British retail sales unexpectedly jumped at their sharpest rate in more than a year in April but the figures may have been distorted by the timing of Easter, a survey showed on Tuesday. The Confederation of British Industry's distributive trades survey balance rose to +3 in April from -44 in March. That was the first
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Hungary's new prime minister won European Union backing on Tuesday for his crisis management plan aimed at lifting the country from severe recession while keeping a tight rein on public finances. "I believe Hungary has the potential to put these rather dark days behind it and become an economic success story," European Commission President Jose
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Revenue from tourism in Cyprus fell by 14.8% over the year earlier in March, reaching EUR 57.4 mln, compared with EUR 67.3 mln in March 2008. For the period January – March 2009 revenue from tourism is estimated at EUR 124.8 mln, a fall of 12.8% compared with the EUR 143.2 mln recorded in the
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The turnover value index of wholesale trade and commission trade for December 2008 increased by 16.1% to 187.7 compared with 161.7 in November 2008. For the period January-December 2008, the index, which is not adjusted for inflation, recorded an increase of 11.8% compared to the corresponding period of 2007. The turnover value index of sale
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World stocks and oil fell for a second day on Tuesday and investors took refuge in the yen as a report that major U.S. banks may need more capital hit markets already dropping on fears of a swine flu pandemic. European stocks and U.S. stock futures fell around 2 percent and the yen hit a
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U.S. regulators have told Bank of America Corp and Citigroup Inc that following recent stress testing of the two banks they may need to raise more capital, the Wall Street Journal reported. The shortfall in capital amounts to billions of dollars at BofA, the paper said on Tuesday, citing people familiar with the bank. BofA
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A debt trading windfall helped Deutsche Bank trump market forecasts to swing to a first quarter profit of 1.2 billion euro ($1.6 billion), masking the erosion of its key businesses by the economic crisis. Deutsche Bank reported a loss in its wealth management arm and a dip in profits at its retail bank while chalking
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Boutique fund manager Managing Partners Limited (MPL) has set up a series of joint ventures in eastern Europe to market a fund investing in U.S. traded life policies (TLPs), it said on Tuesday. MPL Managing Director Jeremy Leach told Reuters the fund will be the first such product aimed specifically at the eastern European market.
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Qatar is in talks to buy a stake in Germany's Porsche (PSHF_p.DE) and may also invest in other carmakers as the Gulf gas exporter looks to park some of its sovereign wealth abroad, according to media reports. Qatar is "seriously" considering taking a stake in the luxury sports car manufacturer, Prime Minister Sheikh Hamad bin
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Oil major BP Plc reported a 62 percent fall in first-quarter net profit on Tuesday due to a collapse in oil and gas prices, but heavy cost cutting helped it beat all analysts' forecasts. Europe's second-largest oil company by market value said its replacement cost (RC) net profit fell to $2.39 billion from $6.59 billion
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