Chancellor Angela Merkel will stress Germany's commitment to the euro in her New Year message to the country on Friday. "Europe stands, in these months, in the middle of a great test. We must strengthen the euro. It's not just about our money. The euro is far more than a currency," Merkel will tell the

Prime Minister David Cameron predicted on Friday that Britain would have a difficult year in 2011 as public spending cuts bite but said the country must persist with his deficit-cutting plan. The centre-right Conservative leader said his coalition government would focus relentlessly in 2011 on supporting growth and driving job creation and again called for

Chinese stocks rebounded close to 2 percent on Friday in thin trading and an upbeat holiday mood, finishing off a lacklustre year with the hope that 2011 will treat equity investors better. The benchmark Shanghai Composite Index rose 1.8 percent on the day to 2,808.1 points as stocks rose across the board, but the index

Oil was set to close the year up more than 12 percent and average nearly $80 a barrel — the second highest on record — driven by a resurgence in global demand, an unusually cold winter and falling inventories. After rallying to a 26-month high of $91.88 on Monday, U.S. crude edged lower on Friday,

The Cyprus Electricity Authority has notified the government of its recommendation on the selection of the investor who will construct an oil terminal for liquefied natural gas. “The Board of Directors of the CEA, which held an extraordinary meeting on Thursday, decided unanimously to accept the recommendation of the independent consultants, the managerial committee and

The average monthly earnings of employees in Cyprus during the third quarter of 2010 recorded an increase of 3.6%, compared to the same period last year. According to the preliminary estimates of the Statistical Service, the average monthly earnings of employees during the third quarter of 2010 amounted to 1,865 EUR, with 2,041 EUR for

Visa Inc. (NYSE: V), the world's largest retail electronic payments network, announced it is making shopping easier and more convenient for budget-conscious consumers by offering the Visa Mobile application for the iPhone. Through a simple tap of the finger Visa account holders now have access to more than 50 unique merchant offers ranging from clothing

The Vatican, whose bank is the focus of a money laundering investigation, enacted laws on Thursday to bring it in line with international standards on financial transparency, terrorism prevention, and fraud. It was the biggest single action ever taken by the Vatican to meet international demands for more financial transparency. Pope Benedict signed a "Motu

Under fire from its EU partners for a series of unorthodox policy intitiatives, Hungary faces a rough ride when it takes over the rotating presidency of the bloc this week in the midst of a deep European debt crisis. With Hungary at the helm, the 27-nation European Union faces major challenges, including the approval of