OPEC is unlikely to cut oil output further at its meeting next month if oil prices remain around current levels, two delegates from the producer group said on Tuesday. "It is hard to predict now, but I don't think there is a need to do anything," said one of the delegates, who declined to be
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By Peter Apps, Political Risk Correspondent Markets might have moved on after their initial shocked reaction to last year's Georgia war, but the legacy of the brief conflict remains that war in Europe is much less unthinkable than it once was. Russia's stockmarket <.IRTS> lost roughly a quarter of its value in August 2008, while
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By Daisy Ku British interdealer broker Tullett Prebon said continued market turbulence would lead to "a good outcome" for the year after it reported a better than expected 26 percent rise in its first-half pretax earnings. Chief Executive Terry Smith said volatility remains 60 percent higher than pre-crisis levels, although it has come down since
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The International Shooting Sport Federation (ISSF) Bureau has appointed President of the Cyprus Shooting Federation Demetris Lordos as Technical Delegate at the ISSF World Championships 2009 in Shotgun in Maribor, Slovenia. The ISSF has also appointed the Technical Director of the Cypriot Federation Petros Kyritsis as Competition Manager of the games. According to ISSF, approximately
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The Cyprus Theatre Organisation (CTO) is cooperating with the National Theatre of Greece and the British Theatre company “Imitating the Dog”, in a co-production entitled “Tales from the Bar of Lost Souls”, to be presented in all three countries between September 2009 and March 2010. The Creative Collaboration Project Fund, launched in August 2008, has
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U.S. consumer spending rose slightly more than expected in June, lifted by expenditures on nondurable goods even as incomes saw their biggest drop in four-and-a-half years, a government report showed on Tuesday. The Commerce Department said spending rose 0.4 percent after a revised 0.1 percent increase in May, previously reported as a 0.3 percent rise.
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Global stocks and commodity prices pulled back on Tuesday as investors paused to assess the state of the economy after pushing them higher in the past two weeks, while the U.S. dollar was broadly flat. The MSCI world equity index slipped 0.3 percent after hitting its highest level in nearly 10 months on Monday. Better-than-expected
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Toyota Motor Corp is relying on deeper cost cuts and a government-backed sales boost as it forecasts a slightly shallower annual loss, underscoring doubts over a sustainable recovery in demand. Toyota, the world's biggest automaker, slipped to its third quarterly loss in a row as sales sank in Japan, Europe and the United States with
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General Motors is taking more time to negotiate with Magna and RHJ International over the planned sale of its European arm Opel, the U.S.-based company said on Tuesday. Canadian auto parts group Magna and Belgium-based RHJ are locked in a takeover battle for Opel, in which GM is relinquishing control in return for state support.
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Oil fell more than $1 to below $71 per barrel on Tuesday, paring three days of gains, as expectations of a rise in U.S. crude inventories offset optimism from positive U.S. and Chinese manufacturing data. The dollar's fall on Monday to its lowest level this year helped push up U.S. crude oil futures by 3
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