Oil demand will rise more slowly than expected in China, Europe and the United States next year as economic growth falters, pushing up stockpiles of fuel and offering some relief to consumers facing high prices. The West's energy watchdog, the International Energy Agency (IEA), said on Friday it had cut its estimates of oil use
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Three years into the euro zone debt crisis, the gravity-defying German economy has stalled and some fear it could fall into recession in the second half of this year. Over the past week, Europe's largest economy has been hit by a series of increasingly gloomy data releases, showing declines in manufacturing orders, industrial output, imports
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Austria will no longer support "Olympic tourists", the country's sports minister has said, promising a major shake-up of state support for competitors after the country failed to win a summer Olympic Games medal for the first time in half a century. Legislation to be crafted this year would ensure aid focused on popular Olympic sports
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If, like French fashion house Balmain, you can sell a ripped cotton tee-shirt for more than 1,000 euros, you might wonder if there's any price your well-heeled customers won't pay. It's a question the luxury industry has been posing for years as it skipped through the financial crisis in diamond slingbacks – House of Borgezie,
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An Italian sport tribunal banned Juventus manager Antonio Conte for 10 months on Friday for failing to report match fixing in a sports betting scandal that has rocked Italian football, the national football federation said. Conte, who led Juventus to the Serie A title last season, was disciplined for two Siena matches in May 2011,
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Poor Chinese trade data clipped a strong recent run by European shares and the euro on Friday, unwinding some of the gains built since the European Central Bank began to ready fresh action to combat the region's debt woes and limp growth. The FTSEurofirst 300 index of top European shares was down 0.35 percent at
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Bank of Ireland's underlying operating profit slumped by two-thirds in the first six months of the year as cuts in central bank interest rates put pressure on its margins and mortgage arrears mounted. The only Irish lender to avoid nationalisation after an unprecedented property crash, the bank said it remained on track to meet its
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The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients. The decision not to prosecute Goldman, a firm held up by critics as a symbol of Wall Street
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Olympic medalist returns to his hometown to a hero's welcome Pavlos Kontides, the only Cypriot who has won an Olympic medal, returned to his hometown last night to a hero’s welcome, with jubilant friends, relatives and fans cheering him as the bus that carried him from the airport approached Limassol Nautical Club. Kontides returned home
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Manchester United Ltd's initial public offering priced well below its expected range on Thursday, valuing the British soccer club at only $2.3 billion and shaving off as much as $100 million from the anticipated proceeds for the team and its owners. The club said its shares priced at $14 apiece, below the $16-$20 per share
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