The ruler of the United Arab Emirates has ordered the release of 329 prisoners in a pardon that includes writing off more than 3 million dirhams ($816,800) of their debts, media reported on Thursday. The decree by President Khalifa bin Zayed, leader of the federation of seven Arab emirates on the Gulf Arab coast, said
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The U.S. dollar nursed big losses on Thursday and Asian government bonds rallied after the Federal Reserve vowed to buy long-dated U.S. Treasuries, reviving a practice not used in decades to revive an ailing economy. The Fed surprised investors on Wednesday by announcing it would buy $300 billion worth of these U.S. Treasuries for the
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The U.S. Federal Reserve said it will buy government debt for the first time since the 1960s as part of an extra $1 trillion injection into the ailing economy, buoying government bonds and denting the dollar. Wall Street and Asian stocks climbed after the Fed's surprise decision on Wednesday to buy up to to $300
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Equity markets had their best week for some months last week, with the S&P 500 gaining close to 10%, note Barclays Wealth analysts. The return of risk appetite was spurred by a rally in the financial sector. This improved sentiment spread to other cyclical sectors with the materials, industrials, and consumer discretionary sectors all posting
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Iraq plans to tender for a 1,000 megawatt power plant worth about $1 billion, a senior electricity official said, part of efforts to plug a power shortage that has crippled reconstruction after years of war. Iraq is due to begin talks on Thursday in Washington with JPMorgan Chase & Co, the U.S. Export-Import Bank and
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The European Union should spend more on stimulating the economy if it can, European Commission President Jose Manuel Barroso said on Wednesday, but he stressed that carrying out already agreed measures was key. Barroso made the comments on the eve of a two-day EU leaders meeting to discuss ways of getting the economy going again
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The latest British jobs numbers are very bad and could get worse still, Bank of England policymaker David Blanchflower told Reuters on Wednesday. Earlier, official figures showed the number of people out of work and claiming unemployment benefit rose by a record 138,400 in February. The wider ILO measure of unemployment, meanwhile, rose above 2
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World share prices firmed on Wednesday, while European government debt fell as rising financial stocks and forecast-beating U.S. housing data prompted more optimism among investors after the last week's rally. But the stress that has scrambled markets for so long remained on radars. The rare positive U.S. housing figure had no impact on European credit
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Revenue from tourism arrivals fell sharply in February but not as fast as the decrease in arrivals. According to the results of the Passenger Survey, revenue from tourism fell by 10.8% to EUR 36.3 mln in February 2009, from EUR 40.6 mln in the same month of 2008. Last week, the Statistical Service reported that
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The dollar edged up against the euro on Wednesday in cautious trade ahead of a U.S. interest rate decision, while sterling hit a 7-week low against the euro ahead of key UK jobs data and Bank of England minutes. The Federal Open Market Committee is expected to leave interest rates on hold at zero to
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