U.S. President-elect Barack Obama sought the remaining $350 billion of federal financial bailout funds from Congress, pledging a major overhaul that would distribute the money more widely and impose tougher restrictions on recipient companies. Obama said he asked President George W. Bush to make the request on his behalf so he could take office next
More
Tesco, Britain's biggest retailer, said on Tuesday it was expecting a difficult 2009, but shrugged off suggestions it was losing ground to its rivals. "Against the overall background of, I suspect, rising unemployment and economic slowdown it will be a tough year," Finance Director Andrew Higginson told Reuters, adding an economic slowdown was affecting the
More
Fears of steep losses at corporate bellwethers from Citigroup to Sony hit Asian shares on Tuesday, signalling the extent of the global economic slowdown and bolstering less risky assets such as government debt. The euro extended its slide to near a one-month low against the dollar as the European Central Bank looks set to cut
More
By Matt Spetalnick Two unfinished wars, the U.S. economy deep in recession, the budget deficit about to hit $1 trillion and America's image badly tarnished abroad. Not since Herbert Hoover left Franklin Roosevelt the Great Depression has a U.S. president left his successor a litany of problems seemingly as daunting as George W. Bush will
More
Political freedoms declined around the world for a third straight year in 2008, with Russia and Greece down over political incidents and Iraq and Malaysia up on increased pluralism, a U.S. rights organisation said on Tuesday. Russia, docked for elections that were "neither free nor fair," and neighbouring Russian-influenced countries that had stifled dissent following
More
Data from the credit card company JCC show that local plastic card use by Cyprus residents rose by 16% in January-December 2008. However, this was slower than the 20% recorded in January-September 2008, suggesting that there was a slowdown or fall in credit spending in the fourth quarter, when compared with the same period of
More
Shopping across the Green Line accelerated in both directions in 2008, according to the latest data from the card payment organisation, JCC Payment Systems Ltd. Greek Cypriots increased their spending in the north by 14.3%, with “use of local credit cards in occupied areas and Turkey” rising to EUR 7.4 mln compared with EUR 6.4
More
Germany's coalition leaders meet on Monday to agree a second package of stimulus measures to help Europe's biggest economy weather what risks becoming Germany's deepest recession since World War Two. Following are some details of stimulus packages announced by European governments to help weather the financial crisis: * EUROPEAN UNION — The European Commission first
More
Top technology companies came to Las Vegas to show off their latest innovations in consumer electronics, but despite the plethora of TVs, computers, phones, cameras and other gadgets on display, it was clear the industry is bracing for a very tough year. While there were a few bright spots at this year's subdued Consumer Electronics
More
The European Central Bank may soon confirm what its counterparts in Britain and the United States have learned: cutting interest rates to the bone isn't enough to keep the economy from worsening. When the ECB meets to set short-term borrowing costs on Thursday, it will have plenty of distressing economic data to support another interest
More