TOKYO - An independent panel issued a damning report on a $1.7 billion accounting scandal at Japan's disgraced Olympus Corp on Tuesday, urging legal action against the executives responsible for the cover-up and the replacement of other board members who knew.

The six-man panel...

 LONDON - Britain's banks should hand out sharply lower staff bonuses this year as part of an overhaul of pay practices designed to protect investor returns as profits and share prices across the sector tumble, the Association of British Insurers' said.

"It is our members' view...

 NEW YORK - Standard & Poor's on Monday warned it may carry out an unprecedented mass downgrade on the credit ratings of euro zone countries if EU leaders fail to reach an agreement on how to solve the region's debt crisis in a summit later this week.

S&P placed the...

 PRAGUE - Struggling state-owned carrier Czech Airlines will dismiss 100 of its 300 pilots in a restructuring, the company said on Monday. The company said some of the pilots would receive notice this week and others in following weeks. Some are expected to find jobs at charter company...

 NICOSIA - Bank of Cyprus won shareholders' gave their approval on Monday to boost its capital with a rights issue of up to €396.3m ($532.25m) and a voluntary exchange of convertible securities of up to €600m, the lender said.
Bank of Cyprus and Marfin Popular hold considerable...

NICOSIA - The Cyprus - Qatar deal for a luxury hotel and office complex on state land opposite the Nicosia Hilton moved a step closer on Friday after a meeting between the two side in Nicosia.
Qatar Diar, the Qatari state company partner to the deal, is to come up with its own...

 NICOSIA - Revenue from tourism reached 188.8 million euros in October 2011 compared to 175.5 million euros in the corresponding month of the previous year, recording an increase of 7.5%, according to the results of the Passenger Survey announced on Thursday by the Statistical Service.
...

 NICOSIA - During the nine month period January – September, 5,751 building permits were issued registering a 13.3% decrease compared to the same period last year.
The total value of these permits decreased 21.9% and the total area declined 24.2% while the number of housing units also...

 NICOSIA - Land transport turnover activity decreased 1.2% in the first nine months of the year compared to the same period of 2010, according to Statistical Service estimates.
Water transport turnover value decreased 17.6% in the same period compared to 2010.
Air transport...

Cyprus Airways will re-introduce direct flights to Brussels before the island’s EU Presidency in the second half of 2012. Airline spokesman Kyriakos Kyriakou told The Cyprus Weekly the national carrier wanted to operate six direct flights a week as from June 2012.
“Certainly the fact that...