Oil fell towards $56 a barrel on Monday after a meeting of the Group of 20 major economies ended with few concrete proposals on dealing with global recession. News that the Organization of the Petroleum Exporting Countries (OPEC) may wait until its meeting on Dec. 17, instead of the end of November, to make a
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U.S. industrial output rebounded in October after hurricane disruptions produced a stunning fall in September, but early data suggested manufacturing would suffer this month, according to reports on Monday. U.S. industrial production rose by a stronger-than-expected 1.3 percent in October after a downwardly revised September drop of 3.7 percent — the biggest fall in more
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Japan on Monday became the latest major economy to fall into recession, with France close behind, and U.S. stocks followed world markets lower after Citigroup said it would cut 50,000 jobs, adding to worries the slump may deepen further. After a weekend meeting of the world's 20 largest economies failed to come up with new
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European shares fell further late on Tuesday, tracking losses in the U.S. market, as mining stocks declined on weaker metal prices and banks slipped on persistent concerns about the financial sector's health. By 1526 GMT, the pan-European FTSEurofirst 300 index was down 2.7 percent at 836.15 points after hitting a session low of 834.18 points.
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Top handset maker Nokia Oyj said on Friday the world's mobile phone market would fall in the fourth quarter and next year as an economic slowdown crimps consumer demand around the world. It forecast 1.24 billion phones would be sold worldwide this year, down from a previous estimate of 1.26 billion, and said handset market
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Banking on the global appeal of Japanese pop and video games, social networking site MySpace said it would more than double the number of artists on its Japanese pages to get more clicks internationally. The growth of new sign-ups and page views is slowing in Japan for rival networking services such as mixi Inc, but
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The Cyprus cabinet, meeting under the auspices of President Demetris Christofias announced an “aid package” amounting to EUR 52 mln support the construction and tourism industries, so that they are not affected by the global financial crisis. The measures include a sum of EUR40 mln euros for the implementation of the state development budget, the
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Alliance International Reinsurance Public Company Ltd (ALL.CY) announced that following the acquisition by Flagstone Re., the international insurance rating agency A.M. Best has upgraded the financial strength rating (FSR) of the Company from B++ (Very Good) to A- (Excellent) and the issuer credit rating from “bbb” to “a-“. The outlook for the FSR is stable,
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Aspis Holdings Public Company Ltd (ASP.CY) announced that the Company’s Board of Directors will convene on Wednesday, November 26, 2008 at 4.00 pm to examine the consolidated financial statements for the 9-month period ended on September 30, 2008. The Company announced that it expects an improvement on its 9M08 results, compared to the corresponding period
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As Congress debates legislation to help struggling automakers on Monday, many Americans said they were uneasy with the plan, arguing that while it may save jobs, it would reward companies for pursuing bad business practices. In interviews from New York to Los Angeles, everyday Americans said the proposed $25 billion rescue plan was unfair and
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