A bloc of fiscally conservative Democrats crucial to moving U.S. President Barack Obama's budget through Congress will demand strict spending and deficit controls as part of any final budget deal. Obama has sent Congress a $3.55 trillion budget plan and next week the House of Representatives and Senate are expected to begin work on legislation
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The shortfall in trade finance, which underpins a large share of the $13-14 trillion in global trade, is running at $100-300 billion, a senior World Bank official said on Thursday. The figures highlight the damage being done to trade and output by the financial crisis, as well as indicating that policymakers are uncertain about the
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A surprise injection of an extra $1 trillion into the U.S. economy by the Federal Reserve lifted global economic sentiment on Thursday but European leaders looked set to resist pressure to spend more. "A competition to outdo each other with promises will not calm the situation," German Chancellor Angela Merkel said in a speech to
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Unidentified assailants exploded a homemade bomb at the office of a Greek ruling party deputy on Wednesday, causing damage but no injuries, police said. Deputy Kyriakos Mitsotakis, 41, brother of Foreign Minister Dora Bakoyanni and son of former Prime Minister Costas Mitsotakis, was not at his office at the time of the attack, the latest
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A social summit for growth and employment, between the EU presidency, Sweden, Spain, the Commission and the social partners, was held on Thursday in Brussels, before the commencement of the European Council, during which the participants expressed hope and commitment for a successful Employment Summit on May 7 in Prague. Speaking at a press conference
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Moody's Investors Service has placed the sovereign ratings of Kuwait on review for possible downgrade. The affected ratings are the Aa2 local and foreign currency government bond ratings and the Aa2 country ceiling for foreign currency bank deposits. "Today's rating action was primarily motivated by the recent resignation of Kuwait's government and the dissolution of
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Ericsson has performed the world's first live demonstration of a VDSL2-based technology achieving data transfer rates of more than 0.5Gbps. This will allow operators to offer low-cost, high-performance connectivity to an increased range of mobile backhaul customers, enterprise users and residential customers. The Ericsson demonstration achieved data rates of more than 0,5 Gbps over twisted
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Pimco's Bill Gross said it is unclear what was behind the Federal Reserve's surprise decision on Wednesday to buy up to $300 billion in Treasuries. The move came as the government prepares its latest efforts to resuscitate credit markets with a program aimed at consumer and small business lending. But that program faces an uphill
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The Pafos Aphrodite Festival will present in early September Leo Delibes’ opera “Lakme”, at Pafos Medieval Castle, performed by the National Opera of Sofia. According to an announcement, “Lakme” opera, in three acts, is considered as one of the most exotic operas with a sensational prelude. The opera was first performed on 14 April, 1883
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By Alister Doyle, Environment Correspondent Investments of $750 billion could create a "Green New Deal" to revive the world economy and protect the environment, perhaps aided by a tax on oil, the head of the U.N. environment agency said on Thursday. Achim Steiner said spending should focus on five environmental sectors including improved energy efficiency
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