Oil fell to around $71 a barrel on Monday, extending its retreat from a near eight-month high as the dollar firmed and analysts said the market had rallied too quickly. Crude on Thursday settled at $72.68, the highest since October 20 and fell on Friday, but some analysts still saw the market as overvalued. The
More
U.S. stocks extended losses on Monday as a broad pullback in commodities weighed on resource shares and profit-taking hurt big-cap technology companies. * Data showing that manufacturing in New York state shrank in June at a more severe rate than expected was an additional headwind for stock investors looking for more signs that the end
More
The European Commission fully supports efforts by the President of the Republic Demetris Christofias with a view to reach a solution in the Cyprus problem, Vice President of the European Commission responsible for Enterprise and Industry Gunter Verheugen has said. Speaking after a meeting with the President, Verheugen, currently on a two-day visit to Cyprus,
More
U.S. Treasury Secretary Timothy Geithner said on Monday the financial system was beginning to thaw but any renewed pick-up in the economy would likely be slower than usual. "Recovery will be slower than we would normally see," Geithner said at an event sponsored by Time Warner. "This is still going to be an exceptionally challenging
More
The International Monetary Fund on Monday said a heavy dose of stimulus would ease the U.S. recession this year and lift growth marginally in 2010. It said the U.S. dollar was only modestly above the level implied by medium-term fundamentals and its value would depend on foreign appetite for U.S. assets. In its annual consultation
More
The head of the IMF questioned on Monday debate about when to roll back stimulus spending, saying the world economy had yet to weather the worst of a recession that claimed a record number of European jobs. The 16-country euro zone lost a record 1.22 million jobs in the first quarter, official data showed. The
More
There has been no let-up for the tourism sector in Cyprus, with the latest figures showing that tourism arrivals fell over the year earlier by 9.2% in May to 246,546, compared with 271,559 in May 2008. The main reason was a fall of 7.5% in tourist arrivals from the United Kingdom, which account for more
More
European shares were weaker at midday on Monday, weighed down by oil and gas stocks such as Royal Dutch Shell and miners, notably Rio Tinto, as a stronger dollar depressed commodity prices. At 1120 GMT, the FTSEurofirst 300 index of top European shares was down 1.4 percent at 872.89 points. The index fell 0.2 percent
More
The head of the IMF questioned on Monday any debate about when to roll back stimulus spending, saying the world economy had yet to weather the worst of a recession that claimed a record number of European jobs. The 16-country euro zone lost a record 1.22 million jobs in the first quarter, official data showed.
More
The commercial aircraft chief of U.S. planemaker Boeing expects growth to return to the industry in the middle of next year, he told a news conference at the Pairs Air Show on Monday. The recovery would be in both air freight and air traffic, though the big question remained the shape and scope of the
More