EU Ministers of Finance agreed on Tuesday on the guidelines for the European Commission's plan for the recovery of the European economy. The plan worth 200 billion euros translates into 1.5% of the GDP of each member state. Cypriot Minister of Finance Charilaos Stavrakis, who participated in Tuesday's ECOFIN and Monday's Eurozone meeting, said that
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Oil fell below $49 a barrel on Tuesday, after reversing early losses in response to a rally in U.S. and European shares. It had earlier fallen to a new 3-1/2-year low below $48, weighed down by gloom over the ailing world economy and its impact on fuel demand. U.S. light crude for January delivery was
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European banks Credit Suisse and HSBC Holdings said they were not aware of any U.S. investigation into offshore private banking services, after a report they had been targeted by a probe. The New York Times said on Tuesday the U.S. Department of Justice (DoJ) had expanded its criminal investigation into foreign banks selling offshore private
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European stocks closed higher on Tuesday in choppy trade as banks recovered after earlier falls and energy shares rose as crude bounced from 3-1/2 year lows. The FTSEurofirst 300 index of top European shares was up 1.7 percent at 823.69 at provisional close in a volatile session having been down as much as 792.43 points
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The UK equity market is showing signs of bottoming out and stabilising as a range of key indicators reach historic levels, the manager of Fidelity's Special Situations Fund said. "Everything I look at in terms of valuations, sentiment indicators, directors' dealings, indicate to me that we are now going to go through a bottoming pattern
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Turkey has made no effort to ease tensions with Greece despite Athens' attempts to defuse a long-running territorial dispute and other differences, Greece's foreign minister said in an interview on Tuesday. Dora Bakoyanni said the time was ripe for Turkey, as it reaches a decisive phase in its bid to join the European Union next
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Nearly half of households in Cyprus had access to the Internet during the first quarter of 2008, up from 39% from the respective period a year ago, but still lower than the EU27 average of 60%. Meanwhile, the number of Cypriot households with broadband access jumped sharply by 13 bps to 33% in the first
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Primetel Plc (PTL) announced that the procedure for the Public Offer towards Spidernet Services Public Ltd (SNET) shareholders for the acquisition of up to 100% of SNET’s issued share capital has been completed. According to preliminary results PTL has acquired 95.86% stake in SNET. The newly issued shares and warrants of PTL which were granted
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Tesco Plc, Britain's biggest retailer, posted a 2.0 percent rise in underlying third-quarter UK sales and said new "Discounter" products had drawn an extra 300,000 customers a week to its UK stores. "By giving customers more affordable choices, we have deflated our sales during the quarter by between two and three percentage points," Tesco said
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European stock index futures pointed to early losses on Tuesday, adding to the previous session's 6 percent drop as signs of a worsening global slowdown knocked down stocks around the world. At 0703 GMT, futures for the Eurostoxx 50, Germany's DAX and the French CAC 40 were down between 1 percent and 1.9 percent. The
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