The Foreign Office has warned British people travelling to Cyprus on holiday to take enough euros and be weary of thieves: “The Government of Cyprus has announced an extended bank closure. ATMs, debit and credit cards can be used as normal however, while banks are closed, we advise taking sufficient euros to cover the duration [...]
Blockbuster has been acquired by Gorden Brothers Europe in a deal which will save 2,000 jobs across 264 UK outlets. Gordon Brothers CEO Frank Morton commented: “We are delighted to announce the acquisition of Blockbuster. “We acknowledge the industry is in transition; we know that we have a challenge ahead but there is still a [...]
The FTSE 100 has achieved a new unflattering record of experiencing its worst weekly fall in over 4 months. London’s premier index fell by 96 points during the week ending March 22nd 2013. The 96 point drop equates to the index’s worst overall weekly drop since the middle of November last year. News Source: Guardian
The parliament in Cyprus has approved a ‘national solidarity fund’ and will deploy capital controls to limit the amount of money savers can withdraw and transfer from Cypriot banks. MPs are still undecided on whether to place a levy on bank deposits of over 100,000 Euro’s. News Source: BBC
Cyprus’s credit rating has been downgraded to CCC by Standard & Poor’s citing that there is an increased risk of a disorderly credit event: ”In the absence of a credible alternative source of capital and fiscal financing, the risk of a disorderly credit event is rising.” News Source: CNBC
The FTSE 100 fell by 44 points on Thursday to 6,389 as fears over the continued uncertainty regarding Cyprus’s bailout package continue. The biggest FTSE 100 faller on Thursday was ENRC (down 4.11%), while Next topped the risers board with a 4% increase in its share price.
Britain has flown an RAF plane to Cyprus, carrying 1m euros as a matter of contingency in order to assist military personnel with emergency loans should they need them (following a freeze on cash machines and debit cards). News Source: BBC
The Cyprus parliament has rejected the proposed bank levy as part of a bailout package this evening. A total of 36 MPs voted ‘no’ to the bank levy on savings, and 19 abstained.
Popular Cypriot based Fx broker FxPro has reiterated the safety of its client money by using global banks of ‘investment grade standing’ for segregated client accounts. These banks are Barclays UK and Credit Suisse Monaco. FXPro also expanded its scope of permissions with the FSA in the UK, to allow the holding of client funds [...]
Cyprus Banks will be closed until Thursday as policy-makers are set for a decisive vote as to how the proposed bank levy on savings will be applied. Under current proposals, savers with over 100,000 Euro’s will be hit with a one-off 9.9% charge on savings, with a 6.75% levy being applied to savings of under [...]
