Federal Reserve Chairman Ben Bernanke on Wednesday conceded for the first time the U.S. economy may slip into recession, but said growth should pick up later this year as the impact of interest rate cuts and other emergency steps take root. Bernanke told a congressional panel that the economy appeared to be growing, but warned
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Bear Stearns as facing bankruptcy on March 14 without a major liquidity injection and U.S. regulators acted to save the company with the broader market in mind, a senior Treasury official will say on Thursday. In the days before the Wall Street giant was bought by JP Morgan Chase “regulators were continuously communicating with one
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LG Telecom Co Ltd, South Korea‘s third-biggest mobile service operator, may offer its third-generation service on phones using Google’s mobile software platform, LG’s chief executive said on Thursday. “We are using an open platform for our 3G service,” CEO Jung Il-jae told reporters. “Google and other companies have shown interest,” Jung said, adding a formal
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Ledra Street, which was the main shopping street of the capital Nicosia, has opened on Thursday at 0900 local time (0600 GMT), for the first time in nearly 45 years. At 0600 local time (0300 GMT) the National Guard post moved away and the security of the area was officially undertaken by the Police. The
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Greek and Turkish Cypriots pulled down on Thursday barricades separating them for half a century on Ledra Street, a thoroughfare which has come to symbolise partition on war-divided Cyprus. In a ceremony attended by the United Nations, aides to the Greek and Turkish Cypriot leaders and local officials, the 80-metre stretch of road in the
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LONDON (Reuters) – The Lloyd’s of London insurance market’s profit rose 5 percent last year as it benefited from a low level of disaster claims, but it warned on Thursday that this had resulted in pressure to reduce premiums. The world’s oldest and biggest insurance market reported a 2007 pretax profit of 3.85 billion pounds
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BEIJING (Reuters) – The U.S. economy has turned down sharply and is facing a tough quarter, U.S. Treasury Secretary Henry Paulson said. Speaking to reporters during a visit to Beijing, Paulson sidestepped a question on whether the economy was at risk of toppling into recession, something that Federal Reserve Chairman Ben Bernanke said on Wednesday
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Consumer price inflation eased slightly in March, as the CPI index recorded a rise of 4.7% over March 2007, compared with a year-on-year rate of 4.9% in February. Compared with the previous month, prices rose by 1.01%, having risen by 0.5% in February. The Statistical Service Cystat reported that this was mainly owing to increases
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Ledra Street, which was the main shopping street of the capital Nicosia, has opened on Thursday at 0900 local time (0600 GMT), for the first time in nearly 45 years, signaling a renewed momentum in efforts to bring about a settlement to the Cyprus problem. At 0900 local time, representatives from both communities cut a
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by Ralli Papageorghiou Ancient Greeks used to say that harmony of the environment is related to the inner world of the human being, but this is not the case anymore, at least according to experts who attended an international symposium here. All speakers at the symposium on the “Prevention of disasters and their consequences in
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