Storm Xynthia — which struck western Europe on February 28 causing serious damage, mainly in France — will present a significant, though manageable, cost for the French insurance industry, Moody's Investors Service said in a special comment. The storm will prove considerably less costly for the reinsurance industry, although it may have the effect of
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Prime Minister Gordon Brown said on Wednesday he believed Britain would maintain its coveted top credit rating and announced a pay freeze for top civil servants to help tame a record deficit. Setting out his economic plans weeks before an election, Brown said recovery remained fragile and that to change course now would risk plunging
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British manufacturing output unexpectedly fell in January at its sharpest monthly rate since last August, reversing December's strong rise after icy weather in January dented production, official data showed on Wednesday. The Office for National Statistics said manufacturing output fell 0.9 percent on the month, well below analysts' expectations for a rise of 0.3 percent.
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Commerce, Industry and Tourism Minister Antonis Paschalides is flying to Berlin heading a delegation comprising Cyprus Tourism Organization’s (CTO) Ministry officials, with a view to participate at Berlin Tourist Exhibition ITB 2010. Later on Paschalides and the other members of the Cypriot delegation will fly to Moscow on Friday 12 to attend Moscow Tourist Exhibition
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Suspects, arrested on Tuesday in connection with the theft of the body of the late President of Cyprus Tassos Papadopoulos, are expected to appear today before Nicosia District Court for a remand order, police have said. The three, one is said to be serving a life sentence and is in Central Prisons and another two
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Greek Prime Minister George Papandreou expressed his absolute satisfaction over the results of his meeting with U.S. President Barack Obama at the White House on Tuesday afternoon, since not only did he find understanding regarding proposals on the joint handling of profiteers, but secured the visa waiver for Greek citizens visiting the United States as
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Asian stocks hovered near six-week highs on Wednesday as Chinese data showed exports and imports in February were better than expected, while the euro and the pound suffered on renewed concerns about Europe's fiscal problems. Foreign buying, which has been one of the key drivers of stock markets in South Korea, Japan and India, continued
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China's yuan is still "very much undervalued", the head of the International Monetary Fund said on Tuesday, although he added that a focus on domestic growth could lead to changes "in the coming months". "The crisis has been the trigger for the Chinese economy to move to a more traditional model of growth," IMF Managing
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Britain's goods trade deficit with the rest of the world unexpectedly widened in January to its biggest since August 2008, raising further concerns about the strength of the country's broader economic recovery. The Office for National Statistics said on Tuesday that after the sharpest drop in exports in over three years, Britain's goods trade gap
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European equities slipped for a second straight session on Tuesday, with weaker financial and mining stocks outweighing stronger food producers. At 0905 GMT, the FTSEurofirst 300 index of top European shares was down 0.6 percent at 1,047.40 points. The index, which fell 0.1 percent on Monday after six straight session of gains, is up 62
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