Asian stocks fell on Monday, with forecasts of corporate earnings slashed as the global economy rapidly deteriorates, steering investors toward the yen and U.S. dollar, which hit a two-month high against the euro. Major European stocks were expected to open as much as 1.2 percent lower, according to financial bookmakers, with the focus on expectations
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Facing opposition from Republican lawmakers to parts of his economic recovery plan, President Barack Obama called Democratic Congressional leaders to a meeting on Monday to drive home his message of urgency. With hundreds of thousands of Americans losing their jobs, many their homes, and a rapidly shrinking economy, Obama is under pressure to move swiftly
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Government Spokesman Stephanos Stephanou has said on Sunday that a Cyprus flagged ship which has been reported to be carrying arms that originated from Iran and was forced by an American military vessel to dock at Limassol Port last week, remains at the port, adding the issue is sensitive and delicate. Invited to comment on
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British Prime Minister Gordon Brown warned on Friday against a retreat into financial protectionism and urged political and business leaders to work in concert on ways to solve the global economic crisis. Corporate chiefs and financial policymakers met behind closed doors at the World Economic Forum to lay the groundwork for new regulatory structures and
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The U.S. economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed on Friday, sinking deeper into recession as consumers and business cut spending. In a report that showed a broad-based contraction nearly across all sectors, the Commerce Department said gross domestic product, which measures total goods and
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British mortgage lending rose three times faster than expected in December after approvals edged up from November's record low, but economists said Friday's data did not herald a housing market turn-around. The Bank of England said that banks lent a net 1.903 billion pounds ($2.72 billion) for home purchase last month, up from 834 million
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Insurance rates are likely to increase in 2009 and the Lloyd's of London market is doing well, despite the economic downturn, its chairman said on Friday. Peter Levene said the recent precipitous fall in sterling had prompted Lloyd's to tell insurers to increase their capital reserves, which they were now doing. "As far as we
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George Diderich, President of the Technical Committee of the 2009 Games of the Small States of Europe (GSSE) is on a visit to Cyprus to assess the progress so far in the preparations for the 2009 GSSE, to be hosted from June 1 to June 9. A press release issued by the Cyprus Olympic Committee
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Russia's central bank vowed to defend its floor for the rouble on Friday as the currency sank to fresh record lows and its Finance Minister outlined forecasts for a year of no growth and a hefty budget shortfall. The rouble fell to 40.16 versus a euro-dollar basket, just 2 percent away from the 41 level
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Fresh signs of a deepening global recession knocked world stocks lower for a second straight day on Friday but European bourses managed to find a steadier footing after reversing early losses. Appetite for riskier assets, however, remained firmly on the back foot, helping to drive the low-yielding yen and dollar broadly higher and giving less
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