Asian stocks fell on Wednesday as poor U.S. corporate results and slumping commodity prices fanned worries of a protracted global economic slowdown. The U.S. dollar rose to a 20-month high against the euro as investors bet that central banks around the world will have to catch up to this year's deep interest rate cuts by
More
Stung by the first major protest by bazaar merchants since the fall of the Shah almost 30 years ago, Iran's government plans to put off a new value-added tax until after presidential elections, media reported on Tuesday. Traders in Tehran and other cities closed their shops earlier this month to protest the three percent value-added
More
Russia released a deputy finance minister on Tuesday pending his trial for embezzlement, a move that may show Finance Minister Alexei Kudrin has checked attempts to undermine his position. Kudrin, who has become the darling of investors by seeking to shield Russia's oil fund reserves from being squandered, hailed the decision, saying it showed justice
More
French President Nicolas Sarkozy said on Tuesday Europe should have its own sovereign wealth funds to take stakes in companies stricken by the global financial crisis and protect them from "predators". Sarkozy also vowed the European Union would work to enlist emerging Asian economic giants China and India, themselves potential investors in Europe via wealth
More
Equity prices on the Cyprus Stock Exchange (CSE) continued lower, touching near 3-year low levels as the barrage of sell orders originating on the banking titles from foreign fund managers showed no signs of abating. The General Index closed Tuesday at 1662.34 points, taking its weekly losses to 20% while since the beginning of the
More
Cyprus prepares to welcome the Middle East's Rallying elite for the Troodos Rally, the penultimate round of the FIA Middle East Rally Championship to take place on November 7-9 in Geroroskipou. The Cyprus Automobile Association (CAA), the organizers of the event, are entering the final stages of preparation for this exciting world-class sporting event, which
More
Health Minister Christos Patsalides announced that a new hospital specializing on radiation therapy and oncology will be set up in Limassol as well as a Transplant Centre will open at the Nicosia General Hospital. Patsalides said that the Oncology centre or Cancer hospital will be constructed in Limassol following a cabinet decision. He said all
More
The leaders of the two communities in Cyprus will meet on Wednesday, 22 October, in the UN protected area, the UN announced here Tuesday. “Greek Cypriot leader Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat will meet in the United Nations Protected Area of Nicosia (UNPA) on Wednesday 22 October 2008, starting at 10
More
Marfin Popular Bank Public Co Ltd said that it does not need nor does it intend to use any state aid of any nature, in a reference to the EUR 28 bln state-offered aid plan that Greece recently announced. In a press statement the bank added that other group members, Marfin Egnatia Bank and Investment
More
Oil eased on Tuesday, pressured by expectations that a global recession will crush demand for oil, which could limit the impact of any supply cuts by OPEC. U.S. light crude for November delivery was down $1.25 at $73.00 a barrel by 1155 GMT, after earlier hitting a session high of $75.69. The market hit a
More