LONDON — Businessman Richard Branson says he will shake up Britain's retail banking system as his Virgin money group takes control of the nationalized lender Northern Rock.

Branson paid the British government 747 million pounds ($1.1 billion) for the troubled lender last year...

BUDAPEST — Fitch Ratings downgraded Hungary's credit grade to junk status on Friday, citing a standoff between the country and the European Union and the International Monetary Fund over rescue loans.
Fitch, which followed similar moves from Moody's and S&P, kept a negative outlook,...

 LISBON — Portugal has paid a markedly lower interest rate to borrow €1 billion ($1.3 billion) amid a government austerity programme aimed at winning back market confidence.

Portugal's government debt agency said it sold 3-month Treasury bills at a rate of 4.346 percent, down...

 FRANKFURT — Germany has successfully auctioned €4.06 billion ($5.28 billion) in 10-year bonds despite ongoing concerns over the debt crisis that's afflicting the 17-nation eurozone.

Demand for the bonds outstripped supply as investors placed bids for €5.14 billion of the debt...

 WICHITA — Faced with defense budget reductions, Boeing announced it will close its defence plant in Wichita by the end of 2013.

The closure will cost more than 2,160 workers their jobs and end the firm's presence in a city where it has been a major employer for generations.
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 NICOSIA - Building permits recorded a decrease of 13,2% during the period January – October 2011, compared to the corresponding period of the previous year, as announced here today by the Statistical Service.

According to the announcement, during the period January – October...

 NICOSIA - Approximetely 54,538 companies -registered in Cyprus - have until today paid the special fee of 350 euro each, which was voted late August by the House of Representatives as part of the government's first economic package for fiscal consolidation.

In statements to...

 MADRID — Spain's new government warned Friday that the country's budget deficit will be much higher than anticipated this year, as it unveiled a first batch of austerity measures that include surprise income and property tax hikes.

Following the new conservative government's...

 NICOSIA - Banks and the bank employees union Etyk on Thursday announced agreement on a wage freeze intended to help commercial banks weather the difficult economic climate.
They said that there would be no pay increments or increase in the Cost of Living Allowance for 2012 and 2013.
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NICOSIA - Unemployment in Cyprus in the third quarter of the year was 7.6% of the labour force, up 0.5% on the previous three months.
Figures from the Cyprus Statistical Service show that on a yearly basis, unemployment increased by 1.8%.
According to the results of the Labour Force...