Europe's economy will rebound next year from a deep slump and accelerate in 2011, the European Commission said on Tuesday, paving the way for major deficit cuts across the 27-nation bloc from 2011 at the latest. The European Union's executive arm forecast that the EU economy would expand by 0.7 percent in 2010 and 1.6
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European stocks fell 1.3 percent in early Tuesday trade, losing ground for the sixth time in nine sessions, as poor results from UBS and a shake-up of UK banks Lloyds and Royal Bank of Scotland rattled investors. Heavyweight energy and mining shares also dropped, falling along with commodity prices. BP lost 1 percent, Total fell
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World stocks dipped towards the previous session's four-week lows on Tuesday as investors continued to fret over the early removal of government stimulus, particularly in the financial sector. Positive U.S. manufacturing and home sales data buoyed U.S. stocks on Monday but investors worry that signs of recovery will lead governments to cut economic and fiscal
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Although the current global economic crisis is posing important socio-economic challenges for Italy, its rating outlook remains stable. The deterioration expected in the government's debt metrics is considered within the scope of the country's adjustment capacity in the medium to long term, Moody's Investors Service said in a new report. Italy is rated Aa2 with
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A two-day tripartite international seminar titled ''Wage Policy in Caucasus and Central Asia, Assessment and policy answers to the economic crisis'' began in Nicosia. Addressing the opening of the seminar, Minister of Labour and Social Insurance Soteroulla Charalambous said the topic of the seminar was of crucial importance and was one of issues which the
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A US-based group, Class Action, is filing a $400 bln lawsuit against Turkey with regard to claims by owners of property in Cyprus’ northern Turkish occupied areas, who are seeking the use and enjoyment of their property. A press release, issued in Washington on the matter, said that “on Monday, October 19, 2009, a Class
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Minister of Foreign Affairs, Markos Kyprianou along with Deputy Foreign Minister of the United Arab Emirates Khaled Al Marri, inaugurated on Monday the embassy of the Republic of Cyprus in Abu Dhabi. Kostas Papadimas was appointed Ambassador of Cyprus to the United Arab Emirates. On Sunday, Kyprianou attended a lunch in his honor, hosted by
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People scared of flying can now press a button on their iPhone to help them deal with their panic. Long-haul airline Virgin Atlantic Airways <VA.UL> has launched an application, or app, for its Flying Without Fear course which boasts a success rate of over 98 percent. Apps are a source of information, games and other
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British retail sales will rise 1.9 percent over Christmas, bouncing back from last year's decline, but below the increases of the previous nine years, according to research published on Tuesday. The Centre for Retail Research forecast retail sales would rise 832 million pounds ($1.7 billion) to 44.7 billion in the last six weeks of 2009.
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The U.S. dollar slid on Tuesday, especially against Asian currencies, pushing gold prices near record highs, while stock markets were steady ahead of several big central bank meetings this week. The Australian dollar rose, staying above $0.90 ahead of a decision on interest rates at 0330 GMT. Most dealers were expecting a quarter percentage point
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