European shares surged in early trade on Monday, led by banks and oils and tracking gains in the United States and Asia on hopes that government stimulus packages will help soften the impact of a recession. At 0916 GMT, the FTSEurofirst 300 index of top European shares traded 5.8 percent higher at 840.05 points. Banks
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British producer prices and costs fell in November as oil and petroleum product prices declined sharply, official data showed on Monday, in a further sign that inflationary pressures are cooling. However, the costs of some imported materials rose, suggesting the weaker pound may be having an impact. The Office for National Statistics said output prices
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The European Union joined calls on Monday for Robert Mugabe to step down as president of Zimbabwe, a country with a devastated economy battling to contain a deadly cholera outbreak. "I think the moment has arrived to put all the pressure for Mugabe to step down," EU foreign policy chief Javier Solana told reporters ahead
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Cyprus and the UK will sign here today a Memorandum of Understanding in the fields of scientific research and development on Monday. The memorandum will be signed at the Planning Bureau by Minister of Education and Culture Andreas Demetriou and British High Commissioner Peter Millett. The memorandum provides for strengthening relations and cooperation between the
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Cyprus President Demetris Christofias has said that that Greek Cypriot side is ready to show the necessary flexibility with a view to creating the necessary preconditions that will lead to a mutually accepted settlement of the Cyprus question. He also said that he is “determined to defend principles and values which are internationally safeguarded.” “We
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Salamis Tours (Holdings) Public Limited (SAL) announced that one of its subsidiary companies sold a building in Paphos for a total consideration of EUR 2.9 mln. The profit from this sale stands at EUR658.000 which will positively affect 2008 results.
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As the year-end approaches, it's deja vu in global money markets. Despite central bank liquidity provisions, government guarantee programs and bank recapitalizations worth trillions of dollars, money markets remain in a state of paralysis. Some bank-to-bank lending has resumed in recent weeks but essentially the market remains frozen as battered banks hoard cash and fears
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U.S. government debt, long considered the safest investment in the world, looks like it too has been hit by "bubble" fever. Prices of U.S. Treasury bonds appear dangerously overstretched after a soaring rally, another sign of how financial markets have been turned on their head. "Treasuries are the riskiest securities on the planet," said Tom
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The reality of low interest rates and deep economic recession should finally start to catch up with the U.S. dollar in 2009, after risk aversion and de-leveraging helped push the currency to multi-year highs. The advance — which has pushed the dollar up almost 20 percent against a basket of six currencies since July —
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Asian stocks jumped to a three-week high on Monday, with investors taking heart from a rescue plan for U.S. automakers, falling oil prices and more government stimulus measures to limit the economic damage from the credit crisis. Shares in Hong Kong surged 7.5 percent after a report that senior Chinese economic officials were meeting this
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