Oil steadied near $96 a barrel on Tuesday after a near 10 percent drop in the previous session in the wake of the shock rejection by U.S. lawmakers of a $700-billion financial sector rescue plan. Asian stocks posted the biggest monthly decade in more than a decade and major European stock markets lost further ground
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The number of unemployed fell in the second quarter of 2008 compared with the same period of 2007 despite an increase in the labour force. According to the results of the quarterly Labour Force Survey, which is in accordance with EU norms, the number of unemployed people amounted to 12,448 in the second quarter of
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British authorities are to notify the European Commission on Tuesday of their rescue package for mortgage lender Bradford & Bingley and have already sent Brussels some information, the EU competition and state aid regulator said. "We have had some details. We expect formal notification this morning," Commission spokesman Jonathan Todd said. After intense weekend talks
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Britain's current account deficit widened to its largest in nearly a year in the second quarter of 2008 and official statisticians said they had been underestimating the size of the economy. The Office for National Statistics said gross domestic product (GDP) was unchanged from the first quarter but rose 1.5 percent on the year, revised
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World stocks fell to near three-year lows on Tuesday but fears of a major meltdown following historic Wall Street losses eased as European losses were muted. The U.S. Congress's rejection of a bank rescue package tore nearly 9 percent off the broad S&P 500 on Monday but European shares and many Asian stock markets clawed
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Greece's ruling conservatives expelled a dissident party member on Tuesday, reducing its ranks to 151 seats in the 300-member house, a senior parliamentary source said. The move comes days after Prime Minister Costas Karamanlis challenged rebels within his New Democracy party, who have criticised its liberal reform agenda, to either topple his government or fall
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The Cyprus tourism sector saw a 3.7% drop in arrivals in the peak seasonal month of August, as high airport charges, high oil prices and, for the British market, a weak sterling combined to put off travellers. On the basis of the results of the Passengers Survey, arrivals of tourists reached 328,100 in August 2008,
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European shares trimmed some losses in morning trade on Tuesday as mining stocks rose, partly offsetting a slide for banks on disasppointment over U.S. lawmakers' rejection on Monday of a $700 billion bank bailout. By 0748 GMT, the FTSEurofirst 300 index of top European shares was down 1.1 percent at 1,034.55 points, having fallen earlier
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Tesco, Britain's top retailer, met forecasts with a 10 percent rise in first-half profit, signalling it can cope with weak markets even as it called for interest rate cuts and steps to steady banks. Shares in the supermarket group, which serves more than 20 million British shoppers a week, jumped as much as 5.4 percent
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Britain's top share index was down 0.6 percent early on Tuesday, led by banks and energy stocks after U.S. lawmakers rejected a $700 billion banking bailout package, but miners boosted by gold prices lent some support and the overall market was off earlier lows. By 0759 GMT, the FTSE 100 was down 26.4 points at
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