Soaring unemployment has caused more Americans to fall behind on loan payments than at any time since 1980, and delinquencies are likely to head higher, the American Bankers Association said on Wednesday. "It is not going to be a pretty picture in 2009," James Chessen, the trade group's chief economist for 18 years, said in
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Paul Taylor The European Union is entering a lame duck year just as new challenges are mounting from Israel's assault on Gaza, Russia's gas cut-off to Ukraine and the impending inauguration of U.S. President Barack Obama. The EU's active crisis management in the Georgia war and the global financial meltdown last year under the energetic
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Thousands of Bulgarians, Bosnians and Serbs were left in the cold and some companies and schools did not operate on Wednesday after Russian gas supplies were halted to southeastern Europe. The disruption in Bosnia brought back bitter memories of the 1992-95 conflict when heating was often off in winter. "It all reminds me of the
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The U.S. budget deficit will swell to a record $1.186 trillion in fiscal 2009, congressional forecasters plan to announce on Wednesday, presenting a daunting challenge to President-elect Barack Obama who has said tough choices will be necessary. The deficit will likely fall to $703 billion in the 2010 fiscal year, government sources said before the
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After an absence of two years from local capital markets, the Republic of Cyprus raised EUR 150 mln through the sale of 5% government bonds, with date of issue 9.1.2009 and maturity in five years at an average yield of 4.7%. The total value of the bids submitted during the auction held by the Central
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Greek Prime Minister Costas Karamanlis sacked his finance minister on Wednesday in a broad cabinet reshuffle to try to shore up his government's popularity, hit by riots, scandals and economic woes. Finance Minister George Alogoskoufis, was ousted after being criticised even from within his own party for a series of misfired policies. Foreign Minister Dora
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Germany posted its first rise in unemployment in almost three years on Wednesday, a day after the global economic downturn forced U.S. aluminium giant Alcoa to announce 15,000 job cuts and slash output. UK retailer Marks & Spencer added to the gloom in Europe with its worst quarterly sales figures in a decade, while Russia's
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European shares declined about 1 percent by mid-morning Wednesday after rising the previous six sessions, with British oil major BP leading the energy sector down and banking shares coming under renewed pressure. BP fell 3.5 percent on market talk the company was telling analysts that its fourth-quarter earnings would be lower than expected, three dealers
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New car sales in Britain fell by more than a fifth year-on-year in December to cap the worst year for the industry in more than a decade, trade figures showed on Wednesday. The Society of Motor Traders and Manufacturers said new car registrations fell an annual 21.2 percent last month. New car registrations in 2008
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Greek Prime Minister Costas Karamanlis will reshuffle his conservative cabinet on Wednesday in an effort to reverse its sliding popularity due to riots and discontent with economic measures. A government statement said the new cabinet is expected to be announced at 1030 GMT and media reported a broad reshuffle that will see some top ministers
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