The EU Commission has substantially revised down its GDP forecasts compared to the spring forecasts. In the autumn forecasts the Commission expects euro-area GDP growth of 1.2% this year (down from 1.8%),
The euro zone is already in a technical recession and economic growth will come to a virtual standstill next year, the European Commission said on Monday, calling for coordinated action to support
OPEC members might have ignored output limits in the past, but they mean business now after oil prices shed more than half their value in three months and financial turmoil has crushed
The Federal Reserve must not forget about inflation as it battles recession, or leave interest rates too low for too long next year, policy-maker Jeffrey Lacker said on Monday. "It is crucial
Profits evaporated at top European banks on Monday and authorities worldwide pressed on with efforts to bolster weakening economies as data from Europe and China suggested a sharp global downturn was gathering
Global stocks kicked off a new month with solid gains on Monday against a background of easier monetary policy designed to pull economies away from severe recession. The dollar and yen weakened,
South Korea pledged more cash on Monday to rev up its economy, and central banks in Europe and Australia looked set to cut rates again in a frantic battle to keep the
President of the Republic Demetris Christofias has said that the government, without ruling out any consequences due to the global financial crisis, is following a ''calculated financial and social policy'' and will
Microsoft Corp. and South Korea's LG Electronics Inc on Monday said they had signed a preliminary agreement on strategic collaboration in mobile technology. "The agreement ensures continued strategic collaboration in R&D, marketing,
A new technology that essentially allows content owners to profit from piracy will get a high-profile test this month from MySpace and MTV Networks. Instead of triggering the usual take-down notices, copyright-infringing
