Cyprus's parliament on Thursday approved the 2010 state budget which sees the island's deficit exceeding a 3.0 percent of GDP EU limit imposed on members of the euro zone. Thirty-three MPs from AKEL, the Democratic Party, the Movement of Social Democrats EDEK and the Movement of Ecologists and Environmentalists voted in favour of the budget,
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Global Shariah Shipping Fund, jointly sponsored by Cyprus-listed SFS Group and Kuwait Finance House (Malaysia) and Global Shipping Investments Management Ltd (equally owned company by SFS and KFHAM), is being launched with the aim of raising $150 mln for the acquisition of offshore vessels and other types of ship. Global Shipping Investments Management Ltd will
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The euro recovered from early losses on Friday after Pakistan dismissed rumours of a coup while Asian stocks fell as investors fretted about the outlook for corporate earnings. European shares were set to open steady, according to financial spreadbetters, while U.S. equity futures were up 0.4 percent. The dollar eased 0.2 percent against a basket
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Two years of U.N. climate talks reached their climax in Copenhagen on Friday without a deal on carbon emissions cuts, as world leaders attempted a last push to agree a new global climate pact. "There are deep differences in opinion and view on how we should solve this. We'll try our best, until the last
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Japan's Nikkei average edged lower on Friday, as the announcement of stricter capital rules led Mizuho Financial and other banks to give back some of this week's hefty gains while metal stocks fell as the dollar's strength hit gold prices. Banks shares had surged this week as fears of imminent large-scale equity financing eased after
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After blasting to recovery from the global financial crisis, China will enter next year wrestling with unwelcome expectations for it to shoulder a bigger role in insulating the world economy against more turmoil. China is set to overtake Japan as the world's second-biggest economy in 2010, and calls are likely to grow for it to
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The fundamental credit outlook for the UK life insurance system remains negative, in line with Moody's negative outlook for the overall European insurance market. Despite recent improvements in investment markets, the rating agency expects continuing pressure on premiums and profitability for the UK market, coupled with significant strategic challenges arising from the implementation of regulatory
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The global paper and forest products outlook was changed to stable from negative, based on Moody's expectations for slightly better business conditions for the sector worldwide in 2010. "Our assumption for 2010 is for overall demand to remain at low levels, roughly in line with what we saw in 2009," said Ed Sustar, Moody's Vice
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The number of workers filing new applications for jobless insurance unexpectedly rose last week, according to government data on Thursday that still suggested the labor market was improving. Initial claims for state unemployment benefits climbed 7,000 to a seasonally adjusted 480,000 in the week ended December 12 from a slightly downwardly revised 473,000 in the
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FedEx Corp (FDX.N) forecast third-quarter profit below analysts' expectations, sending the package delivery giant's shares down 3.6 percent in premarket trading. FedEx, considered an economic bellwether because of the scope of its business, also reported second-quarter results in line with its pre-announcement earlier this month. It forecast third-quarter earnings of 50 cents to 70 cents
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