The recession in the United States will stretch well into next year, probably raising the need for another fiscal stimulus package at least as large as the first one, prominent economist Martin Feldstein said on Tuesday. Feldstein, a Harvard University professor who is a member of President Barack Obama's Economic Recovery Advisory Board, told Reuters
More
Goldman Sachs Group Inc and China's ICBC have been in discussions about the New York bank reducing its stake in the world's largest financial institution, according to a report on Tuesday. Like other Western banks before it, Goldman has been expected to consider selling down part of its 4.9 percent ownership of Industrial and Commercial
More
Asia stocks rose to their best level in two months on Tuesday and higher-yielding currencies jumped against the yen as Washington's plan to relieve banks of toxic debt spurred investors to pick up riskier assets. The gains in major Asian equity markets followed a 7 percent surge in the U.S. S&P 500 after a surprise
More
The Council of Ministers approved the new national drug strategy for 2009-2012 during a meeting on Monday, Minister of Health Christos Patsalides announced. In a statement after the meeting, Patsalides said the new strategy is a product of a very well thought out approach through investigations and studies conducted by Sorbonne and Hamburg professors, who
More
Cyprus is the largest foreign investor in the Ukraine and the largest investment destination for Ukrainian business, according to the Cyprus Chamber of Commerce and Industry (CCCI). According to a CCCI press release, at a recent meeting of the Cyprus-Ukraine Business Association, the Ambassador of the Ukraine to Cyprus Oleksandr Demianiuk said that ''Cyprus is
More
European shares extended gains on Monday afternoon as better-than-expected U.S. housing data boosted Wall Street, already upbeat on a Treasury plan to cleanse banks of toxic assets. At 1602 GMT, the FTSEurofirst 300 index of top European shares was up 3.1 percent at 740.21 points, and had hit a day's high of 740.45. Banks added
More
The United States tried to persuade private investors on Monday to take on huge sums in banks' toxic assets, while the IMF warned of a drastic rise in unemployment that might threaten democracy in some countries or even provoke war. Wall Street jumped on the U.S. government's offer of financing for investors aimed at unburdening
More
The Cyprus Statistical Service (Cystat) has revised its prices index for construction materials with a new sample of enterprises and a new base year. Cystat announced that the classification of materials observed by the index has been updated to reflect the use of modern materials. Materials of minor use have been removed. The weight of
More
Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy. Sales rose 5.1 percent in February to a 4.72 million-unit annual rate, notching their largest gain since July 2003, the National Association of Realtors said, but
More
U.S. bank shares including Citigroup Inc and Bank of America Corp soared on hope a government plan to rid lenders of up to $1 trillion of troubled assets will resuscitate lending, earnings and the economy. In early trading, Citigroup rose 14.5 percent to $3.00 while Bank of America rose 16.3 percent to $7.20. The 24-member
More