Greece's Olympic Airlines workers blocked Athens airport's runways on Tuesday, causing flight diversions and short delays, in a protest against the state carrier's planned privatisation, unionists said. Olympic Airlines unions oppose the government's plans to sell off the ailing flag carrier and have vowed a wave of protests, despite assurances that all of its employees
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The European Commission is re-launching the works tender for the replacement of 83 kms water pipes and 3800 domestic water meters in the northern part of Nicosia. This is the first work project to be financed from the EU aid programme for the Turkish Cypriot community. The procurement notice for this tender has been published
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Gloom in the British housing market, where data showed confidence at a record low on Tuesday, is not expected to lift in the short term, as it will take time for the government's plan to bail out banks to feed through. Council of Mortgage Lenders data for August showed new lending dropped 63 percent year-on-year
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By Krisztina Than (Reuters) Hungary has lined up potential IMF help because its large external debt makes it highly vulnerable to global market shocks, but its problems are not comparable to Iceland whose economy has come close to collapse. Unlike Iceland, where policy-makers are struggling to get the banking system functioning again, Hungary has a
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Iceland's blue chip stocks plunged 77 percent when trading reopened on Tuesday after a near week-long suspension and an official delegation from the island sought Russian help in saving the economy from collapse. Iceland has already tapped the International Monetary Fund for help with the crisis that has overwhelmed its once buoyant financial sector and
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Warming to euro Iceland is negotiating with Russia for a multi-billion-euro loan and looking at ways to secure foreign currency as it tries to rebuild a financial system that has all but collapsed. Here some scenarios of what could happen next: IMF RESCUE Whether Iceland strikes a deal with Russia or not, analysts believe it
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British inflation hit a 16-year high of 5.2 percent in September, but that is likely to be the peak and interest rates are still expected to come down sharply over the next few months in order to prevent a deep recession. The Office for National Statistics said on Tuesday rocketing utility bills pushed inflation higher
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The United States will pump $250 billion into its banks on Tuesday, following similar measures in Europe, but data showed the threat of recession has not been banished even if a financial sector meltdown has. The Treasury will unveil its plan at 8:30 a.m. EDT with about half the total likely to go to the
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Britain's top share index was up 6.3 percent by midday on Tuesday, extending the previous session's sharp gain, with Washington set to unveil a $250 billion injection into its banks, further easing market anxiety. The gains came after the FTSE 100 posted its second best one-day percentage rise ever on Monday. The benchmark plummeted 21
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Blackstone Group chief executive Stephen Schwarzman said on Tuesday that action by the U.S. government to inject cash into its banks, alongside other dramatic moves around the world, could break the back of the credit crisis. "We will be looking today to an absolute sea change in the global financial system in terms of liquidity,"
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