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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 [ European shares fall as oils weigh ]

European shares fall as oils weigh

European shares fall as oils weigh
January 12, 2009 - Reuters

European shares were down in in early trade on Monday, with heavyweight energy stocks taking most points off the index, on concerns about the global economy as well as a worse than expected earnings season lying ahead.

At 0943 GMT, the FTSEurofirst 300 index of top European shares was down 0.6 percent at 861.93 points, on course for its fourth-day of retreat. It fell 0.5 percent on Friday.

"What we see now is some kind of disillusion in the market in the sense that the focus is now on the corporate earnings season that lies ahead," said Joerg Rahn, senior economist at MM Warburg.

"There are concerns that company outlooks for 2009 and 2010 could be worse than the market has priced in so far," Rahn said.

Oil stocks dropped as crude fell below the $40 a barrel mark, triggered by fears about global demand on the back of U.S. unemployment figures from Friday.

Jobless figures showed that more than half a million Americans lost their jobs in December, making 2008 the worst year since World War Two.

Shares in BP, BG Group and Tullow Oil were all down between 0.9-1.4 percent.

The focus will turn to the results from U.S. aluminium heavyweight Alcoa earnings later in the day as investors are expected to pour over details of any possible damage from the recession.

Across Europe, the FTSE 100 index was up 0.2 percent, while Germany's DAX and France's CAC 40 were down 0.3 percent and 0.2 percent each.


"This week's spotlight is on the ECB meeting. The compromise between those on the Council who want to wait to see more concrete transmission of past rate cuts on the economy and those who will argue in favor of an 'act now and see' stance should produce a tiny 25bp rate cut," UniCredit strategists wrote.

"In our view, this will make the ECB fall again behind the curve."

Financial markets expect the ECB to cut rates by 75 basis points, while analysts are more cautious in their estimates of about 50 basis points.

Roche dropped 2 percent on reports that the drugmaker is preparing a higher bid for the remainder of Genentech, being ready to cut its year-end dividend to fund it.

The DJ Stoxx banks index was the top sectoral leader, up 0.3 percent.

Lloyds and HBOS were up 6.6 percent and 5.8 percent each, after the banks said the British state is to take a 43.4 percent stake in the combined Lloyds TSB-HBOS bank. Shares in Swiss bank UBS fell 5.2 percent, as analysts pointed to weekend press reports that the company may face heavy losses for the fourth quarter as well as a fine following a U.S. tax investigation.

"The shares are down after reports at the weekend that they could post a total full-year loss of 20 billion Swiss francs ($17.89 billion)," said ZKB banking analyst Andreas Venditti.

A spokeswoman for the bank on the weekend declined to comment on the fourth-quarter result and called the report about an expected fine "pure speculation".

(Source: Financial Mirror,

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