The United Nations revised its 2009 global economic growth forecast down sharply on Wednesday, accounting for a deeper financial crisis that threatens to push unemployment past the 50 million mark. In a mid-year update to its World Economic Situation and Prospects 2009 report issued in January, the United Nations now expects a global economic contraction
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Sales of existing homes in the United States rose 2.9 percent in April, according to an industry survey on Wednesday that supported views the three-year housing recession was near a bottom. The National Association of Realtors said sales climbed to an annual rate of 4.68 million from a 4.55 million pace in March. That was
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Cyprus has decided to increase the amount of its euro-bond issue from EUR 1 bln to EUR 1.5 bln following the massive over-subscription witnessed today when the book-building for the 4-year bond issue was held. Finance Minister Charilaos Stavrakis, who played a crucial part in the success of the issue by heading roadshows in London
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OPEC ministers set their sights on oil at $75-$80 on the eve of policy talks in Vienna, but were expected to hold output steady and rely instead on economic recovery to drive the market higher. Saudi Arabian Oil Minister Ali al-Naimi said on Wednesday the world was ready to cope with oil at $75-$80 a
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Stocks opened slightly lower on Wednesday as General Motors (GM.N) inched closer to bankruptcy and investors had their sights on a key report on the housing market. Biotechnology shares weigh down the Nasdaq. The Dow Jones industrial average (.DJI) dropped 11.23 points, or 0.13 percent, to 8,462.26. The Standard & Poor's 500 Index (.SPX) shed
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Chrysler looks set to clear its last major hurdle in its sprint through bankruptcy court on Wednesday, when a judge is expected to overrule more than 340 objections and approve its sale to a group that includes Fiat. Less than 30 days after it filed for bankruptcy, the automaker seeks approval to sell its stronger
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Microsoft Corp plans to launch a new version of its Zune portable media player later this year in the United States, incorporating high-definition video, touch screen technology and Wi-Fi connection. Microsoft said on Tuesday the new Zune, its answer to Apple Inc's popular iPod digital music player, will also come with an Internet browser and
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Intel Corp will start producing a new, more powerful version of its Xeon multiprocessor chip for servers in the second half, a spokesman said on Tuesday. The new chip, code-named Nehalem EX, will go on sale in the first quarter of next year. No prices have been announced for the new chip, which will succeed
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Cannibalization of laptop computer sales by lower-priced netbooks is currently about 20 percent, "less than speculation", Intel's European sales chief told Reuters on the fringes of a company event. Christian Morales said netbook sales were about 16 percent of all notebook sales globally, and a little higher in western Europe. In Britain and Italy they
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Japan's April exports rose for a second month and consumer confidence in France and Sweden improved, buoying hopes on Wednesday that the global financial crisis was easing and supporting global stocks and oil. The crisis has slowed economies and credit markets, hobbling firms such as General Motors Corp, which moved closer to becoming the biggest
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