Six U.S. governors and a group of chief executives on Thursday urged the Bush administration to aid the embattled auto industry while the White House rebuffed a request for direct support of a merger between GM and Chrysler. An administration official said the focus instead would be on speeding of $25 billion of low-interest loans
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The Nikkei average dropped 5 percent on Friday after the Bank of Japan cut interest rates for the first time in seven years, though the cut was by a split vote and was smaller than the market had expected. The benchmark Nikkei lost 452.78 points to close at the day's low of 8,576.98. In the
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Asian shares dipped on Friday and headed for their biggest ever monthly fall, but optimism that a new round of interest rate cuts may revive a comatose global economy helped many indexes keep their largest weekly gains on record. The Bank of Japan cut interest rates to 0.3 percent on Friday, its first rate cut
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A divided Bank of Japan cut interest rates for the first time in seven years on Friday, under government pressure to join the global response to the worst financial crisis in 80 years. On the vote of the governor after a 4-4 split on the policy board, the central bank trimmed its key interest rate
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Two of Europe's big banks used newly relaxed EU accounting rules to boost their profits while a top executive said he saw no light at the end of the financial crisis tunnel. Deutsche Bank AG, the largest bank in Europe's largest economy, and Norway's biggest player DnB NOR, both posted results that were not as
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Research and development activity is inching up from a low base, according to the results of the ad hoc survey carried out by the Statistical Service for the collection of data on scientific research and experimental development (R & D). It found that total R & D expenditure in Cyprus for 2006 is estimated at
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The U.S. economy shrank at a 0.3 percent annual rate in the third quarter, its sharpest contraction in seven years as consumers cut spending and businesses reduced investment in the face of rising fears that recession was setting in. The Commerce Department said the third-quarter contraction in gross domestic product was the steepest since the
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The proportion of households in the Republic of Cyprus with broadband access to the internet leapt in in 2007 according to the latest information society statistics from the Statistical Service. Broadband connections rose to 75.1% of total subscriptions in 2007 from 58.2% in 2006, while dial-up and ISDN connections decreased. The percentage of households with
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Options Cassoulides Plc announced that the nine-month results 2008 will be lower compared to the corresponding results of 2007. The decline is attributed to the increased expenses in the sector of conferences and services due to the investments in Asia, as well as the sector of printing. The results are also negatively affected due to
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Industrial production fell over the year-earlier period in August, with the index of industrial production index reaching 92.9 (base 2000=100), which was 2.6% lower than in August 2007. For the period January – August 2008, the index recorded a rise of 3.5% compared to the same period of the previous year. For Manufacturing, the index
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