The Nikkei average soared more than 14 percent on Tuesday, the biggest one-day gain in its 58-year history, after governments around the world pledged to support struggling banks and restore confidence in the financial system. The benchmark Nikkei surged 14.2 percent or 1,171.14 points to 9,447.57. The climb surpassed a record 13.2 percent jump logged
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An earthquake of 5.1 magnitude struck in the Aegean Sea north of the Greek island of Evia on Tuesday, but there were no immediate reports of casualties. The Athens Geodynamic Institute said the quake, which struck at 5:06 a.m. (0206 GMT), had its epicentre in the Aegean Sea about 40 km (25 miles) north of
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PORTFOLIO TRACKER Unless you happen to be an octogenarian, you are now enduring the worst global financial crisis in living memory, and one where the end appears to be moving further away in time each day. Monday last saw panic selling across world stock markets remove $2,500 billion from share values, with the FTSE 100
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The credit crunch explained Everyone has something to say about the credit crunch but very few can explain simply what it’s all about and where to go next: this well-published economist does that. The bail-out package is a whole separate story but it is dealt with here. Eamonn Butler is a widely-published columnist and commentator
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Minister of Finance Charilaos Stavrakis briefed the House of Representatives Finance Committee on the international financial crisis, noting that Cyprus' banking system was the most stable in Europe, giving it a significant advantage to tackle possible consequences. He said the robustness of the banking sector in Cyprus and the contingency plan to salvage any banking
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Stocks soared on Monday as a global push by governments to pump cash into banks fueled a rebound in financial shares and credit markets showed some signs of loosening up. Governments, including those of Germany and France, stepped up efforts to restore confidence in the tottering banking system by offering multibillion-dollar bank rescues after weekend
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Germany, France and Britain announced massive financial rescues on Monday as governments across Europe stepped in to shield banks and restore confidence in the face of the worst financial crisis in nearly 80 years. German Chancellor Angela Merkel presented a rescue package that will provide 400 billion euros ($543.4 billion) in bank guarantees and a
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U.S. economist Paul Krugman, a fierce critic of the Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel prize for economics on Monday. The Nobel committee said the award was for Krugman's work that helps explain why some countries dominate international trade, starting with research published nearly
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Mitsubishi UFJ Financial Group Inc (MUFG) completed its purchase of a stake in Morgan Stanley on Monday with U.S. government support, helping close a deal that investors had feared would fall apart. Morgan Stanley shares soared as much as 65 percent after Japan's largest bank bought the stake — a day earlier than expected —
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Millions of youngsters across Europe could suffer permanent hearing loss after five years if they listen to MP3 players at too high a volume for more than five hours a week, EU scientists warned Monday. The scientists' study, requested by the European Commission, attacked the concept of "leisure noise," saying children and teenagers should be
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