Business

Morning business round-up: Cyprus 'not leaving euro'

  • 29 March 2013
  • From the section Business
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What's making the business news in Asia and Europe this morning? Here's our daily business round-up:

Cyprus has no intention of the leaving the European single currency, the country's president says.

President Nicos Anastasiades said: "In no way will we experiment with the future of our country."

He said the financial situation was "contained" following the 10bn euro bailout deal with the EU and IMF.

Banks opened on Thursday for the first time in nearly two weeks amid severe new rules imposed as part of the bailout deal.

Queues formed as people tried to access their money, but the mood was generally calm.

The S&P 500 index closed on Thursday night at a record high of 1,569, up 6 points or 0.4%. The last time it broke into new territory was on 9 October 2007 when it closed at 1,565.

The Dow Jones index was also up 0.4%, with a rise of 52 points taking it to a record 14,578.

The Nasdaq joined in the upbeat mood created by the smooth reopening of banks in Cyprus and generally positive economic news. It rose 11 points, or 0.3%, to close at 3,268.

The S&P has been near its record high for several weeks, despite the still sluggish performance of the US economy. This means it finishes the quarter 10% higher than its level at the beginning of the year and more than double its low point during the financial crisis.

Online retailer Amazon has said it will buy Goodreads, a book discovery and recommendation website.

San Francisco-based Goodreads was founded in 2007, has 16 million members and is one of the most prominent online communities for readers.

The financial terms of the deal were not disclosed, and it is expected to be completed in the next quarter.

Amazon's electronic book service competes against a number of rivals including Google and Apple.

The head of Italy's centre-left bloc has failed to form a coalition cabinet after week-long talks with other political leaders.

Speaking in Rome, Pier Luigi Bersani said some parties' objections and conditions were "unacceptable".

His Democratic Party narrowly won the elections last month but lacks the upper house majority needed to govern.

President Napolitano will hold a new round of all-party talks on Friday in an attempt to break the deadlock.

The latest Business Daily podcast from the BBC World Service takes a look at capital cities around the Eurozone. Is the crisis really over or are recent events in Cyprus a stark reminder of how fragile the region is?

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