Major depositors in Cyprus's biggest bank will lose around 60 per cent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks but saved the island from bankruptcy. ...
04:08 AM, Mar 31, 2013
Indian gold futures continued their losing streak on Thursday due to a sligthly firmer rupee, with the yellow metal on track for a 3 per cent losses for the March quarter ...
03:50 PM, Mar 28, 2013
Asian shares fell and the euro was capped on Tuesday as investors contemplated potential flow-on risks from the Cyprus bailout scheme. Large uninsured depositors and bondholders will bear heavy losses in the bailout, which Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro zone finance ministers, said represented a new template for euro zone and other countries which may have to restructure their banking sectors. ...
09:24 AM, Mar 26, 2013
The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced "very temporary" capital controls to stem a run on the island's banks. ...
07:35 AM, Mar 26, 2013
Catch the day's top stories with Bhupendra Chaubey on India @ 9. ...
11:53 PM, Mar 25, 2013
Cyprus has agreed to shrink its bloated financial industry and tap big depositors at its two leading banks for billions of euros. The last-minute deal has cleared the way for a 10 billion euro bailout from the European Union. ...
11:40 AM, Mar 25, 2013
Cypriot President Nicos Anastasiades embarked on last-minute crisis talks with international lenders on Sunday in an attempt to save the Mediterranean island from financial meltdown. ...
07:05 AM, Mar 25, 2013
Switzerland remain unbeaten and lead by two points from Albania and Iceland in their group midway through the 10-match program. ...
10:43 AM, Mar 24, 2013
Cyprus's bid to avert financial collapse will go down to the wire after the island said it would hold a crucial sitting of parliament only after finance ministers of the 17-nation euro zone meet on Sunday. Cyprus faces a Monday deadline to clinch a 10 billion euro bailout from the European Union or the European Central Bank sauys it will cut off emergency funding to the country's stricken banks, spelling...
06:50 AM, Mar 24, 2013
Cyprus is expected to make a dramatic U-turn on Saturday to avert the imminent threat of financial meltdown, having signalled it is willing to tax big savers in its stricken banks to clinch a bailout from the European Union. The island's partners in the 17-nation euro zone scheduled a meeting for Sunday in Brussels, in a strong sign they believe a solution is near. ...
06:40 AM, Mar 23, 2013
Croatia beat Serbia 2-0 whereas Germany, playing without any recognised strikers, triumphed 3-0 in Kazakhstan. ...
05:33 AM, Mar 23, 2013
Reserve Bank Governor D Subbarao on Friday expressed concerns over Cyprus banks facing meltdown, saying it has implications on the banking sector everywhere. The Cyprus banks' is "such a big issue" as the island nation is inter-connected with the world and what happens there has implications on the banking sector everywhere, he said. ...
02:19 AM, Mar 23, 2013
Talks in Moscow on a possible funding lifeline from Russia to Cyprus ended without result, further cutting the island's options for raising the billions of euros it needs to find by Monday to avert a financial meltdown. ...
01:57 PM, Mar 22, 2013
Cyprus considered nationalising pension funds and ordered banks to stay shut till next week to avert financial chaos after it rejected the terms of a European Union bailout and turned to Russia for aid. ...
07:40 AM, Mar 21, 2013
A small island on the edge of Europe teetering under the weight of its bust banks. Sound familiar? Like Iceland and Ireland before it, Cyprus is battling to prevent an outsized and overextended banking sector from dragging the country into the ground. ...
06:55 AM, Mar 20, 2013
US stocks fell on Tuesday on uncertainty about how Cyprus will avoid a bankruptcy and possible reverberations in the euro zone as the region struggles to emerge from economic crisis. ...
01:02 AM, Mar 20, 2013
Cyprus's Parliament was set to reject a divisive tax on bank deposits in a vote on Tuesday, pushing the island closer to a debt default and banking collapse. ...
03:15 PM, Mar 19, 2013
A plan to seize up to 10 per cent of savings accounts in Cyprus to help pay for a (EURO)15.8 billion ($20.4 billion) financial bailout was met with fury on Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the island nation from bankruptcy. ...
06:35 AM, Mar 19, 2013
Stocks around the world and the euro fell sharply Monday as investors fretted over a plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation. Although Cyprus accounts for only around 0.2 per cent of the economic output of the 17 European Union countries that use the common euro, the tax on depositors was a significant policy shift that has...
05:45 PM, Mar 18, 2013
Sweden's IKEA stopped nearly all sales of meatballs at its furniture store cafeterias across Europe after tests in the Czech Republic on Monday showed some contained horsemeat. ...
06:21 AM, Feb 26, 2013
