British Minister for Europe Caroline Flint has said that the negotiations to solve the Cyprus problem will not be easy, noting that to reach a solution both sides will need to continue to be flexible, imaginative and prepared to embrace compromise. In an article about her recent visit to Cyprus, Flint notes that Cypriots should
More
The global financial crisis shifted gears on Thursday with fears of recession battering financial markets even as governments sought yet more action to pull the world economy from the brink of collapse. European Union leaders, meeting in Brussels, were to call for action to combat economic decline, including support for industry, according to a summit
More
A warning of tough times ahead by Fed Chairman Ben Bernanke sent global markets sharply lower, with Tokyo shares tumbling 10 percent on Thursday, as investors brace for looming recession. Shrugging-off recent optimism about massive government efforts to prop up the global financial system, investors fled from stocks, commodities and other risky assets to the
More
BRUSSELS, Oct 16 (Reuters) – European Union leaders were set to express their solidarity with Iceland on Thursday and say it needs the support of the international community to overcome its severe financial meltdown, a draft statement showed. The draft, due to be approved by leaders at the final session of a two-day summit said:
More
Japan's Nikkei share average tumbled almost 10 percent and oil prices dropped to a one-year low on Thursday after downbeat U.S. economic data spread fears of a more protracted and sharp global slowdown than initially expected. Optimism about the stabilisation in money markets has been swept aside and widespread selling of global equities has resumed
More
Switzerland's two largest banks will receive emergency funding from the country's government and other investors to shore them up against the financial crisis, they said on Thursday. The Swiss government will give UBS, the country's largest bank, a capital injection of 6 billion Swiss francs ($5.3 billion) in the form of mandatory convertible notes. Switzerland's
More
Irish banks will have to stump up a substantial sum of cash to be covered under the country's guarantee scheme, Finance Minister Brian Lenihan said on Wednesday. The Irish scheme had initially guaranteed 400 billion euros ($546 billion) in liabilities for six Irish-owned banks, but the European Commission approved on Monday a revised 485 billion
More
Greece pledged up to EUR28 bln or 11.4% of its gross domestic product (GDP) to help its banks deal with the credit crunch and limit the impact on the real economy, the country's finance minister said. "With a combination of state guarantees, state participation and increased liquidity that can reach EUR28 bln we will help
More
European shares slipped on Wednesday, ending a two-day rally, as positive market sentiment following bold government moves to stem the financial sector meltdown evaporated and recession fears rose to the fore. At 1140 GMT, the FTSEurofirst 300 index of top European companies was down 2.7 percent at 939.74 points, after gaining a record 10 percent
More
Dollar and euro London interbank offered rate, or Libor, that banks charge each other for three-month dollar loans dropped for a third day to 4.55% for dollars and 5.175% for euros after the European Central Bank, Bank of England and Swiss National Bank offered lenders unlimited U.S. currency for the first time in a coordinated
More