Cypriot Finance Minister Michalis Sarris Resigns
(NICOSIA, Cyprus) — Cypriot Finance Minister Michalis Sarris has resigned following the launch of a government investigation into how the country’s economy nearly collapsed last month. President Nicos Anastasiades has accepted Sarris’s resignation. The minister has faced strong criticism for his handling of the Cyprus’s negotiations with its international creditors. Sarris, who had headed the country’s now defunct Laiki Bank last year in a bid to save it from collapse, told reporters he decided to step down to ease the investigation ordered earlier Tuesday. Sarris, 66, was appointed finance minister after Anastasiades’ conservatives won general elections in February, days before the island was overwhelmed by its financial crisis. Anastasiades acknowledged accepting the finance minister’s resignation, adding that “Mr Sarris’, decision to submit his resignation, for reasons of political responsibility in order to ease the work of the Investigating Committee, constitutes ...
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PODCAST: Adele goes Bond, Federal Reserve goes beige
Wednesday, October 10, 2012 - 10:12 LEON NEAL/AFP/Getty Images British singer-songwriter Adele accepts the British Female Solo Artist award at the BRIT Awards 2012 in London on February 21, 2012. This morning global markets are digesting the fact that the head of China's central bank will be a no-show at this week's meeting of the International Monetary Fund. The problem seems to be that that meeting is in Japan -- and China and Japan right now are facing off over disputed island territories. CostCo says profits jumped 27 percent last quarter. Whatever other problems there are in the global economy, American demand for 84-packs of toilet paper remains strong. Wal-Mart says sales on layaway are looking strong in advance of the holidays. YUM Brands says KFC is doing just fine in China, thank you very much -- the company raised its financial outlook for the year -- from "good" to "finger lickin' good." Later today the Federal Reserve rolls out the much anticipated "50 Shades of Beige" -- ...
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