Oil slipped a little below $69 per barrel on Friday but remained close to a seven-month high, supported by a rally in stock markets and expectations that the global economic downturn may not be as severe as expected. On Thursday, U.S. crude futures gained 4 percent on hints of a recovery in oil demand following
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British firms' input costs fell at their sharpest annual rate in 7-1/2 years in May as the price of oil and imported metals fell at a record pace, official data showed on Friday. The Office for National Statistics figures also showed output prices weakening broadly in line with expectations, suggesting that inflationary pressures are continuing
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British Prime Minister Gordon Brown backed down from replacing his finance minister on Friday in a bid to hold his government together and end a political crisis that has knocked sterling. The pound hit a two-week low against the euro after the resignation of another senior minister – the third in as many days –
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World stocks rose towards this week's 7-1/2 month high on Friday as resource stocks rallied after oil prices surged past $69 a barrel and optimism grew about an improving U.S. labour market ahead of key jobs data. Rio Tinto and BHP Billiton rose more than 9 percent after Rio scrapped a $19.5 billion tie-up with
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With a total of 92 medals, Cyprus firmly stayed at the top spot of the overall medal standings at the end of the third day's competitions, in the XIII Games of the Small States of Europe, currently taking place on the island for the second time since 1989. According to the official website of the
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The Nicosia District Court has referred the five suspects in connection with the 2005 Helios air crash to a direct trial before the Criminal Court. The trial of Helios Executive Chairman Andreas Drakos, Helios company as a legal person, Helios Managing Advisor Demetris Pantazis, Director of Flight Operations George Kikkides and Helios head pilot Yiangos
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The consumer price index increased by 0.74% over the previous month in May to 110.89. The Statistical Service reported that this is mainly due to increases in the prices of certain fresh fruit, petroleum products, certain clothing items and water rates. Decreases were recorded in the prices of certain fresh vegetables, the purchase of motor-cars,
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The number of registered unemployed in Cyprus rose sharply in May according to the latest data from the Statistical Service. Compared with April 2008, registered unemployment rose by 5,905 to 15,158, marking a rise of 64%. The biggest increase was in the construction sector, with an additional 1,815 unemployed in May compared with the same
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The Bank of Japan will consider upgrading its view on the economy later this month in response to improved exports and output, sources said on Friday, as markets anxiously await U.S. jobs data that may offer fresh signs the recession is easing. Muted gains in Asian shares underlined the tenuous nature of the scattered signs
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A third senior minister quit the British government on Thursday, calling on Prime Minister Gordon Brown to quit to improve his party's chances at a general election due within a year. James Purnell's resignation, announced in a letter printed by The Times newspaper, is a direct attack on Brown's authority and increases the possibility of
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