Europe, Billion | featured news

Germany's lower house of parliament voted overwhelmingly on Thursday to grant Cyprus a 10 billion euro bailout that is designed to avert bankruptcy for the tiny Mediterranean island nation and keep it in the euro zone.

The International Monetary Fund will contribute 1 billion euros ($1.29 billion) over three years to the 10 billion euro bailout for Cyprus, IMF Managing Director Christine Lagarde said in a statement on Wednesday.

Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said.

Rosneft is seeking to borrow up to $30 billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.

The Paris appeals court on Wednesday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back a staggering (EURO)4.9 billion (about $7 billion) in damages for one of the biggest trading frauds in history....

The U.S. brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said they settled a dispute over $38 billion in asset claims, a major step toward customers and creditors recovering money.

The trial of a former trader accused of causing the largest unauthorised loss in British history - £1.4bn at UBS - will start later.

The U.S. trade deficit grew to $42 billion in July, widened by fewer exports to Europe, India and Brazil that offset a steep decline in oil imports.

Standard Chartered won some help from Britain's central bank governor on Wednesday in its fightback against the New York banking regulator's allegations that it had hidden $250 billion of transactions with Iran.

Political leaders in Greece have agreed on most of the austerity measures demanded by its creditors and are now eyeing pension and wage cuts to find the final 1.5 billion euros of savings still needed, a source close to the talks said on Sunday.