Nicosia http://www.globalpost.com/taxonomy/term/35386/all en Dollar falls against the yen; bond yields decline http://www.globalpost.com/dispatch/news/thomson-reuters/130313/global-shares-slip-after-seven-day-run-yen-gains-us-dollar <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Leah Schnurr</p> <p>NEW YORK (Reuters) - The U.S. dollar tumbled against the yen on Friday after the Bank of Japan left its monetary policy unchanged, while benchmark U.S. bond yields fell to near 4-1/2-month lows after the U.S. economy grew less than expected in the first quarter.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130313/global-shares-slip-after-seven-day-run-yen-gains-us-dollar" target="_blank">read more</a></p> Asia Bond Business Central bank Commodities market Currency Deflation Divided regions Dow Jones & Company Dow Jones Industrial Average Economic consequences of the 2006 Thai coup d'├ętat Economic history Economic indicators Economics Economy of Asia Economy of Europe Economy of Japan Economy of the European Union Economy of the People's Republic of China Economy of the United States Environment Euro Europe European Central Bank European Union Finance Financial economics Financial regulation Foreign exchange market Futures contract Government debt Health Human Interest Inflation International trade Investment Japan Japanese yen Labor Late-2000s financial crisis Late-2000s recession in Europe Law Macroeconomics Matter Mizuho Securities Money Nicosia Nikkei 225 Numismatics Petroleum Political geography Politics Pound sterling Price of petroleum Procurement Recessions Short Social Issues Soft matter Stock market Stock market crashes Technology Terminology War Thomson Reuters Wed, 13 Mar 2013 15:45:36 +0000 Thomson Reuters 5782309 at http://www.globalpost.com Cyprus details heavy losses for major bank customers http://www.globalpost.com/dispatch/news/thomson-reuters/130316/savers-bear-brunt-unprecedented-cyprus-bailout <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Karolina Tagaris</p> <p>NICOSIA (Reuters) - Major depositors in Cyprus's biggest bank will lose around 60 percent 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.</p> <p>Initial signs that big depositors in Bank of Cyprus would take a hit of 30 to 40 percent - the first time the euro zone has made bank customers contribute to a bailout - had already unnerved investors in European lenders this week.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130316/savers-bear-brunt-unprecedented-cyprus-bailout" target="_blank">read more</a></p> Asia Bailout Bank of Cyprus Business Christianity Cyprus dispute Disaster Divided regions Economy of the European Union Europe Government Human Interest Labor Late-2000s financial crisis Law Nicos Anastasiades Nicosia Political geography Politics Politics of Cyprus Religion Social Issues Technology Yiannakis Omirou Thomson Reuters Sat, 16 Mar 2013 13:45:03 +0000 Thomson Reuters 5785333 at http://www.globalpost.com Greek units of Cypriot banks to stay shut on Tuesday, Wednesday http://www.globalpost.com/dispatch/news/thomson-reuters/130318/greek-units-cypriot-banks-stay-shut-tuesday-wednesday <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>ATHENS (Reuters) - Greek branches of Cypriot banks will remain shut on Tuesday and Wednesday, Greece's finance ministry said on Monday, in line with Nicosia's plan for a bank holiday over the two days.</p> <p>Cyprus's three top lenders, Bank of Cyprus, Popular Bank and Hellenic Bank have all branches in Greece. Greek lenders have expressed interested in acquiring the Greek units of the Cypriot banks, the ministry said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130318/greek-units-cypriot-banks-stay-shut-tuesday-wednesday" target="_blank">read more</a></p> Asia Nicosia Political geography Thomson Reuters Mon, 18 Mar 2013 22:45:10 +0000 Thomson Reuters 5787218 at http://www.globalpost.com Greece 'ready' to absorb Cyprus bank subsidiaries: minister http://www.globalpost.com/dispatch/news/afp/130319/greece-ready-absorb-cyprus-bank-subsidiaries-minister <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Athens was "ready" to absorb the subsidiaries of three Cyprus banks active in Greece, the Greek finance minister said as the eurozone sought to amend a controversial levy on the island nation's bank deposits.</p> <p>"We stand ready to take over the assets and liabilities of Cypriot branches in Greece," Finance Minister Yannis Stournaras said late on Monday.</p> <p>Cypriot bank subsidiaries in Greece are exempt from the levy, Stournaras added.</p> <p>There are three Cypriot banks with subsidiaries in Greece: the Bank of Cyprus, the Hellenic Bank and the Cyprus Popular Bank (CPB).</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130319/greece-ready-absorb-cyprus-bank-subsidiaries-minister" target="_blank">read more</a></p> Asia Nicosia Political geography AFP Tue, 19 Mar 2013 10:00:59 +0000 Agence France-Presse 5787535 at http://www.globalpost.com Cypriot bank levy would lead to deposit outflows - central bank chief http://www.globalpost.com/dispatch/news/thomson-reuters/130319/cypriot-bank-levy-would-lead-deposit-outflows-central-bank-chie <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>NICOSIA (Reuters) - Cypriot banks stand to lose more than 10 percent of their deposit base within a matter of days if a levy on bank deposits is imposed, its central banker said on Tuesday.</p> <p>"If the draft bill passes, we would see deposit outflows of 10 percent or maybe more in the first few days," central bank chief Panicos Demetriades told the Cypriot parliament's finance committee.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130319/cypriot-bank-levy-would-lead-deposit-outflows-central-bank-chie" target="_blank">read more</a></p> Nicosia Thomson Reuters Tue, 19 Mar 2013 10:15:27 +0000 Thomson Reuters 5787547 at http://www.globalpost.com Run on Cyprus Popular Bank ATMs as closure fears rise http://www.globalpost.com/dispatch/news/afp/130321/run-cyprus-popular-bank-atms-closure-fears-rise <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anxious Cypriots queued outside Popular Bank ATM machines on Thursday to withdraw their cash as fears rose that the country's banking meltdown will mean its second largest bank closes for ever.</p> <p>"It's all about cash now. Only a gambler will take cheques in this situation," said retired government official Phaedon Vassiliades as he withdrew money from the bank's ATM at Ledra Street, a tourist hotspot in the capital.</p> <p>Behind the wheelchair-bound Vassiliades, a queue of anxious men and women waited for their turn to claw back as much money as they can.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/run-cyprus-popular-bank-atms-closure-fears-rise" target="_blank">read more</a></p> Asia Nicosia Political geography AFP Thu, 21 Mar 2013 11:46:57 +0000 Agence France-Presse 5789792 at http://www.globalpost.com Run on Cyprus Popular Bank as closure fears rise http://www.globalpost.com/dispatch/news/afp/130321/run-cyprus-popular-bank-closure-fears-rise <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anxious Cypriots queued outside Popular Bank ATM machines on Thursday to withdraw their cash as fears rose that the country's banking meltdown will mean its second largest bank closes for ever.</p> <p>"It's all about cash now. Only a gambler will take cheques in this situation," said retired government official Phaedon Vassiliades as he withdrew money from the bank's ATM at Nicosia's Ledra Street tourist hotspot.</p> <p>Behind the wheelchair-bound Vassiliades, a queue of anxious men and women waited to claw back as much as they can, while tourists took pictures on cellphones and cameras.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/run-cyprus-popular-bank-closure-fears-rise" target="_blank">read more</a></p> Business Financial services Labor Law Nicosia Technology AFP Thu, 21 Mar 2013 13:00:25 +0000 Agence France-Presse 5789869 at http://www.globalpost.com Closure fears spark run on Cyprus Popular Bank http://www.globalpost.com/dispatch/news/afp/130321/closure-fears-spark-run-cyprus-popular-bank <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anxious Cypriots queued outside Popular Bank ATM machines on Thursday to withdraw their cash as fears rose that the country's banking meltdown will mean its second largest bank closes for good.</p> <p>"It's all about cash now. Only a gambler will take cheques in this situation," said retired government official Phaedon Vassiliades as he withdrew money from the bank's ATM at Nicosia's Ledra Street tourist hotspot.</p> <p>Behind the wheelchair-bound Vassiliades, a queue of anxious men and women waited to claw back as much as they can, while tourists took pictures on cellphones and cameras.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/closure-fears-spark-run-cyprus-popular-bank" target="_blank">read more</a></p> Business Financial services Labor Law Nicosia Technology AFP Thu, 21 Mar 2013 17:02:01 +0000 Agence France-Presse 5790147 at http://www.globalpost.com Closure fears spark run on Cyprus Popular Bank http://www.globalpost.com/dispatch/news/afp/130321/closure-fears-spark-run-cyprus-popular-bank-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Anxious Cypriots queued outside Popular Bank ATM machines on Thursday to withdraw their cash as fears rose that the country's financial crisis will mean its second largest lender closes for good.</p> <p>"It's all about cash now. Only a gambler will take cheques in this situation," said retired government official Phaedon Vassiliades as he withdrew money from the bank's ATM at Nicosia's Ledra Street tourist hot spot.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/closure-fears-spark-run-cyprus-popular-bank-0" target="_blank">read more</a></p> Business Financial services Labor Law Nicosia Technology AFP Thu, 21 Mar 2013 18:16:31 +0000 Agence France-Presse 5790228 at http://www.globalpost.com Cyprus launches banking overhaul as meltdown looms http://www.globalpost.com/dispatch/news/afp/130321/cyprus-launches-banking-overhaul-meltdown-looms <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Cyprus on Thursday launched an overhaul of its banking sector to avoid financial meltdown after the European Central Bank threatened to pull the plug on emergency funding for the island's banks.</p> <p>Cypriot politicians have until Monday to approve a "Plan B" bailout deal with the EU and IMF or face being choked from ECB emergency funds, a move that would likely cause the teetering banking sector to collapse.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/cyprus-launches-banking-overhaul-meltdown-looms" target="_blank">read more</a></p> Asia Business European Union Labor Law Nicosia AFP Thu, 21 Mar 2013 19:45:47 +0000 Agence France-Presse 5790317 at http://www.globalpost.com Restructuring would save Cyprus's Laiki bank: ruling party http://www.globalpost.com/dispatch/news/afp/130321/restructuring-would-save-cypruss-laiki-bank-ruling-party <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Restructuring of Cyprus's Popular Bank -- Laiki in Greek -- into good and bad banks would "shield it from bankruptcy", acting leader of the ruling Disy party Averof Neophytou told reporters Thursday.</p> <p>"I think we will avoid bankruptcy of Popular Bank and 8,000 jobs are secured," Neophytou told reporters after a meeting of party leaders.</p> <p>He said the restructuring would provide 100 percent protection for 361,000 out of 379,000 accounts in the bank, with the remainder not enjoying full protection because they exceed the 100,000-euro ($129,000) threshold for insured deposits.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130321/restructuring-would-save-cypruss-laiki-bank-ruling-party" target="_blank">read more</a></p> Business Deposit account Labor Law Marfin Popular Bank Nicosia AFP Thu, 21 Mar 2013 20:46:36 +0000 Agence France-Presse 5790393 at http://www.globalpost.com Next few hours to decide Cyprus's fate - government spokesman http://www.globalpost.com/dispatch/news/thomson-reuters/130322/next-few-hours-decide-cypruss-fate-government-spokesman <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>NICOSIA (Reuters) - Cyprus's government urged lawmakers on Friday to "take the big decisions" to save the island from a financial meltdown, saying they had only a matter of hours.</p> <p>"The next few hours will determine the future of the country," government spokesman Christos Stylianides said in a televised statement before parliament was due to debate a raft of crisis measures proposed by the government.</p> <p>"We must all assume our share of the responsibility," he said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130322/next-few-hours-decide-cypruss-fate-government-spokesman" target="_blank">read more</a></p> Nicosia Politics Thomson Reuters Fri, 22 Mar 2013 11:45:53 +0000 Thomson Reuters 5790873 at http://www.globalpost.com Cyprus top two banks urge 'haircut' on deposits http://www.globalpost.com/dispatch/news/afp/130322/cyprus-top-two-banks-urge-haircut-deposits <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Cyprus' two biggest lenders on Friday urged lawmakers to accept the option of a tax on bank deposits, which they had earlier rejected, to save the sector from collapse.</p> <p>"It should be understood by everyone... especially from the 56 members of parliament... there should not be any further delay in the adoption of the Eurogroup proposal to impose a levy on deposits more than 100,000 to save our banking system," said Bank of Cyprus chairman Andreas Artemis.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130322/cyprus-top-two-banks-urge-haircut-deposits" target="_blank">read more</a></p> Asia European Union Nicosia Politics Social Issues AFP Fri, 22 Mar 2013 12:30:20 +0000 Agence France-Presse 5790925 at http://www.globalpost.com Greece agrees to buy out local units of Cypriot banks http://www.globalpost.com/dispatch/news/thomson-reuters/130322/greece-agrees-buy-out-local-units-cypriot-banks <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By George Georgiopoulos and Lefteris Papadimas</p> <p>ATHENS (Reuters) - Greece has agreed on a deal for the takeover of local units of stricken Cypriot banks, the two nations said on Friday, helping shield Greek banks from the fallout of the island's crisis and allowing Cyprus to shrink its bloated banking sector.</p> <p>At least three Greek banks including Alpha Bank and Piraeus are ready to buy the units of the three Cypriot lenders in Greece, and the country's bank support fund was meeting on Friday to pick a buyer, officials told Reuters.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130322/greece-agrees-buy-out-local-units-cypriot-banks" target="_blank">read more</a></p> Asia Business Nicosia Political geography Thomson Reuters Fri, 22 Mar 2013 13:30:40 +0000 Thomson Reuters 5790990 at http://www.globalpost.com Greece's Piraeus to take over Cypriot banks' Greek units - sources http://www.globalpost.com/dispatch/news/thomson-reuters/130322/greeces-piraeus-take-over-cypriot-banks-greek-units-sources <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>ATHENS (Reuters) - Piraeus Bank has been chosen to take over the Greek branches of Cypriot lenders that are being sold to shield the Greek banking system from the island's crisis, two bankers with direct knowledge of the negotiations said on Friday.</p> <p>Shares of Piraeus were up 20 percent in afternoon trading on speculation of the takeover.</p> <p>Alpha Bank had also been in the running to buy the Greek units of Bank of Cyprus and Cyprus Popular, bankers had previously said.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130322/greeces-piraeus-take-over-cypriot-banks-greek-units-sources" target="_blank">read more</a></p> Asia Nicosia Political geography Thomson Reuters Fri, 22 Mar 2013 15:46:30 +0000 Thomson Reuters 5791145 at http://www.globalpost.com