Below Athens' lofty Acropolis, taverna-owners chase after potential customers strolling along the stone-paved alleys of Plaka past empty handicraft shops. The season hasn't started, but the tourist industry is worried. Holiday bookings — mainly from Britain, Germany and, lately, also eastern Europe — are already down about 15 to 20 percent from 2008, according to
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Airlines are unveiling more evidence of the uphill task facing world leaders as they seek to kickstart moribund trade, with freight traffic plunging again in March and empty business seats adding to growing losses. U.S. majors which have reported passenger traffic declines of up to 13 percent were joined on Tuesday by rivals including Air
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Spain's Prime Minister Jose Luis Rodriguez Zapatero on Tuesday reshuffled his cabinet and dumped veteran economy minister Pedro Solbes in a bid to revive a government struggling with a deep recession. Solbes, a former European commissioner for economic and monetary affairs, will be replaced by Elena Salgado, currently public service minister and an experienced manager,
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British industrial output suffered its biggest annual drop in February since records began 40 years ago, highlighting the extent to which the sector is being hit by the global downturn. Official data on Tuesday showed industrial production fell for a 12th consecutive month in February, by 1 percent. Although the monthly drop was slightly less
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President of the Republic of Cyprus Demetris Christofias, in Egypt on a three-day official visit, met Tuesday his Egyptian counterpart Hosni Mubarak, with whom he signed a joint declaration. The official welcoming ceremony of the Cypriot President and his entourage took place at the Presidential Palace in Cairo. According to the declaration, Egypt welcomes the
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Cypriot Minister of the Interior Neoclis Sylikiotis has welcomed the initiative of the Commission to strengthen the legal framework concerning child pornography and the sexual exploitation of children, as well as combating the trafficking of persons and the protection of the victims. He also noted that in 2007 Cyprus passed comprehensive legislation to combat the
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World stocks steadied on Tuesday after hitting a two-month high in the previous session, while European stocks rose as investors awaited the start of U.S. corporate earnings season. An Australian interest rate cut and fresh steps by Japan to free up credit failed to prevent losses for Asian stocks, in turn pushing the MSCI world
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European Central Bank Executive Board member Juergen Stark was quoted on Tuesday as criticizing decisions made at the G20 summit to boost the IMF's Special Drawing Rights (SDRs). Stark suggested in a newspaper article that the decision was potentially inflationary as it would create "helicopter money" and that it had not been properly thought out.
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British manufacturing output fell less than expected in February but that still marked the 12th straight month of declines, the longest stretch of losses since the recession of the early 1980s. The Office for National Statistics said on Tuesday that manufacturing output fell 0.9 percent on the month, less than the 1.5 percent drop analysts
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About half a dozen investment managers have put forward bids, ranging between $400 million to $800 million, for troubled insurer American International Group's (AIG.N) asset management business, the Wall Street Journal reported, citing people familiar with the matter. Private equity firms Ashmore Investment Management, Hellman & Friedman LLC, Rhone Group and TA Associates as well
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