British exporters will find it hard to derive much short-term benefit from the weaker pound because of the global downturn, although the prospects further out look good, trade minister Mervyn Davies said on Monday. With Britain expected to suffer its worst downturn since World War Two this year, policymakers have been counting on sterling's sharp
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World stocks tumbled after seven weeks of gains and oil and the euro fell on Monday as concerns intensified the spread of swine flu, which has killed more than 100 people in Mexico, would hit the global economy. Travel and leisure-related stocks sank while the Mexican peso fell 3 percent against the dollar as the
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Oil prices fell nearly 6 percent to below $49 a barrel on Monday, pressured partly by expectations the world economy could suffer another blow if a flu outbreak in Mexico turns out to be the start of a pandemic. U.S. crude oil futures for June delivery were down $3.16 at $48.39 a barrel by 1302
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The Health Minister Christos Patsalides has said that there is no cause to panic, with regard to the swine influenza, adding that since Saturday the Ministry has been in continuous contact with the World Health Organisation (WHO) and the European Centre for Disease Prevention and Control (ECDC), following the outbreak of the disease in Mexico
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President of the Republic of Cyprus Demetris Christofias decorated outgoing Chief of Staff of the National Guard Lieutenant General Constantinos Bisbikas with the Medal of the Commander of the Order of Merit of the Republic of Cyprus, along with a certificate, noting the ''fraternal relationship'' between the Hellenic Republic and the Republic of Cyprus. Speaking
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President of the Republic of Cyprus Demetris Christofias on Monday appointed Costas Clerides judge of the Supreme Court, in the place of Rallis Gabrielides who passed away. Speaking during the swearing in ceremony of Clerides, at the Presidential Palace, President Christofias expressed certainty that Clerides would continue his long and successful course, as well as
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Hellenic Bank expects to make a loss in the first quarter due to a reduction in operating profits and higher provisioning. Hellenic, which is Cyprus's third-largest bank, said it also had a higher cost in maintaining deposits. "The final result of the first quarter is expected to produce a loss," the bank said in a
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General Motors Corp on Monday announced plans to slash plants, hourly workers and dealers and to eliminate its Pontiac brand in an effort to meet government demands for a quicker and deeper restructuring. The new viability plan was announced as GM filed plans for an exchange of $27.2 billion of bonds with the U.S. Securities
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Apple Inc said a shareholder proposal for more say over executive pay was approved at its annual meeting on February 25. The iPod, Mac and iPhone maker originally said it believed the resolution had failed. But it said on Monday that it had incorrectly counted abstentions as "no" votes. An internal investigation found the mistake
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American International Group Inc (AIG.N) has received second-round bids from three groups for its aircraft leasing business, valuing the unit at under $5 billion, a source familiar with the matter said on Monday. The bids for International Lease Finance Corp (ILFC) have come from groups led by private equity firms Thomas H. Lee Partners and
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