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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 [ FTSE rises 2.4% early, boosted by crude, metal ]

FTSE rises 2.4% early, boosted by crude, metal

FTSE rises 2.4% early, boosted by crude, metal
December 29, 2008 - Reuters

Britain's leading share index rose 2.4 percent early on Monday, as higher crude and metal prices lifted heavyweight commodity stocks, while banks and retailers were also in demand despite a gloomy economic picture.

By 0843 GMT, the FTSE 100 was up 101.28 points at 4,317.87, after losing 1.6 percent last week in a shortened trading week due to Christmas. Activity was expected to be light this week because of New Year holidays.

Oil producers added the most points to the index, tracking firmer crude prices after weekend violence flared between Israel and Hamas.

BP, Royal Dutch Shell, BG Group and Tullow Oil were 3.5 to 4.9 percent higher.

Stronger metal prices lifted mining shares, with Anglo American, BHP Billiton, Xstrata, Rio Tinto, Kazakhmys and Eurasian Natural Resources up between 2.5 and 6.1 percent.

"It is the rebound of the U.S. crude that's driving the market at the moment. All eyes are on gold as well with the $900 level as the short-term resistance. At the moment, it's all about metal and oil," said David Fineberg, a senior dealer at CMC Markets.

The economic picture in the UK remained grim with children's wear retailer Adams this week expected to become the latest firm to fall into administration.

Property consultant Hometrack said in its monthly survey that housing prices in England and Wales fell 8.7 percent in 2008, bringing the average price of a house to 159,900 pounds ($235,800).

The Times quoted the Chartered Institute of Personnel and Development as saying the recession would claim 600,000 jobs next year, making 2009 the worst year for job losses in two decades.

Sterling, meanwhile, hit a record low against the euro, hurt by its yield disadvantage against the single European currency and inching closer to parity.

Banks, which have been the epicentre of the financial turmoil, were generally firmer despite indicators pointing towards a looming recession.

HSBC, Royal Bank of Scotland and Lloyds TSB advanced between 1 and 4.2 percent.

Britain's banks face up to 70 billion pounds of losses on commercial property loans, enough to force some of them into a further round of taxpayer bailouts, according to research by investment bank Close Brothers, the Daily Telegraph said.

Retailers also fared well, with Marks & Spencer, Next, Home Retail and Kingfisher up 0.3 to 2.3 percent.

John Lewis, the employee-owned group, said on Sunday the first day of its post-Christmas clearance sale produced record takings at its department stores.

HSBC said in a report that it expected the euro would be an outperformer next year, while it remained underweight in equities.

"If the U.S. is at the forefront of monetisation, as seems increasingly likely, we suspect the euro will increasingly be seen as an attractive safe-haven," HSBC said.

"We remain underweight equities, cautiously enthusiastic about high-grade corporate bonds and worried about further housing weakness."


(Source: Financial Mirror, http://www.financialmirror.com/News/Cyprus_and_World_News/13309)



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