The U.S. economy contracted at its sharpest rate since early 1982 in the fourth quarter, revised data showed on Friday, as exports plunged and consumers cut spending by the most in more than 28 years. The Commerce Department said gross domestic product, which measures the total output of goods and services within U.S. borders, shrank
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The world economy will shrink at least 1 percent this year, as hopes fade that some developing countries can withstand the crisis, the head of the United Nations Conference on Trade and Development said on Friday. UNCTAD Secretary-General Supachai Panitchpakdi told Reuters the daily drumbeat of bad economic news — on Friday Thailand announced a
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The Bank of England looks set to cut interest rates by half a percentage point to a record low of 0.5 percent next week and start buying assets with newly created money to boost the economy. Fifty-four out of 62 economists polled by Reuters this week predicted a 50 basis point reduction when the Monetary
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World stocks slipped towards this week's 6-year low and oil tumbled on Friday while the dollar hit a three-month peak as financial shares came under pressure after news the U.S. government will take a large stake in Citigroup. The U.S. Treasury said it will convert up to $25 billion of Citi's preferred shares into common
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Oil fell more than $2 on Friday, halting its three-day bull run, but otherwise remaining on course to end the month up 5 percent from January, its first such gain since June. Oil fell after official data showed the U.S. economy contracted more sharply in the fourth quarter than initially expected, falling at an annual
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Three development banks launched a programme to lend up to 24.5 billion euros ($31.2 billion) in central and eastern Europe on Friday, as EU members prepare this weekend to discuss the region's troubles. The World Bank, European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB) said the two-year plan will provide quick,
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Executive Chairman of Cyprus Airways Kikis Lazarides announced here today profits for the second year in a row, saying that this development comes after four years of consecutive losses, which amounted to 150 million euro and threatened the survival of the airline. Speaking at a press conference, Lazarides announced 1.7 million euro after tax profit
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Greek Cypriot trade union SIDIKEK-PEO and Turkish Cypriot BES announced today a joint activities programme for 2009. According to SIDIKEK-PEO General Secretary Antonis Neofytou, the programme includes meetings between Greek Cypriot and Turkish Cypriot women, on March 8, World Woman's Day, joint participation in May 1 celebrations and teaching the Greek and the Turkish language
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By Andrei Khalip and Sergio Goncalves European Union countries should give more powers to its securities regulation committee and adopt a common approach to short-selling, a trading practice blamed for exacerbating the stock market slide, a senior EU regulator said. "I defend that CESR should have binding regulatory powers and that the regulation be more
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Cyprus Minister of Foreign Affairs Markos Kyprianou departs Monday, March 2 for Egypt to attend the International Conference to support the Palestinian economy for the reconstruction of Gaza. Kyprianou will announce, on behalf of the Republic of Cyprus, financial aid for the reconstruction of Gaza and for tackling humanitarian aspects of the issue. According to
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