European shares sank to new 2012 lows on Wednesday in a broad-based sell-off as concern over contagion from Greece gripped investors. The FTSEurofirst 300 index fell 0.7 percent to 991.03 , having dropped 0.7 percent on Tuesday after Greek politicians failed to put together a ruling coalition, paving the way for a new election and
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Greece's president spoke of "fear that could develop into panic" at the country's banks in the weeks before fresh elections that could precipitate Athens exit from the euro zone. Greeks are withdrawing euros afraid of the prospect of rapid devaluation if the country leaves the single currency, minutes of President Karolos Papoulias's meetings with political
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Facebook Inc will increase the size of its initial public offering by 25 percent, a source familiar with the matter said, and could raise as much as $16 billion as strong investor demand for a share of the No.1 social network trumps debate about the company's long-term potential to make money. Those concerns over revenue
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Greece abandoned a nine-day hunt for a government on Tuesday and called a new election that may hand victory to leftists who might cut the nation's financial lifeline, pushing it closer to bankruptcy and out of the euro zone. After six rounds of fruitless wrangling, party leaders emerged from a final session at the presidential
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New French President Francois Hollande and German Chancellor Angela Merkel acknowledged differences on Tuesday over how to boost growth in recession-plagued Europe, but pledged to work together on a joint approach in time for a summit next month. Hollande jetted to Berlin hours after his inauguration to meet Merkel for the first time, but arrived
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Asian shares fell more than 3%, the biggest one-day drop in six months, and the dollar rose broadly on Wednesday after efforts to form a new government in Greece collapsed, fuelling fears that a second election in June could precipitate Athens' exit from the euro zone and deepen the bloc's debt crisis. European shares were
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Audi AG announced that it has acquired from Investindustrial Group the Italian sports bike maker Ducati Motor Holding S.p.A., known worldwide as a leading brand in motorcycle manufacture and racing, with outstanding expertise in engine development and lightweight construction. “Ducati is known worldwide as a premium brand among motorcycle manufacturers and has a long tradition
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The trade deficit in Cyprus shrank by 14.8% over the year earlier to EUR 1.05 bln in the first three months of the year according to preliminary figures. Total imports tumbled by 12.9% to EUR 1.37 bln, while exports fell by 6.0% to EUR 320.8 mln. The biggest drop was in intra-EU trade: arrivals (imports)
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The Cyprus economy contracted for the third straight quarter in the first three months of the year, according to the flash estimate compiled by the Statistical Service on Tuesday. Compared with the previous quarter, GDP declined on a seasonally adjusted basis by 0.3% in the first quarter of 2012, having dropped by 0.3% in the
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The euro zone's sick economy probably slipped into its second recession in just three years in early 2012, data is due to show on Tuesday, as the debt crisis sucks southern Europe into a downward spiral and widens the split with paymaster Germany. Euro zone gross domestic product is seen contracting 0.2% in the first
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