Uncertain corporate outlooks and data showing the U.S. economy is still suffering weighed on global stocks on Wednesday, despite claims from U.S. President Barack Obama that his remedies were starting to work. In China, which is rolling out its own $585 billion stimulus plan, gross domestic product probably grew at its slowest annual rate on
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Swiss bank UBS said on Wednesday it was cutting a further 8,700 jobs as losses from the global financial crisis mount, while data from the United States to China and Korea gave little hope of an imminent end to the economic slump. Stocks fell as companies offered grim or vague assessments of the months ahead,
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US Stocks fell on Tuesday after an unexpected drop in retail sales dampened recent optimism over the state of the U.S. economy. Sales at U.S. retailers fell 1.1 percent in March, snapping two months of increases and hitting a wide range of stocks such as Macy's Inc (M.N), which slumped nearly 8 percent, and energy
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Sales at U.S. retailers unexpectedly fell in March after two months of increases, a government report showed on Tuesday, dimming hopes the recession was close to hitting bottom. However, Federal Reserve Chairman Ben Bernanke stayed upbeat and referenced the hopeful economic signs despite the 16-month long recession. The Commerce Department said total retail sales dropped
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Aegean Airlines has announced new flights from Pafos International Airport, further strengthening aviation links between Cyprus and Greece. Aegean Airlines new service to Athens commences on April 15th and there will be three flights per week. Hermes Airports CEO, Alfred Van Der Meer stated: “I am delighted to see Aegean flying from Pafos. With this
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Government Spokesman Stephanos Stephanou said on Tuesday that Turkey must understand that the Cyprus problem is an obstacle to its EU accession course. Commenting on remarks by Turkish officials, Stephanou said that in order to promote its EU course, Turkey must cooperate for a Cyprus settlement, based on UN resolutions, international law and the high
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President Dmitry Medvedev said on Tuesday he was deeply alarmed by Russia's soaring unemployment, which he said was rising far faster than officials had forecast. Russia's $1.7 trillion economy is heading into recession and employers are slashing jobs as the economic crisis bites after a decade of explosive growth. Medvedev, speaking to members of a
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By Jasmin Melvin As a deep recession strips Americans of their jobs, homes and investments, the 2009 U.S. tax season promises to see a large uptick in first-time delinquent income taxpayers. "Our calls are up 280 percent," said Richard Boggs, founder and chief executive of Los Angeles-based Nationwide Tax Relief, a firm that helps delinquent
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Sales at U.S. retailers fell in March, snapping two months of increases, a government report showed on Tuesday, indicating the recession was far from hitting bottom as mounting unemployment depress consumer spending. The Commerce Department said total retail sales dropped 1.1 percent after rising a revised 0.3 percent in February. March sales were weighed down
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The U.S. Energy Information Administration on Tuesday cut its forecast for 2009 world oil demand by 180,000 barrels per day from its prior March estimate to 84.09 million bpd, as the global economy is expected to shrink 0.8 percent this year. In its new monthly energy forecast, the agency said it then expects world oil
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