aving the euro.” However, Nicos Anastasiades accused other members of the eurozone of making “unprecedented demands that forced Cyprus to become an experiment”. Cyprus needs to raise 5.8 billion euros ($7.4 billion) to qualify for the bailout, and has become the first eurozone member country to bring in capital controls to prevent a torrent of money leaving the island and credit…
According an independent audit, Spain’s banks will need an injection of 59.3 billion euros ($76.3 billion) to survive a serious downturn. The amount is broadly in line with market expectations of 60 billion euros, and follows so-called stress tests of 14 Spanish lenders. Much of the money is expected to come from the eurozone rescue funds, the current EFSF and the future ESM. Spain said in…
insured deposits in the largest bank, Bank of Cyprus, should raise a total of 10.6 billion euros. Cyprus is also set to sell off a large portion of its gold reserves, in a move that will raise another 400 million euros. “The sheer size of the increase has underlined the extent of the enormous challenges facing Cyprus itself,” said Jonathan Loynes of Capital Economics in an analyst note…
…cial markets and the banking system in Cyprus constitutes a matter of overriding public interest”. Cyprus is the first eurozone member country to bring in capital controls. Cyprus needs to raise 5.8 billion euros to qualify for a 10 billion-euro bailout from the EU, ECB and the IMF, the so-called troika. As part of the bailout plan, depositors with more than 100,000 euros in Cypriot banks wi…
to finalize Cyprus bailout amid news that it needs much more money than first thought In order to secure 10 billion euros from the EU and IMF, Cyprus will have to find the remaining 13 billion euros, 5.5 billion euros more than previously thought. The finance minister of Luxembourg, Luc Frieden, said on Friday that Europe and the IMF could not increase their 10 billion euro share of the bailout….
Cyprus is to ease its citizenship rules for foreign investors who lost at least 3 million euros under the European Union bailout deal. Cypriot President Nicos Anastasiades said new measures, mostly affecting the Russian business community, would be approved at a cabinet meeting on Monday. Russians have billions of euros in Cyprus’ bank deposits. Investors were angered when it emerged they would l…
French car maker Peugeot has reported a loss of 819 million Euros ($1 billion) for the first half of the year and has detailed 1.5 billion Euros of cost savings. The company said sales in the six months to the end of June had fallen by 5.1%. Peugeot, which made a profit of 806 million Euros in the first half of 2011, said it would not break even until 2014. The firm, which is Europe’s secon…
The Central Bank of Cyprus has decided to ease some of the restrictions imposed as the country’s banks reopened, following the bailout deal. Debit and credit cards can be used normally for domestic payments. Cyprus’ central bank said it would review the curbs on a daily basis and try to “refine or relax” them when possible. A 5,000-euro monthly limit per person remains in place…
ot been open since March 15. Their reopening had been expected after Cyprus agreed a deal with the IMF and the EU that releases 10 billion euros in support. It was conditional on Cyprus itself raising 5.8 billion euros, most of which looks likely to come from depositors with more than 100,000 euros in Bank of Cyprus and Laiki or Popular Bank. The banks remained closed after the country’s fir…
A prototype Leica camera has sold for 2.16 million Euros ($2.8 million) at the Galerie Westlicht in Vienna, Austria, setting a new world record for a camera. It was one of just 25 models created in 1923 as a prototype for the groundbreaking Leica A, which was the first commercially successful compact camera to use 35 mm film. Branded the “null-serie”, or 0-Series, only 12 are known to…
economist at Capital Economics, said that the “biggest burden of the increase in the bailout will fall on depositors and bank bond-holders, whose combined contribution will rise from an expected 5.8 billion euros to 10.6 billion euros.” Under bailout terms agreed in March, depositors with more than 100,000 euros in savings will bear part of the cost of the rescue. The bank sector on wh…
…onymous boasted of stealing Stratfor’s confidential client list, which includes entities ranging from Apple Inc. to the U.S. Air Force to the Miami Police Department, and mining it for more than 4,000 credit card numbers, passwords and home addresses. Austin, Texas-based Stratfor provides political, economic and military analysis to help clients reduce risk, according to a description on its…
UEFA has confirmed that yellow cards rules used by the Champions League will not be changed for at least three years. Seven players are suspended for the Chelsea vs. Bayern Munich final after six were cautioned in the semi-finals. The rules are different for Euro 2012 when UEFA will wipe the slate clean for yellow cards after the quarter-finals. A UEFA spokesman said: “Different rules can a…
Eurozone finance ministers have decided to lend Spain 30 billion Euros ($37 billion) this month to help its troubled banks. It will be the first installment of a bailout of up to 100 billion Euros, which was agreed in June. The ministers will need to get approval from their own parliaments and hope to make the payment by the end of July. The eurozone finance ministers also agreed to extend the 20…
…limited room for manoeuvre and are expecting details on how the new government intends to make another 11.7 billion Euros ($14.8 billion) of cuts by 2014. New Democracy won 129 seats in Greece’s 300-seat parliament on Sunday, followed by the radical anti-bailout party, Syriza, with 71, Pasok with 33 and the Democratic Left with 17. New Democracy won 129 seats in Greece's 300-seat parlia…
…e their customers. After Bank of America announced their debit card fee, Navy Federal Credit Union, the nation’s largest credit union, reported their volume of new account openings was more than 20% above normal. Bank of America had planned to start charging customers next year. Banks began crafting the monthly charges to make up revenue lost to a law that slashes the fees they charge retail…
rank Buckley now lives in the house during the week, returning to the shed in his family’s back garden at the weekend. Since he opened it to the public on Monday the house has received more than 300 visitors and he has been overwhelmed by the positive reaction to it. But despite the success of the installation he is still struck daily by the poignancy of the Irish economic situation and reca…
A rare 1932 cover drawing of a Tintin comic book has fetched a record 1.3 million Euros ($1.6 million) at auction in Paris. The Tintin in America cover, hand-drawn by Belgian writer and illustrator Herge, broke the record – set by the same item in 2008, when it sold for 764,000 euros. It shows the young adventurer Tintin, dressed as a cowboy and sitting with his dog, Snowy, as axe-wielding…
since the global banking crisis of 2008. As part of the latest plan, lenders are having to make 30 billion Euros of extra provisions to cover potential losses on property loans, which comes on top of 54 billion Euros they were ordered to set aside in February. The health of Spain’s banking system is key to whether the country eventually needs to seek a bailout itself from the eurozone and t…
re radical action, which will lead to greater reductions in capacity and jobs.” The restructuring plan comes a day after IAG announced that it would pay 113 million euros to buy up the remaining 54% stake in Spanish budget airline Vueling that it did not already own. Willie Walsh had said that the acquisition of Vueling would be “good for Spain” and “create new Spanish jobs…
in modern-day Lituania. Having captured Moscow but with the Russian army having withdrawn and winter approaching, the emperor realized he had to turn back. The first line reads: “On the 22nd at 3am I will be blowing up the Kremlin.” The letter also reveals Napoleon’s frustration at the campaign, with his army ravaged by disease, cold and hunger: “My cavalry is in tatters,…
A pair of Marie Antoinette’s slippers has been auctioned for 50,000 euros ($65,600) on the anniversary of the French queen’s execution. The auction house Paris Druout had expected the green-and-pink silk shoes to sell for up to 10,000 euros. Auctioneers said they had been flooded with bids from around the world. Other artefacts on sale belonging to the 18th Century monarch included po…
ng inflation-linked pensions. Madrid has already said that it wants to claw back a total of more than 150 billion euros between 2012 and 2014: 62 billion euros this year, 39 billion euros in 2013, and 50 billion euros in 2014. But many analysts remain skeptical that this will be enough to resolve Spain’s economic woes. Despite the public anger, PM Mariano Rajoy said sacrifices were necessary…
Spain’s decision to request a loan of up to 100 billion Euros ($125 billion) from eurozone funds to help shore up its struggling banks has won broad support. The International Monetary Fund (IMF) said the bailout was big enough to restore credibility to Spain’s banks. Washington welcomed the measure as a vital step towards the “financial union” of the eurozone. The move wa…
Debt-laden Spain has raised 2.98 billion Euros on the financial markets, but was forced to pay higher interest rates. The average yield on bonds repayable in five years rose to 6.46%, against 6.07% at an auction last month. The average yield on seven-year bonds was 6.7%, up from 4.83% last time. “They [Spain] sold what they wanted to sell, that’s about the only good thing about it,…
Full spring cleaning burns more calories than running a marathonNew research shows that spring cleaning can burn off even more calories than running a marathon. Houseproud homeowners typically burn up 3,655 calories each year just by…
Face Trainer: Training balaclava claims to tone up saggy facesFace Trainer, the latest product to hit the market promising a youthful complexion, may leave even the most dedicated beauty disciple at a loss for words. In the same way…
EU bans refillable bottles and dipping bowls of olive oil at restaurant tablesStarting with 2014, the European Commission will ban the use of refillable bottles and dipping bowls of olive oil at restaurant tables. From 1 January 2014, restaurants may…
DSM-5: Controversial updates to mental health manual to be publishedDSM-5, an update to one of the most important manuals in mental health - known as the bible of psychiatry - is to be published later. Controversy and criticism has…
Recipe: Super slimming mushroom inspired mealMushroom-rich diet followed by Katy Perry, Kelly Osbourne and Roxanne Pallett can help women lose weight without shrinking their bust. The mushroom plan is being touted as…
Mushroom diet: M-Plan promises to help women lose weight still keeping their curvesThe mushroom plan is being touted as the latest weapon for savvy celeb dieters who want to shed pounds quickly but still keep some of their curves. Dubbed the “M-Plan”,…
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