Big depositors in Bank of Cyprus to be hit much worse than feared

Under an arrangement expected to be announced on Saturday, depositors in Bank of Cyprus will receive shares in the lender worth 37.5pc of any savings over €100,000, while the rest may never be paid back, according to Reuters, citing a source with direct knowledge of the terms.

Economy posts sluggish growth in fourth quarter

WASHINGTON (Reuters) - The economy expanded at a sluggish pace in the fourth quarter although a big gain in business investment and higher exports of services led the government to push up its previous estimate for growth.

BRICS 'Big Five' find it hard to run as a herd

DURBAN, South Africa (Reuters) - At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros.

IMF Reaches Staff-Level Agreement with Samoa on Economic Recovery Program to be Supported under Rapid Credit Facility

A staff team from the International Monetary Fund (IMF) led by Yongzheng Yang visited Apia during March 13-22 to hold discussions on the recovery plans in the aftermath of the tropical cyclone Evan that caused many deaths and extensive damage to the country’s infrastructure and productive capacity.

U.S. backs Cyprus protection for insured depositors

WASHINGTON (Reuters) - The U.S. Treasury Department said Cyprus' last-ditch agreement withinternational lenders could help avert an economic meltdown, adding that it protects insured depositors and shutters troubled banks.

Cyprus bailout talks go to wire in Brussels

NICOSIA: EU economic chief Olli Rehn warned Cyprus it was essential to reach a deal in Brussels Sunday to save its economy from imminent bankruptcy, saying "there are only hard choices left" for the country.

Analysis: Easy Fed softens fiscal policy punch on economy

WASHINGTON (Reuters) - The Federal Reserve's aggressive easing of monetary policy is proving surprisingly effective at blunting the blow to the economy from tighter fiscal policy, according to economists who have been scrambling to raise their growth forecasts.

S&P cuts Cyprus credit rating one notch to 'CCC'

WASHINGTON: Ratings firm Standard & Poor's dealt a further blow to reeling Cyprus Thursday, cutting its credit rating as the eurozone country struggles to avoid a banking sector meltdown.

Spain borrowing costs dip despite Cyprus crisis

MADRID: Spain's borrowing costs dipped in a bond auction Thursday, easing concerns that a feared banking meltdown in Cyprus could scare investors away from other troubled eurozone states.

Britain halves 2013 economic growth forecast to 0.6%

LONDON: Britain on Wednesday halved its economic growth forecast for 2013, finance minister George Osborne revealed in his annual budget.

Asia currencies gain as Cyprus bailout fears hurt euro

Asian currencies have continued to strengthen as uncertainty over the developments in Cyprus hurt the euro.

EU wants to include financial services in US trade talks

BRUSSELS: The European Union's top trade official said on Saturday he wants financial services to be included in negotiations on an ambitious EU-U.S. free trade pact.

IMF says Europe's banking sector still fragile

PARIS: Europe's banks are still fragile and the European Union has a way to go to make them stable, the International Monetary Fund said Friday in its first assessment of the continent's financial sector.

Cyprus Bank Deposits to Be Taxed in $13 Billion Bailout

Euro-area finance ministers agreed to an unprecedented tax on Cypriot bank deposits as officials unveiled a 10 billion-euro ($13 billion) rescue plan for the country, the fifth since Europe’s debt crisis broke out in 2009.

Fragile Portugal gets more time on bailout goals

LISBON (Reuters) - Portugal's lenders eased its budget goals on Friday and gave it more time to make unpopular spending cuts, acknowledging the country's compliance with its bailout program will not prevent its economy from slumping further.

Private equity crash could trigger next wave of financial crisis, Bank warns

The Bank of England warned on Thursday that the next phase of the UK's six-year financial and economic crisis may be triggered by the collapse of debt-laden companies bought by private equity firms in the boom years before the crash.

Pound drops to new two-and-a-half year low

Sterling fell below $1.49 on Monday morning, as a strong dollar and fears over easing continue to hammer the British currency.

Greek reforms hit new setback as privatisation chief resigns

In another setback for Greece's reforms, the country's privatisation chief Takis Athanasopoulos has resigned after only a few months in the job, after being charged with dereliction of duty in his former role as chief executive of the public utility PPC.

Thailand Raised by Fitch on Yingluck Stability: Southeast Asia

Thailand’s credit rating was restored to BBB+ by Fitch Ratings four years after political turmoil prompted a cut, signaling confidence in Prime Minister Yingluck Shinawatra’s ability to maintain social stability.

Cameron put on spot by watchdog over austerity remarks

LONDON (Reuters) - Prime Minister David Cameron was reprimanded by a budget watchdog on Friday for claiming that it did not see his austerity agenda as a drag on Britain's economy.

IMF's Lagarde keeps pressure on ECB

The European Central Bank has room to cut interest rates further to support demand in the eurozone, the head of the International Monetary Fund said Friday.

ECB offers no helping hand for Italy, says markets calm

FRANKFURT: Markets have settled quickly after Italy's fractured election result and any threat of contagion has been muted, the European Central Bank's chief said on Thursday, suggesting it is in no rush to take any action.

Global economic growth slows, but stocks rally

Global economic growth slowed to a four-month low in February, according to service sector surveys on Tuesday, but China's pledge to boost government spending to achieve 7.5 percent growth this year may help support activity in Europe and the United States also.

EU ministers discuss Cyprus bailout, bank rescues

BRUSSELS (AP) — European Union finance ministers were discussing Monday how to fund a long-delayed bailout for Cyprus, which creditor nations want to commit to tougher conditions, and get a region-wide bank rescue fund working.

Banks to repay 8 bln euros of ECB crisis loans next week

BANGALORE: Political uncertainty in Italy means early repayments of European Central Bank crisis loans will likely keep falling next week, with banks returning around 8 billion euros, a Reuters poll of money market traders showed on Monday.

ECB's Benoit Coeure says central banks cannot replace government inaction

CAMBRIDGE: Governments are in a key role in solving the sovereign debt crisis, and central banks can buy time, not replace their actions, European Central Bank Executive Board member Benoit Coeure said on Saturday.

Spanish Bonds Rise in Week on ECB Faith After Italian Election

Spanish bonds rallied this week, in spite of a political impasse sending Italian yields to a three- month high as investors bet the European Central Bank will prevent a fresh debt crisis in peripheral bond markets.

US consumer spending up 0.2 percent in January

WASHINGTON (AP) — U.S. consumers increased spending modestly in January but cut back on major purchases that signal confidence in the economy.

Draghi: Reforms must continue despite social cost

FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi has acknowledged that austerity measures and economic reforms can have heavy social costs — but argues they are the way to a fairer society because they can reduce injustices such as widespread youth unemployment.