World Stocks Fall on Cyprus Bailout News: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Cyprus after news this weekend of a bailout plan partially funded by the nation's bank depositors.
The bailout, which was agreed to on Saturday, puts a 6.75% one-off levy on bank deposits up to €100,000 and 9.9% above €100,000.
Stocks around the world and the euro fell as Cyprus' Parliament delayed an emergency vote on the bailout plan for the second time. The Cypriot Parliament must back the proposal in order for it to pass. Now, the vote is expected to take place on Tuesday as possible amendments to the plan are discussed.
Cyprus banks, closed on Monday for a holiday, will also remain closed until Friday, in hopes of preventing a potential bank run. ATMs on the island were emptied over the weekend as residents tried to get their money out of banks before the plan went into effect.If the Parliament backs the plan, it would be the first time that deposits are used to fund a European nation's bank bailout.
Airbus is trending as the aircraft manufacturer has agreed to sell 234 planes to Lion Air in a $24 billion deal. The order includes 60 A320s, 109 A320neos and 65 A321neos, with the first planes to be delivered in 2014. The deal trumps Lion Air's $22.4 billion deal with Boeing (BA) last year for 230 planes. Lion Air has been expanding its fleet with expectations of 20% growth in traffic this year, according to its president director, Rusdi Kirana. It is adding flights in Indonesia to meet demand, a region Boeing has long dominated.
Suntech Power (STP) is another popular search. The Chinese solar panel maker said it defaulted on $541 million of its bonds due on Friday. Due to the company's failure to repay the notes, it will default on credit lines with International Finance Corp. and Chinese domestic lenders. Suntech said it received a notice of default and acceleration relating to its failure to pay the principal amount from Wilmington Trust Co., the trustee for the bonds.
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