The U.S. economy is likely to emerge from its downward slide next year and the Federal Reserve should keep its it eye on the risk that inflation may accelerate along with growth, a top Fed official said on Friday. "Many analysts expect the U.S. economy to regain positive momentum sometime in 2009," Richmond Fed Bank
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By some measures, sterling's recent slide is even greater than the fall in late 1992 when it was ejected from a group of European currencies, but the chances of a repeat rescue attempt from the Bank of England are minimal. The doomed attempt 16 years ago to take on currency traders, most notably George Soros,
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Gold jumped almost 6 percent to its highest in a month on Friday, buoyed by a weakening dollar and rising oil prices while other precious metals rallied, tracking bullion's gains. Spot gold rose to $789.55 an ounce, its highest since Oct 21 and was at $786.05 an ounce by 1549 GMT, versus $745.10 an ounce
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Citigroup Inc shares tumbled for a fifth straight day, as Chief Executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence. Pandit told employees on Friday that Citigroup, the second-largest U.S. bank by assets, does not want to change its business model and plans
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U.S. stocks fell into negative territory on Friday as shares of financials including Citigroup declined and investors worried about the deepening economic slump. The Dow Jones industrial average fell 67.47 points, or 0.89 percent, to 7,484.82. The Standard & Poor's 500 Index lost 8.85 points, or 1.18 percent, to 743.59. The Nasdaq Composite Index was
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Google Inc said it would shut down its three-dimensional virtual experience website by year end to focus more on its core search, advertisements and applications business. The company said in its blog it supports experimentation but added: "We've also always accepted that when you take these kinds of risks not every bet is going to
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NBC News has made a big pitch to the Facebook generation, offering users of the social-networking site the chance to test their knowledge using video from the network's vast archives. The "What's Your ICue?" application pits Facebook members either one on one or in teams, answering trivia questions on current events, history, arts and technology.
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Cyprus has one of the highest gender specific income gaps in the European Union, EU Commissioner for Employment, Social Affairs and Equal Opportunities Vladimir Spidla said. Addressing Friday a conference in Nicosia entitled “Against Discrimination – promoting equality and diversity”, the EU Commissioner said that on average women in Cyprus earn 24% less than men.
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La Caixa said on Friday it was talking to Russia's LUKOIL about a possible sale of part of its stake in Repsol YPF, a deal that could put a large chunk of Spain's biggest oil producer in Russian hands. A financial source with close ties to LUKOIL said Russia's No.2 oil producer is interested in
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Euro zone demand is plunging and price pressures vanishing, business surveys showed on Friday, while central bankers weighed the bleak prospect of deflation. The Bank of Japan left its key interest rate at just 0.3 percent and said there would be a long road to recovery. The United States, Britain and Europe are expected to
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