Disappointing earnings from European blue-chip Philips knocked regional stocks back on Monday while the euro retreated after storming to a two-month high. Wall Street looked set for a lower opening. Emerging market stocks were weak, hurt by inflation worries. Debt-ridden Ireland's politics were in focus and emerging market stocks were weak, hurt by inflation worries.

Natural disasters caused $109 billion in economic damage last year, three times more than in 2009, with Chile and China bearing most of the cost, the United Nations said on Monday. The 8.8-magnitude earthquake that struck Chile in February cost $30 billion. Landslides and floods last summer in China caused $18 billion in losses, data

Brent crude oil held near $98 a barrel on Monday on renewed confidence that developed economies are recovering and as Saudi Arabia's oil minister predicted strong oil demand in 2011. Saudi Arabia's Oil Minister Ali al-Naimi said he expected global oil demand to rise between 1.5 million and 1.8 million barrels per day (bpd) this

French President Nicolas Sarkozy called in a speech laying out his G20 agenda on Monday for new rules to curb commodity price volatility, warning that the world risks food riots and weaker growth if leaders fail to act. Speaking to 300 diplomats and journalists in the Elysee presidential palace, Sarkozy also voiced support for a

European governments must urgently decide on common measures to protect the stability of the euro zone, EU Economic and Monetary Affairs Commissioner Olli Rehn told a German newspaper on Monday. "We must agree on common measures as soon as possible – the sooner the better," he told Die Welt. "The calming on markets in the

French Economy Minister Christine Lagarde said on Monday that European governments could consider the long-term option of issuing joint euro zone bonds only once they had achieved greater fiscal and economic integration. The idea of the euro zone issuing joint debt — which has been pushed by Eurogroup President Jean-Claude Juncker and Italian Finance Minister

"If things don't get better here in a year, we are thinking of moving abroad as a family to a country like Denmark or Sweden, where they need doctors and the salaries are better," George said late last year, sad at the prospect of leaving friends and Greece's blue seas and clear skies behind. The

China is starting to pass on the rising cost of labour and other manufacturing inputs as it restructures its economy, creating a potential new inflation headache for Western countries already grappling with surging commodity prices. The threat for now is no greater than a distant cloud in a clear blue sky. Excess capacity and high

The problems and difficulties that affected Cyprus’ tourism industry in 2010, are expected to affect tourist arrivals in 2011 as well. However, Chairman of the board of the Cyprus Tourism Organisation (CTO), Alekos Orountiotis, expressed here today optimism regarding the recovery of tourism sector in 2011. Cyprus managed to record an increase of 1.5% in