World stocks rose more than one percent on Tuesday after the Federal Reserve unveiled a programme to buy mortgage and consumer-related securities in its latest attempt to support the U.S. financial system. The Fed will buy up to $600 billion of mortgage-related debt and securities plus $200 billion of consumer debt securities. The announcement boosted
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(Reuters) More than a third of Britons blame the U.S. for the financial crisis and economic downturn, according to a survey, and three-quarters say they have little or no faith in banks. The research, by advertising agency McCann Erickson, found almost 40 percent of people blamed the U.S. for the credit crisis, with 27 percent
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European stocks hit a day's high on Tuesday after the U.S. Federal Reserve announced a $600 billion programme to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities. At 1339 GMT, the FTSEurofirst 300 index of top European shares was up 2.2 percent at its day's high of 846.88
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President-elect Barack Obama will outline steps to trim the federal budget on Tuesday as he simultaneously plans a costly stimulus package to jolt the ailing U.S. economy. Though he does not take office until Jan. 20, Obama's team of economic advisors are already working out the details of a two-year package to save or create
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Minister of Commerce, Industry and Tourism Antonis Paschalides met on Tuesday with the leadership of the Cyprus Tourism Organisation (CTO), Cyprus Airways and Eurocypria, with a view to achieve better tourist accessibility to Cyprus. Speaking after the meeting, Paschalides said they reached decisions in order to promote better coordination and improve cooperation, aimed at greater
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Recession in Germany and a slowdown in China painted a bleak economic picture on Tuesday, a backdrop which top miner BHP Billiton cited in abandoning a mega-bid for Rio Tinto. Wary of the effects of the worst financial crisis in 80 years, BHP Billiton called off its $66 billion hostile bid for rival Rio, catching
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Cyprus said on Tuesday it would push ahead with oil and gas exploration activities in the Mediterranean and warned that Turkey could face difficulties with its EU entry bid if it tried to stop them. Cyprus — divided along ethnic lines after Turkey's 1974 invasion which followed a Greek-inspired coup — has accused Turkey of
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Recession in Germany and a slowdown in China painted a bleak economic picture on Tuesday, a backdrop which top miner BHP Billiton cited in abandoning a $66 billion bid for Rio Tinto. Wary of the effects of the worst financial crisis in 80 years, BHP Billiton called off its hostile bid for rival Rio, catching
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Britain's economy will shrink 1.1 percent next year and unemployment is likely to rise to 6.8 percent of the workforce, the Organisation for Economic Cooperation and Development forecast on Tuesday. The Paris-based think-tank said British GDP — which contracted 0.5 percent between June and September — would probably start to expand again only late next
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Top global miner BHP Billiton dropped a $66 billion hostile offer for rival Rio Tinto on Tuesday, the latest casualty of a global crisis that has frozen credit markets and hit demand for raw materials. BHP shares jumped more than a fifth in hectic London trading, while Rio Tinto slumped as much as 40 percent.
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