Web search leader Google Inc took another step on Wednesday toward direct competition with Microsoft Corp by recruiting IT resellers to market its Web-based applications to business clients. From the end of March, authorized resellers will be able to sell, customize and support premium versions of Google Apps, which includes word processing, spreadsheets, calendars and
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The Cyprus Crisis Management Committee on Tourism has decided to submit to the Ministry of Commerce, Industry and Tourism a number of measures to boost Cyprus’ tourism industry, amidst the world financial crisis. The Committee convened Tuesday to discuss the world financial crisis and its repercussions on Cyprus’ tourism and hotel industry. It also analyzed
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To avoid the most catastrophic effects of climate change, world carbon emissions will have to drop to near zero by 2050 and "go negative" after that, the Worldwatch Institute reported on Tuesday. This is a deeper cut than called for by most climate experts and policymakers, including President-elect Barack Obama, who favors an 80 percent
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By David Jones and Deena Beasley It's a trend pre-dating the global slowdown: big hotel chains are moving into the quirky boutique sector to tap into a niche of profitable growth. What's not clear now is how many can succeed. Hotel revenues have fallen sharply since last October and shares in hotel groups in Europe
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Citigroup Inc, struggling to contain losses, is separating assets into a "good bank" and a "bad bank," a person close to the matter said. The bad bank assets would stay on Citigroup's balance sheet, but could be separately managed. They would include illiquid assets, including collateralized debt obligations. The good bank would include Citi's main
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U.S. President-elect Barack Obama promised on Tuesday stricter control over a financial rescue package, winning over some skeptical lawmakers who had threatened to block release of $350 billion that regulators said the economy urgently needed. In the first big test of how he will work with Congress and tackle dissent from within his own Democratic
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Chinese food and drug makers struggling in a declining economy could be tempted to cut corners and ignore quality standards, a senior Chinese official warned as the country awaits court verdicts in a tainted milk scandal. China has been rocked by a number of scandals in recent years involving unsafe food and drugs which have
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Asian shares recovered on Wednesday from a steep five-day sell-off and oil rose on expectations for production cuts, though the mood remained cautious given nagging worries about the economy and earnings. Some regional bonds, seen as safer bets in volatile times, gained in a sign of the concerns about risk. The euro recovered after hitting
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U.S. Federal Reserve Chairman Ben Bernanke warned fiscal stimulus alone would not overcome the global economic crisis as President-elect Barack Obama pledged more control over a remaining $350 billion in bailout funds. Citigroup moved towards dismantling what was the world's biggest financial services group, as it agreed to merge its Smith Barney brokerage with Morgan
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President-elect Barack Obama's incoming budget director warned on Tuesday that even after the U.S. economy recovers, the budget gap will still be around 5 percent of gross domestic product for up to a decade. Peter Orszag, Obama's nominee to head the White House Office of Management and Budget, said that the driver of the long-term
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