U.S. President Barack Obama will freeze the salaries of senior White House officials and other top political appointees for savings of $4 million in fiscal 2011, a senior administration official said on Tuesday. The official told Reuters that Obama, in his State of the Union address on Wednesday, would likely mention the move, which will
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Asian stocks hovered near two-month lows on Wednesday after a seven-day slide sparked by fears that China's heightened efforts to rein in soaring credit growth could hamper the global economic recovery. Investors were cautious ahead of the conclusion of a two-day policy meeting by the U.S. Federal Reserve, which is expected to yield little in
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Moody's Investors Service has downgraded the Corporate Family (CFR) and Probability of Default Ratings (PDR) of Kuwait-based National Industries Group Holding S.A.K. (NIG) and the debt ratings on the USD 475 million sukuk issued by NIG Sukuk Limited to B1 from Ba3. The outlook remains negative. NIG is a publicly listed investment holding company and
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Radical reform is needed to make the banking system safer, Britain's top central banker said on Tuesday, adding U.S. President Barack Obama's plan to curb some activities would not fully solve the "too big to fail" problem. Bank of England Governor Mervyn King said there was no "silver bullet" to solvethe banking sector's problems and
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Minister of Commerce, Industry and Tourism Antonis Paschalides announced on Tuesday the reduction of electricity prices by 1%. Replying to questions, Paschalides explained that the Cyprus Organisation for the Storage and Management of Oil Stocks (KODAP) has slashed fees by 50%, which will affect the Electricity Authority of Cyprus (EAC), which in turn will reduce
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Major challenges remain for Cyprus tourism, said on Tuesday Finance Minister Charilaos Stavrakis, speaking at the Cyprus Tourism Forum 2010, held in Nicosia. Stavrakis pointed out that tourist arrival in Cyprus in the last years showed a downward trend, adding, that revenues from tourism over the past two years indicated an even greater decline. ''Major
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The U.S. budget deficit for the current fiscal year will come in at $1.3 trillion, down slightly from the record $1.4 trillion deficit posted last year, the nonpartisan Congressional Budget Office said on Tuesday. Deficits will shrink over the coming decade as the country recovers from the deepest recession since the 1930s, but lawmakers need
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U.S. home prices slipped in November and were softer than expected in the latest sign that a rebound in the U.S. housing market is still tenuous, according to Standard & Poor's/Case-Shiller indexes on Tuesday. The S&P composite index of home prices in 20 metropolitan areas slipped 0.2 percent in November after a revised 0.1 percent
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Wall Street opened lower on Tuesday after China tightened bank lending requirements and data showed a rebound in the U.S. housing market is tenuous. * The Dow Jones industrial average (.DJI) was down 23.35 points, or 0.23 percent, at 10,173.51. The Standard & Poor's 500 Index (.SPX) fell 5.20 points, or 0.47 percent, at 1,091.58.
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Britain needs a safer and more robust banking system, central bankers said on Tuesday, saying U.S. President Barack Obama's plans for a drastic bank sector overhaul were part of a much needed debate on how to fix the industry. Obama's proposals, which sent a ripple through financial markets last week, showed that radical reform was
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