British unemployment posted its biggest rise in 17 years in the three months to August as the jobless rate rose to its highest level in eight years, official data showed on Wednesday. The Office for National Statistics said the ILO measure of unemployment rose by 164,000 in the three months to August. That took the
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European shares headed lower on Wednesday to break a two-day winning streak as the euphoria over bold government action to arrest a financial sector meltdown dissipated and recession fears took centre stage. At 0855 GMT, the FTSEurofirst 300 index of top European companies was down 2.8 percent at 939.10 points, after gaining a record 10
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The global financial crisis will hit the German economy but not lead to a major, lasting slump, German Chancellor Angela Merkel said on Wednesday. Speaking in the Bundestag, the lower house of parliament, Merkel said Germany was strong but faced a difficult period. "We have to expect a weakening of growth," she said. Merkel added,
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The International Monetary Fund must be reshaped to help regulate the world's financial system and avoid a repeat of the global credit crisis, British Prime Minister Gordon Brown said on Wednesday ahead of an EU summit. "The IMF has to be rebuilt as fit for purpose for the modern world," Brown said after talks with
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Sharp Corp President Mikio Katayama said the Japanese electronics maker aims to sell 11 million units of LCD TVs in the year to March despite an economic slowdown and a firmer yen, standing by its previous estimate. Sharp, which competes with Samsung Electronics Co and Sony Corp in the flat TV market, said in July
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Motorola Inc, the world's third-biggest phone maker, unveiled a touch-sensitive phone to be sold by Verizon Wireless, as both companies look to compete with Apple Inc's iPhone. Motorola, which has been losing ground in the cell phone market as it has failed to come up with a hit phone to replace its once-lauded Razr, said
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Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides met on Wednesday with Chief Executive of the UK Trade and Investment Programme Andrew Cahn, with an aim to strengthen and improve bilateral trade relations, and especially relations for investment, tourism and energy. In statements to the press after the meeting, which was attended by British
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Cypriot President Demetris Christofias will meet here today British Prime Minister Gordon Brown, on the sidelines of the European Council, which takes place in Brussels. Earlier, President Christofias will receive the Belgium – Cyprus Friendship Group at the Belgian Senate as well as Graham Watson, leader of the European Parliament's Liberal Democrat group, the Alliance
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By Emily Kaiser – (Reuters) The price of averting a U.S. financial sector meltdown goes well beyond the mind-boggling sums that the government is handing out and may be repaid with years of higher borrowing costs and slower economic growth. President George W. Bush said on Tuesday that phase one of the $700 billion bailout,
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Primetel Plc (PTL.CY) announced that Andreas Eleftheriades, who holds 705,385 shares of Spidernet (approx. 1.7% stake in SNET) has accepted irrevocably the Public Offer as submitted on September 19, 2008 by the company seeking 100% control of SNET. Primetel is offering 3 new PTL shares for every 4 SNET shares. In addition for every 6
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