The fundamental credit outlook for the global shipping industry is stable, reflecting the fact that conditions are unlikely to deteriorate further in the sector, Moody's Investors Service said in a new Industry Outlook. However, the rating agency cautions that some segments, especially containers, will continue to under-perform throughout 2010. "While the stable outlook is based
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Oil rose towards $79 a barrel on Friday, after sliding more than 2 percent the previous session, as an upwards revision in U.S. gross domestic product for the fourth quarter helped revive lacklustre sentiment. The U.S. economy grew faster than initially thought at 5.9 percent versus 5.7 percent in the fourth quarter, a government report
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The Hellenic Bank has announced a pre-tax profit for 2009 of 36.1 million euro, compared to 44.6 million in 2008. According to the Bank's preliminary financial results for 2009, the total net revenue for 2009 posted an 11% increase, reaching to 269,6 mln euro, compared to 243.2 mln in 2008. The Hellenic Bank projects that
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National carrier Cyprus Airways swung to a net loss of EUR3.28 mln in 2009, with operations crimped by a fall in passenger and cargo traffic, it said. The airline, majority controlled by the state, posted a EUR1.74 mln net profit in 2008. Revenue fell 20 percent last year on the back of a decline in
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Cypriot retailing group Cyprus Trading Corp's net profit fell to EUR11.7 mln in 2009, reflecting a decline in retail business and incorporation of results from a subsidiary. The group, which has an 11.3 percent share in a consortium running Cyprus's two main airports, had posted a net profit of EUR36.7 mln in 2008. Cyprus Trading
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The U.S. economy grew a touch faster than initially thought in the fourth quarter as businesses drew down inventories at a much slower pace and boosted investment, a government report showed on Friday. In its second reading of fourth-quarter gross domestic product, the Commerce Department said the economy grew at a 5.9 percent annual rate,
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Prime Minister George Papandreou on Friday vowed to ignore the political costs and take drastic measures to pull Greece out of a debt crisis threatening the stability of the euro zone. Speaking to parliament after a visit by EU economic inspectors, Papandreou said Greece did not want other countries to pay for its debts but
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American International Group Inc has decided not to use securitized U.S. life insurance policies to repay the U.S. government after a $182.3 billion rescue, a source familiar with the matter said on Friday. AIG, which is nearly 80 percent owned by the U.S. government, had planned to give the Federal Reserve Bank of New York
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American International Group Inc (AIG.N) reported an $8.9 billion net loss on Friday, hurt by charges related to asset divestments, an increase in commercial insurance loss reserves and an tax-related allowance. AIG, which is nearly 80 percent owned by the U.S. government, reported a fourth-quarter adjusted net loss of $7.2 billion, or $53.23 per share,
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U.S. stock index futures were slightly higher on Friday as investors looked ahead to a raft of data, including economic growth, homes sales and manufacturing after a disappointing week so far for the economy. The Commerce Dept will release its second estimate of fourth-quarter gross domestic product at 8:30 a.m. (1330 GMT). Economists forecast 5.7
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