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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ GE and autos ignite Wall Street ]

GE and autos ignite Wall Street

GE and autos ignite Wall Street
December 02, 2008 - Reuters

Stocks rose on Tuesday as investors snapped up beaten-down shares after Monday's steep sell-off and news that General Electric would maintain its dividend helped buoy sentiment.

GE shares climbed more than 9 percent, making the stock one of the standout Dow constituents.

A rebound in energy shares, including Chevron, up nearly 4 percent, also underpinned the market, along with buying into defensive stocks, including shares of pharmaceutical company Merck up more than 5 percent.

Optimism about a government rescue for the U.S. auto industry added to the positive tone, with General Motors up 6 percent and Ford rising 10 percent.

Monday's slide broke the S&P 500's 5-day streak of gains and put the market just a whisker away from retesting 11-year lows.

"People are looking at GE and saying, hey, well the dividend yield is pretty good and they are sticking with their earnings estimates, although it's at the lower end," said Cummins Catherwood, managing director at Boenning & Scattergood in West Conshohocken, Pennsylvania.

The Dow Jones industrial average rose 178.01 points, or 2.18 percent, to 8,327.10. The Standard & Poor's 500 Index gained 21.40 points, or 2.62 percent, to 837.61. The Nasdaq Composite Index shot up 30.06 points, or 2.15 percent, to 1,428.13.

GE shares climbed to $16.95 on the New York Stock Exchange after the company reiterated its plan to maintain a dividend payout in 2009 even as it works to restructure its embattled finance arm, GE Capital.

Shares of Chevron rose to $74.72 as U.S. crude oil rose 79 cents to $50.04 a barrel. Shares of drugmaker Merck & Co Inc, among companies considered better positioned to withstand a faltering economy, rose to $26.30.

GM shares climbed to $4.85, while Ford rose to $2.80.

Executives of the big-three U.S. automakers, including Chrysler, are due to present Washington officials with their plans to justify a $25 billion bailout as worries about possible bankruptcy persist.

As part of its plan, Ford said it expected its overall and North American automotive business to break even or be profitable in 2011. Ford said it did not anticipate a liquidity crisis next year, barring a bankruptcy of one of its domestic rivals.

Even so, worries about the deepening economic slump fueled caution as did a brokerage downgrade of diversified manufacturer 3M Co, which fell 1.2 percent at $61.58.

The lobbying for the auto sector bailout will coincide with the release of November U.S. auto sales reports, which will likely be bleak.

(Source: Financial Mirror,

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