The euro zone will not return to growth until 2014, the European Commission said on Friday, reversing its prediction for an end to recession this year and blaming a lack of bank lending and record joblessness for delaying the recovery. The 17-nation bloc's economy, which generates nearly a fifth of global output, will shrink 0.3%
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The recapitalisation of the Cyprus banking sector may require up to about 6 bln to 8.9 bln euros, according to global bond manager Pimco, commissioned by the Central Bank of Cyprus to perform a due diligence report necessary as part of a multi-billion bailout package for near-bankrupt Cyprus. Pimco concluded its assessment on February 2
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Britain's listed companies could be forced to switch accountants to boost competition and end the cosy relationships that have dismayed shareholders, a UK watchdog warned on Friday. Competition in the UK audit market is restricted by factors that make it hard for companies to switch accountants, the Competition Commission said in preliminary findings from a
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In Havana last March, when Pope Benedict sat down with Fidel Castro, the revolutionary leader jocularly asked his fellow octogenarian: "What does a pope do?" Benedict proceeded to tell Castro, who had stepped down as president in 2008 for health reasons and had to be helped to walk into the room, about his duties as
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The frontrunner in the election runoff for a new president this weekend said on Thursday he has been in touch with governments and unspecified funds for a bridge loan to ensure the island nation does not run out of cash before it secures an international bailout. Conservative leader Nicos Anastasiades, who polled over 45% in
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A plunge in exports drove a contraction in German gross domestic product (GDP) in the fourth quarter, offsetting support from domestic demand, and highlighting the vulnerability of Europe's largest economy to weakness in its euro zone trading partners. Seasonally adjusted data from the Federal Statistics Office confirmed an earlier flash estimate showing Germany GDP shrank
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Irish drugmaker Elan will return $1 billion to shareholders and seek acquisitions with the proceeds of selling its stake in blockbuster multiple sclerosis (MS) treatment Tysabri to partner Biogen Idec. The sale of Tysabri, which was by far Elan's most important product and responsible for almost all its revenue, leaves the company's future shape unclear,
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Authorities are checking if a wreck found on a beach of the island of Curacao could be that of a plane carrying fashion executive Vittorio Missoni which disappeared last month, Italian news wire Ansa reported on Friday, citing local sources. Missoni, the eldest son of the founders of the Missoni fashion house, disappeared with his
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Sony Corp said it will launch its next-generation PlayStation this year, hoping its first video game console in seven years will give it a much-needed head start over the next version of Microsoft's Xbox and help revive its stumbling electronics business. The
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Cyprus Trade Minister Neoclis Sylikiotis, who leaves office in a week’s time after a second round of presidential elections, had to fight to keep hold of his ministerial limousine on Thursday when collectors tried to serve warrants to confiscate state property. The receivers were acting on behalf of property owners whose lands were expropriated by
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