OPEC ministers meeting on Tuesday were widely expected to keep output targets steady for now, but could act soon to prevent excess supply weighing on the market. Oil prices, which hit an all-time high of $147.27 in July, have fallen by nearly 30 percent to a five-month low of less than $105 a barrel, the
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Although equities are still falling across the globe, the outperformance of US stocks versus Eurozone (S&P 500 dropped by 14% since the start of the year compared to 26% in the case of the EURO STOXX) and EM equities is clear evidence that the international financial community is re-allocating assets into the US and the
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LONDON, Sept 9 (Reuters) – British finance minister Alistair Darling is preparing to intervene to stimulate the UK housing finance market, The Times newspaper quoted senior government officials as saying. The newspaper said Darling was waiting for the final proposals from James Crosby, the former chairman of HBOS, on which he will base his efforts
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By Pedro Nicolaci da Costa (Reuters) U.S. mortgage rates fell on Monday after the government seized control of Fannie Mae and Freddie Mac, raising hopes the plan would provide at least temporary respite from troubles in housing and credit markets. Stock prices rallied around the world as investors felt that federal backing could stem some
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Serbia's parliament overwhelmingly backed the Stabilisation and Association Agreement with the European Union on Tuesday, a move expected to cement the nation's bid for membership of the bloc. The pact will be fully implemented only when EU officials are satisfied Serbia has fully cooperated with the war crimes tribunal in the Hague. Closer ties with
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The London Stock Exchange suffered its worst systems failure in eight years on Monday, forcing the world's third largest share market to suspend trading for about seven hours and infuriating its users. The problem occurred on what could have been one of London's busiest trading days of the year, as markets rebounded worldwide following the
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The Cyprus Theatre Organisation (THOK) will get its own theatre, a move which has been described as a unique architectural work and a jewel for Nicosia and Cyprus. The contracts for the construction of the theatre were signed by the Chairman of the Organisation’s Board of Directors Demetris Karayiannis and Director Varnavas Kyriazis and company
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European shares rose on Tuesday, led by banking stocks that extended gains after a strong rally in the previous session on the U.S. government's move to take control of top mortgage companies. A sharp decline in crude prices also eased inflation concerns and lifted market sentiment, analysts said. At 0906 GMT, the FTSEurofirst 300 index
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British manufacturing output fell for the fifth straight month in July, the longest stretch of declines in seven years, official data showed on Tuesday, in another sign the economy is slowing sharply. The Office for National Statistics said manufacturing output fell 0.2% on the month and was 1.4% lower on the year as production of
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Asian stocks retreated and government bonds rose on Tuesday in a sobering realisation the U.S. takeover of Fannie Mae and Freddie Mac addressed some risks stemming from the financial crisis but has not solved it. Increased uncertainty about the global economic outlook favoured the dollar, which hit a one-year peak against a basket of currencies,
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