The dollar dipped on Tuesday after Federal Reserve Chairman Ben Bernanke dampened speculation of an early U.S. interest rate rise, while shares faltered on renewed concern about the strength of the global recovery. The dollar edged down 0.2 percent against a basket of major currencies after Bernanke said the U.S. economy faced "formidable headwinds" including
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An International Monetary Fund team will visit Dubai in coming weeks to look closer at the economic impact of the Dubai World debt crisis and actions needed to resolve it, a senior IMF official said on Monday. In an interview with Reuters, IMF Director for the Middle East and Central Asia Masood Ahmed said the
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The EU-harmonised consumer price inflation rate (HICP) in November confirmed that the period of deflation in Cyprus is over as prices rose by 1.0% over the year earlier, having fallen for four months in a row previously. The main changes were that food-price inflation turned positive (1.1%) after two months of decline and transport prices
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Dubai has ring-fenced prized assets such as Emirates airline from the $26 billion debt restructuring of Dubai World, denting fragile investor sentiment ahead of talks between the state conglomerate and key creditors. The firm that spearheaded Dubai's growth is set to meet with its main bank creditors later on Monday to discuss a request to
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The projected long-term cost of the U.S. government's bailout of the nation's big banks is going to be at least $200 billion less than previously thought, a Treasury Department official said on Sunday night. The Obama administration had estimated the cost to taxpayers of the $700-billion Troubled Asset relief Program, or TARP, would be $341
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Dubai moved on Monday to ring-fence prized assets from the $26 billion debt restructuring of Dubai World, denting already fragile investor sentiment ahead of talks between the struggling conglomerate and key creditors. Bahrain's central bank governor said the kingdom's exposure to Dubai World was limited, echoing top monetary officials in Saudi Arabia and Oman, while
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Stock index futures were lower on Monday on growing sentiment U.S. interest rates could rise sooner than had been anticipated following last week's surprisingly optimistic jobs report. Interest rate concerns will be at the forefront with Federal Reserve Chairman Ben Bernanke scheduled to speak at the Economic Club of Washington at 12:45 p.m. Data on
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Britain's top share index fell 0.5 percent on Monday, as concerns over a potential windfall tax dragged banks lower, while miners and energy stocks dropped with commodities prices as the U.S. dollar strengthened. At 1155 GMT, the FTSE 100 was down 25.36 points at 5,297.00, having closed up 9.36 points on Friday at 5,322.36. "Trading
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Social networking site Facebook said it has formed an advisory board comprising five Internet safety organizations to consult on issues related to online safety. Facebook plans to regularly meet board members to review existing safety resources it provides its users, develop new materials and seek advice on general safety best practices. The first task of
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Digital China, a Hong Kong-listed information technology company, is to distribute Research In Motion's Blackberry handsets, accelerating RIM's effort to expand into mainland China. The agreement will "help RIM further expand its business in China" by giving it access to Digital China's national distribution network, the two companies said on Monday. The Blackberry phone and
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