoteliers Association and other tourist organisations believe that the impact on the tourist industry from the world economic crisis, with regard to arrivals to Cyprus from Britain, will be limited to the minimum. In statements after contacts the Minister and
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By Patrick Lannin and David Mardiste (Reuters) Latvia's rescue of its second-largest bank shows global turmoil has finally hit the Baltic region, but the pain is just beginning for the three former high-flying nations as a painful recession awaits. As the countries' currency pegs again come under the spotlight, the authorities are expected to hang
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By Caren Bohan (Reuters) President-elect Barack Obama is steering clear of this weekend's emergency global financial summit in Washington, a decision that gives him distance from his unpopular predecessor's policies and avoids any appearance of upstaging the current president. "He wants to start with a clean slate," said Ross Baker, a political analyst at Rutgers
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The Bank of England is likely to signal on Wednesday that Britain's economy has entered such a painful recession that there is a greater danger of too little inflation than too much. Since the central bank's last forecasting round in August, the economy has taken a decided turn for the worse. Unemployment has shot up,
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Marfin Popular Bank announced that it is delaying the planned increase in its Base rate until end of December 2008. Furthermore, the bank announced that effective November 12, 2008, it will reduce the borrowing costs on all loans tied to the ECB base rate by 0.5%, in addition to the most recent reduction of 0.5%
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The annual consumer price inflation rate in Cyprus fell for the third consecutive month in October, as the price of petroleum products continued to fall. The consumer price inflation rate reached 5.24% in October, compared with 5.33% in September and a peak of 5.62% in July. Compared with the previous month consumer price index for
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