The European Commission has decided to pursue infringement procedures against Cyprus and 11 Member States for failure to implement certain Internal Market Directives into national law. The Commission will refer Austria, Belgium, Cyprus, France, Greece, Ireland, Portugal and Spain to the European Court of Justice over non-implementation of a Directive on recognition of professional qualifications.
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The annual consumer price inflation rate fell for the second consecutive month in September as oil prices levelled off, but remained high by historical standards. The consumer price index rose by 5.3% to 110.24 in September 2008, having reached 5.4% in August and a peak of 5.6% in July. Compared with the previous month, the
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Federal Reserve officials are weighing further interest rate cuts, even if Congress approves a $700 billion financial industry bailout, because of a worsening economic outlook, the Wall Street Journal said on Thursday. A rate cut is still far from certain, partly because of inflation worries, the WSJ said in an unsourced report on its website.
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The U.S. Senate's approval of a revised crisis bailout bill helped boost European stocks and lift the dollar on Thursday but economic worries weighed on Asia and concern about final passage of the proposal lingered. Interest rates were in focus with the European Central Bank meeting later in the day and markets pricing in a
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The U.S. Senate endorsed a revised $700 billion plan to tackle a financial crisis that has shaken world markets and drawn warnings of approaching economic catastrophe. The plan now faces a final hurdle in the House of Representatives, which rocked global markets this week by rejecting an earlier version. President George W. Bush, speaking after
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Retailer Marks & Spencer is reining in investment, slashing costs and stepping up promotions amid signs of worsening consumer sentiment in the UK as house prices fall at the fastest rate for 17 years. The clothing, food and homewares group posted a 6.1 percent drop in second-quarter core sales on Thursday and warned shoppers were
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The chief executive of Nokia, the world mobile phone leader, gave credit to new competitors from the computer world on Wednesday, but said his company was set to respond to all challengers. Nokia President and CEO Olli-Pekka Kallasvuo said emerging rivals Apple Inc, Google Inc, Research in Motion Ltd and Microsoft Corp have helped to
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Microsoft Corp is stepping up efforts to improve online search, where it considerably lags market leader Google, by establishing a three-center research facility in Europe, it said on Thursday. Microsoft, whose efforts to buy search company Yahoo Inc have been rebuffed, said it would increase investment and recruitment in the region by opening a new
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Japanese video game maker Nintendo Co Ltd said on Thursday it would launch its new DS handheld game console on November 1 in Japan for 18,900 yen ($179). The new DS model will have camera and audio functions, the company said. It will be slimmer and have a bigger display than the current model, Nintendo
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The European Commission has put forward a revision of EU rules on capital requirements for banks that is designed to reinforce the stability of the financial system, reduce risk exposure and improve supervision of banks that operate in more than one EU country. Under the new rules, banks will be restricted in lending beyond a
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