EU inspectors visiting Athens expect declining gross domestic product and high borrowing costs will make it hard for Greece to meet its deficit-cutting targets this year, a senior Greek finance ministry official said on Thursday. "Negotiations (on measures to cut Greece's deficit) are continuing because they see a big slippage in targets," said the Greek
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New orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly fell in January, while the number of workers filing for jobless benefits rose last week, suggesting a loss of momentum in the pace of economic recovery. The Commerce Department said on Thursday orders excluding transportation fell 0.6 percent last month after increasing 2.0 percent in
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The European Commission left its 2010 growth outlook for the euro zone unchanged on Thursday despite concerns about Greece and other reports painting an increasingly grim picture. The euro zone should squeeze out 0.7 percent growth, it said and tweaked up its forecast for the first two quarters. But other data showed a surprise drop
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World stocks, the euro and commodities fell on Thursday on concerns over a potential downgrade of Greece's debt, while borrowing costs for peripheral euro zone countries rose. Safe-haven government bonds firmed. Credit agency Standard & Poor's said on Wednesday it may downgrade Greece's BBB-plus rating by one or two notches within a month, citing downside
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U.S. stock index futures fell on Thursday after rating agencies said they may downgrade Greece's sovereign debt, reigniting concerns over possible defaults in the euro zone that have dogged markets recently. Moody's said Thursday a change in its rating would depend on whether Athens smoothly enacted fiscal reform plans, while Standard & Poor's said late
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European share prices were mostly lower by midday on Thursday amidst concerns over a potential downgrade of Greece's credit rating and oil majors and miners weakened by a firmer dollar, although banks made some gains following corporate results. By 1153 GMT, the pan-European FTSEurofirst 300 index of top shares fell 0.3 percent to 1,010.92 points.
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Europe's banks showed the scars of the financial crisis on Thursday as Royal Bank of Scotland posted a big loss as bad debts jumped and Credit Agricole was hit by losses in Greece, but both said prospects are brighter for this year. RBS, 84 percent owned by the UK government after a series of bailouts
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Business investment in Britain fell by a record 24.1 percent year-on-year in the last three months of 2009, casting doubt on whether fourth-quarter GDP will be revised higher when a fresh estimate is published on Friday. The Office for National Statistics said on Thursday that business investment fell 5.8 percent to 27.121 billion pounds ($41.59
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Bank of Cyprus Group has issued its profit guidance for 2010 forecasting profit after tax will be between EUR 300 and EUR 400 mln, the same as in 2009, expecting positive contribution from all the markets in which it operates. The strategic priorities of the Group for the year 2010 focus on maintaining a strong
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The Board of Directors of the Bank, taking into consideration the Group’s financial results, has decided to propose at the Annual General Meeting of its shareholders a final dividend of EUR0,08 per share. The total of the proposed final dividend and the interim dividend of EUR 0,08 per share, which was paid in December 2009,
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