The Bank of England said it would launch a scheme to purchase commercial paper issued by British companies on Feb. 13, unveiling the first concrete details of its Asset Purchase Scheme to tackle gummed-up credit markets. The BoE said on Friday it would buy investment grade sterling paper both at issue and in the secondary
More
The United States shed nearly 600,000 jobs in January and German and British industry output plunged the month before, data showed on Friday, while an array of Japanese firms suffered heavy body blows. Despite the blanket of bad news, stock markets were buoyed by hopes U.S. lawmakers will pass a colossal economic stimulus package which
More
Stocks opened higher on Friday as investors bet Washington will act quickly on a stimulus package following bleak January jobs data, offsetting a drag from the energy sector due to sliding oil prices. U.S. nonfarm payrolls in January were slashed the most since December 1974 as the recession deepened, sending the unemployment rate to 7.6
More
The plenary of the House of Representatives unanimously passed an amended bill on Thursday in favour of overseas Cypriots to vote in their countries of residence. According to the new bill, those entitled to vote will have to be registered in the special election lists by 2 April to be able to vote in the
More
The UN-led negotiation process underway could lead to a solution of the Cyprus problem by 2010, Olli Rehn, European Union's Commissioner for Enlargement has said. Rehn's comment came as UN-led negotiating process marked 18 meetings between Cyprus President Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat, in a bid to bring about a settlement
More
World stocks rose for the fourth straight day on Friday as expectations grew that Washington will make new moves to shore up the battered financial system, while the dollar slipped before key U.S. jobs data. The U.S. Senate was due to resume debate on a $900 billion stimulus plan later in the day, after abruptly
More
British industrial production fell more sharply than expected in December and at its fastest quarterly rate since 1974, suggesting the economy shrank even more sharply at the end of last year than first thought. The Office for National Statistics said on Friday that industrial production, which makes up 18 percent of gross domestic product, shrank
More
Among young college students, the frequency and type of video games played appears to parallel risky drug and alcohol use, poorer personal relationships, and low levels of self-esteem, researchers report. "This does not mean that every person who plays video games has low self-worth, or that playing video games will lead to drug use," Laura
More
Albert Einstein looked around, made eye contact and smiled. Of course, the renowned scientist has been dead for more than 50 years but he was reincarnated this week in the form of a so-called empathetic robot that pushes the boundaries of automation by being able to interact with people using emotional nuances. The rubberized rendition
More
The yen fell versus the dollar and euro on Friday, reversing gains as rises in stocks renewed appetite for riskier assets but caution prevailed before U.S. jobs data which will show another grim sign for the economy. The dollar recovered against the yen from levels seen in late U.S. trade on Thursday but was still
More