Sales of newly built U.S. single-family homes slowed in November to the weakest levels since 1991, according to Commerce Department data on Tuesday that offered fresh evidence of housing market distress. The seasonally adjusted annual sales pace of 407,000 was down 2.9 percent from October and was the lowest rate since January, 1991. Economists polled
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Russia, the world's top gas exporter, hosted the founding of a formal gas producers' group on Tuesday but faced criticism from OPEC for refusing to join in cutting oil output to support energy prices. With Prime Minister Vladimir Putin presiding, energy ministers from 12 gas exporting countries, many of them OPEC delegates, met to create
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Cypriot prosecutors filed charges in court on Tuesday against five people for a 2005 plane crash which killed 121 people in Greece's worst air disaster. The Helios Airways Boeing 737-300 was travelling from Larnaca in Cyprus to Prague when it crashed north of Athens on Aug. 14 2005, killing everyone on board. In documents submitted
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Britain's economy shrank by more than previously thought in the third quarter and for the first time since the early 1990s, official data showed on Tuesday, raising concerns the UK is heading into a deep recession. The Office for National Statistics said gross domestic product fell by 0.6 percent in the three months to September,
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Concerns about the deteriorating global economy pushed oil below $40 a barrel on Tuesday and drove the two-year euro zone government bond yield to record lows, while European stocks rose, helped by gains in banks. Data showing New Zealand's economy contracted by its biggest amount in eight years in the third quarter and moves by
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Oil prices slipped below $40 a barrel on Tuesday, weakened by evidence of falling oil demand as the world economy slows. Final third-quarter U.S. gross domestic product data due later on Tuesday is likely to underscore the ailing economy as a series of stimulus measures and policy moves — including China's fifth interest rate cut
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UK shopper numbers increased 13.6 percent on Monday compared to the same Monday in 2007 which was Christmas Eve, a survey showed on Tuesday. "Yesterday's figures signalled that shoppers were out in force buying last minute gifts and Christmas merchandise," said market researcher Experian It said Monday's outcome was the first day of the Christmas
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Internet comedy site Funny Or Die, supported by actor Will Ferrell and seeded by Sequoia Capital, has raised $3 million in cash from a single, undisclosed investor. The financing also includes an additional $3 million commitment for "in-kind contributions for marketing, publicity and promotional support for programing," according to a regulatory filing. It is not
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By Tsvetelia Ilieva Bulgaria's economy is fast losing steam, exports are shrinking and corruption is threatening the European Union aid that has underpinned growth. But the Todoroff winery has a strategy. "We expect a collapse which we will try to overcome with high-quality wine," says its manager Kiril Izmirov. Wines from the Balkan country have
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The corporation tax on Cyprus semi-governmental agencies such as Electricity Authority of Cyprus (EAC), CYTA, the telecom giant and the Cyprus Ports Authority will decline to 10% from 25% previously as part of policy to allow the ‘quangos’ to compete at an equal footing with the private sector companies ahead of more liberalisation in the
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