By David Bailey and Kevin Krolicki By pledging to cut $10 billion in costs, General Motors Corp has convinced investors and creditors that the immediate risk of bankruptcy has faded. After touching 54-year lows, GM shares have rallied by 45 percent this week, and the cost to insure the top U.S. automaker's debt against default
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In the heart of earnings season, U.S. stock market investors will scrutinize a raft of regional bank earnings this week for more write-offs that could send the market tumbling. The S&P 500 and the Nasdaq snapped a six-week losing streak on Friday with financials helping to drive the market higher on the back of stronger-than-expected
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Jordan is poised to emerge as one of the region’s leaders in ‘green building’ design and construction, with the Ministry of Public Works and Housing in Amman strengthening its initiatives to implement compliance to environment-friendly building codes among all developers in the country. Two building policies were passed recently, which will mandate developers to adopt
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Microsoft Gulf, in collaboration with Kuwait Ministry of Commerce and Industry, recently conducted raids on two computer shops using personal computers loaded with pirated software in Hawalli, Kuwait. In its capacity as a member of the Business Software Alliance (BSA), Microsoft provided the essential information that helped Kuwaiti authorities identify and raid the illegal traders.
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The European Commission has adopted a strategy favouring the take-up of mobile TV across the 27 EU member states urging the industry to facilitate and accelerate the deployment of mobile TV across Europe and to encourage the use of DVB-H as the single European standard for mobile TV. “Mobile broadcasting is a tremendous opportunity for
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Hermes Airports Ltd took over in May 2006 the management of the existing airports and at the same time the construction of new airports at Larnaka and at Pafos at a cost of about €856.000.000, an amount which includes equipment and the new extensions which are now under way. The Pafos airport will be completed
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By Sumeet Desai LONDON, July 18 (Reuters) – Britain may have to relax its own fiscal rules after data on Friday showed public borrowing at record levels, threatening to breach the restrictions the government set itself on how much debt it can take on. Public sector net borrowing for the first quarter of the financial
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Barclays' shareholders took up just 19 percent of new shares in the British bank's recently announced fundraising, meaning the bulk of the money will be provided by mostly new "anchor" investors led by Qatar. Britain's third-biggest bank said last month it had raised 4.5 billion pounds ($9 billion) from major investors in Qatar, Japan, China,
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Marfin Popular Bank announced that the Board of Directors has approved changes in the management structure of the Group as follows. Iraklis Kounadis, previously Vice Chairman of Investment Bank of Greece (IBG), a 92% subsidiary of Marfin Egnatia Bank, has assumed the position of Chief Executive Officer of Investment Bank of Greece and has become
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The European Commission today proposed to establish a special "facility for rapid response to soaring food prices in developing countries". The fund would be worth €1 billion and would operate for two years, 2008 and 2009. This money would be in addition to existing development funds and would be taken from unused money from the
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