The Russian government has announced it will not compensate its citizens who have lost money in the Cyprus banking crisis. Russian citizens are believed to have billions of euros in Cypriot accounts and deposits above 100,000 euros ($128,200) in the two biggest banks (Bank of Cyprus and Laiki) could be reduced by as much as… Continue reading Cyprus crisis: Russia will not compensate its citizens who lost money in banking crisis
Category: Business
Novartis patent plea for Glivec new version rejected by India’s Supreme Court
India’s Supreme Court has rejected a plea by Swiss drugmaker Novartis to patent an updated version of its cancer drug, Glivec. Novartis had been denied a patent by Indian authorities on the grounds that Glivec new version was only slightly different from the old. There were concerns that a patent could threaten access to cheap… Continue reading Novartis patent plea for Glivec new version rejected by India’s Supreme Court
Unusual tax write-offs made and allowed by the IRS
A list of unusual IRS (Internal Revenue Service) claims that did get approved includes the woman who claimed her breast implants were a business expense and the man who passed off his swimming pool as medical. Topless dancer Chesty Love was a notable case changing the rules for plastic surgery exemption. In 2009 a court ruled… Continue reading Unusual tax write-offs made and allowed by the IRS
Giorgio Napolitano names 10 “wise men” to form new government in Italy
President Giorgio Napolitano has asked a select group of people to offer a policy platform to end the impasse in forming a new government in Italy. Giorgio Napolitano named 10 “wise men” to work in two separate groups. The president’s announcement ended speculation that he might resign – a day after political parties failed to… Continue reading Giorgio Napolitano names 10 “wise men” to form new government in Italy
Bank of Cyprus haircuts big depositors up to 60%
Bank of Cyprus depositors with more than 100,000 euros ($128,200) could lose up to 60% of their savings as part of the EU-IMF bailout restructuring move, officials say. The central bank of Cyprus said 37.5% of holdings over 100,000 euros would become shares. Up to 22.5% will go into a fund attracting no interest and may… Continue reading Bank of Cyprus haircuts big depositors up to 60%
Uhuru Kenyatta election victory upheld by Kenya’s Supreme Court
Uhuru Kenyatta has fairly won the country’s presidential election, Kenya’s Supreme Court has ruled today rejecting several petitions challenging the vote. Chief Justice Willy Mutunga announced the decision, saying the poll was free and fair. The appeal was lodged by PM Raila Odinga, Uhuru Kenyatta’s main rival in the presidential poll this month. Official results… Continue reading Uhuru Kenyatta election victory upheld by Kenya’s Supreme Court
Giorgio Napolitano invites select group of people to form new Italian government
Italy’s President Giorgio Napolitano has said he will ask a select group of people to offer a policy platform to try to end the impasse in forming a new government. Giorgio Napolitano said the names would be released later on Saturday. The president’s announcement ended speculation that he might resign – a day after political… Continue reading Giorgio Napolitano invites select group of people to form new Italian government
BlackBerry Z10 sales hit 1 million in Q4 2012
BlackBerry announces it has sold one million of its new Z10 smartphones in Q4 2012. In better than expected results BlackBerry said it made profits of $98 million in the last quarter of 2012, after posting a big loss for the same period last year. The Z10 handset is seen as crucial to the future of… Continue reading BlackBerry Z10 sales hit 1 million in Q4 2012
Cyprus eases some bank restrictions
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… Continue reading Cyprus eases some bank restrictions
Silvio Berlusconi rejects technocratic government idea
Former prime minister and centre-right leader Silvio Berlusconi says he is against the idea of a new technocratic government for Italy like that led by Mario Monti. Instead, Silvio Berlusconi said he was ready to back a coalition with centre-left leader Pier Luigi Bersani, to end the deadlock since the February election. However, Pier Luigi… Continue reading Silvio Berlusconi rejects technocratic government idea
Cyprus has no intention of leaving euro currency
Cyprus President Nicos Anastasiades says his country has no intention of the leaving the European single currency. Nicos Anastasiades said: “In no way will we experiment with the future of our country.” The president said the financial situation was “contained” following the 10 billion euro bailout deal with the EU and IMF. Cypriot banks opened… Continue reading Cyprus has no intention of leaving euro currency
Amazon buys Goodreads website
Amazon has announced it will buy Goodreads, a book discovery and recommendation website. San Francisco-based Goodreads was founded in 2007, has 16 million members and is one of the most prominent online communities for readers. The financial terms of the deal were not disclosed, and it is expected to be completed in the next quarter.… Continue reading Amazon buys Goodreads website
S&P 500 closes at record high after more than 5 years
The S&P 500 index closed on March 28 at a record high of 1,569, up 6 points or 0.4%. The last time the S&P 500 index broke into new territory was on October 9, 2007, when it closed at 1,565. The Dow Jones index was also up 0.4%, with a rise of 52 points taking… Continue reading S&P 500 closes at record high after more than 5 years
Monsanto Protection Act signed into law by Barack Obama
President Barack Obama has signed the so-called Monsanto Protection Act bill into law. The bill, the HR 933 continuing resolution, was written in part by the very billion-dollar corporation that will benefit directly from the legislation. Buried 78 pages within the bill exists a provision that grossly protects biotech corporations such as the California-based Monsanto Company… Continue reading Monsanto Protection Act signed into law by Barack Obama
What happened with Cyprus banks money?
The Cypriot banks offered depositors really good rates of interest – as high as 4.75% for long-term accounts – which attracted not only local people, but also hordes of foreigners. How could the banks afford to pay such great rates? By investing the money from those “savers” in something that itself paid really great rates… Continue reading What happened with Cyprus banks money?
IMF board backs Christine Lagarde despite French inquiry into alleged abuses of power
The International Monetary Fund has said it continues to have “confidence” in its managing director Christine Lagarde despite a French inquiry into alleged abuses of power. An IMF spokesman said the fund’s board backed Christine Lagarde. The probe relates to Christine Lagarde time as French finance minister and her involvement in the payment of compensation… Continue reading IMF board backs Christine Lagarde despite French inquiry into alleged abuses of power
Cyprus banks reopen amid tension over possible large scale withdrawals
Cyprus banks have reopened after a two-week closure sparked by the EU-IMF bailout negotiations, amid tension over possible large scale withdrawals. Branches were replenished with cash overnight and police and private security guards deployed amid fears of a run on the banks by customers. Banks customers face strict controls on the amount they can withdraw… Continue reading Cyprus banks reopen amid tension over possible large scale withdrawals
Cyprus banks to reopen on Thursday at noon after two weeks of crisis
Cyprus banks are to reopen on Thursday at 12:00 p.m. local time, two weeks after they closed to prevent a bank run as a controversial bailout was negotiated. Banks will open their doors between 12:00 and 18:00 local time, the Cypriot central bank said. Customers will also be limited to withdrawing 300 euros ($383) a… Continue reading Cyprus banks to reopen on Thursday at noon after two weeks of crisis
Ford Figo Berlusconi ads: JWT India sacks employees over controversial adverts
JWT India has decided to sack employees over a series of controversial Ford Figo advertisements, including one showing former Italian PM Silvio Berlusconi with a group of bound women in a car boot. The adverts were never commercially used but appeared on a website. JWT, a unit of the world’s biggest advertising group WPP, said… Continue reading Ford Figo Berlusconi ads: JWT India sacks employees over controversial adverts
Yiannis Kypri, Bank of Cyprus Group CEO, ousted by central bank governor
Yiannis Kypri, chief executive of Bank of Cyprus, the biggest bank in the country, has been ousted by the central bank, state media has said. Yiannis Kypri was forced out by central bank governor Panicos Demetriades, who has himself come under fire for his handling of Cypurs’ banking crisis. Yiannis Kypri’s removal came on the… Continue reading Yiannis Kypri, Bank of Cyprus Group CEO, ousted by central bank governor
Cyprus bank deposits over 100,000 euros could be cut by 40%
Cypriot Finance Minister Michalis Sarris has confirmed that the depositors with less than 100,000 euros in their accounts “will not be hit”. People with more than 100,000 euros in their accounts could see about 40% of their deposits converted into bank shares, Michalis Sarris said. “The exact percentage is not… yet decided but it is… Continue reading Cyprus bank deposits over 100,000 euros could be cut by 40%
Cyprus banks remain closed until March 28
All Cyprus banks will remain closed until Thursday, March 28, the central bank has announced. Temporary measures will be placed on transactions when they reopen despite an EU/IMF bailout deal. Earlier, the Cypriot authorities said all but the biggest two, Bank of Cyprus and Laiki Bank, would open on Tuesday, March 26. The central bank… Continue reading Cyprus banks remain closed until March 28
Cyprus banks to reopen on March 26 with temporary limits to be placed on financial transactions
Cyprus banks are to reopen on Tuesday, March 26, although the two at the centre of the crisis, Bank of Cyprus and Laiki, will remain shut until Thursday, March 28. President Nicos Anastasiades has said temporary limits will be placed on financial transactions after a bailout deal imposing a tax on bank deposits. He said… Continue reading Cyprus banks to reopen on March 26 with temporary limits to be placed on financial transactions
US and European markets fall despite Cyprus bailout deal after Jeroen Dijsselbloem’s remarks
European and US stock markets have fallen again after the head of Eurogroup suggested that the Cyprus model, which involves a tax on bank deposits, could form a template in any future bailout. On Monday morning, hopes the deal would solve the crisis lifted shares. By 15:30 GMT, all major European markets had fallen into… Continue reading US and European markets fall despite Cyprus bailout deal after Jeroen Dijsselbloem’s remarks
Asian markets rise following Cyprus bailout deal agreement
Asian markets and the euro have risen after EU officials agreed a bailout deal for Cyprus, easing fears that the country’s banking system problems may spread. Cyprus will now get a 10-billion euro ($13 billion) cash injection to keep its banking system running and prevent it from crashing out of the eurozone. Investors had feared… Continue reading Asian markets rise following Cyprus bailout deal agreement