Belgium’s King Albert II abdicates in favor of son Philippe

BRUSSELS, BELGIUM (BNO NEWS) -- Belgium's King Albert II abdicated the throne Sunday after nearly two decades as head of state, saying he has become too old and frail to continue carrying out the largely ceremonial role, and allowing his eldest [...]

Qatari diplomat among 5 convicted over deadly mall fire

DOHA, QATAR (BNO NEWS) -- A court in Qatar on Thursday convicted five people, including one of the country's diplomats, over a devastating fire last year that swept through one of the country's fanciest shopping malls and killed 19 people, including [...]

EU and US to open free trade negotiation talks

BRUSSELS, BELGIUM (BNO NEWS) -- Officials from the European Union (EU) and the United States have opened negotiation talks with the aim of reaching a free trade agreement, EU President Jose Manuel Barroso announced on Monday. Barroso said teams [...]

Latvia one step closer to adopting euro in 2014

BRUSSELS (BNO NEWS) -- The European Union (EU) on Wednesday announced that Latvia has taken another step forward to adopting the euro in 2014. Olli Rehn, Commission Vice-President responsible for Economic and Monetary Affairs and the Euro underlined [...]

IMF approves $1.3 billion loan for Cyrpus

WASHINGTON, D.C. (BNO NEWS) -- The International Monetary Fund (IMF) on Wednesday approved a three-year $1.3 billion (1 billion euro) loan to Cyprus, part of a larger international bailout to help stabilize the island's economy and avoid it [...]

Eurozone jobless rate reaches record 12.1 percent

BRUSSELS, BELGIUM (BNO NEWS) -- The unemployment rate in the euro area (EA17) reached a new record high of 12.1 percent in March, up a tenth of a percentage point when compared to the previous month, the European Union (EU) said on Friday. The [...]

Eurozone jobless rate reaches record 12 percent

BRUSSELS, BELGIUM (BNO NEWS) -- The unemployment rate in the euro area (EA17) remained stable in February, but nonetheless reached a record high after the European Union (EU) revised figures for the previous month. The jobless rate in the wider [...]

Cyprus: Big depositors could lose up to 60 percent

NICOSIA, CYPRUS (BNO NEWS) -- Big depositors at Cyprus' largest bank will face losing up to 60 percent of their savings which exceed 100,000 euros ($127,770), far more than had been initially estimated as part of a European rescue package, the [...]

Cyprus banks to reopen Thursday with tight controls

NICOSIA, CYPRUS (BNO NEWS) -- Cypriot's finance minister announced Wednesday that the country's banks will reopen on Thursday with tight controls to regulate the flow of capital, nearly two weeks after financial institutions were shut to avoid [...]

European Union needs $20.7 billion to avoid insolvency this year

BRUSSELS, BELGIUM (BNO NEWS) -- The European Union's executive arm on Wednesday said it needs 11.2 billion euros ($14.4 billion) in additional funding from member states to pay outstanding bills from last year, but its budget committee warned [...]