DETROIT - General Motors' net income fell 14 per cent in the first quarter, as it earned less money in North America while preparing to launch a redesigned version of its bestselling vehicle, the Silverado pickup. GM earned $865 million, or 58 cents per share, down from $1 billion, or 60 cents per share, in the January-March period a year ago. But excluding one-time items, GM's earnings of 67 cents per share topped analysts' forecast for 54 cents, according to FactSet. Revenue also topped Wall Street's expectations, and the company lost less money in Europe than a year ago.

Greek unions staged a general strike on Wednesday and thousands of people took to the streets for May Day rallies to protest at prolonged austerity in the recession-hit nation. Ferry services were halted to Greece's islands because of a seamen's union strike while metro and bus services in Athens were briefly halted by work stoppages. Nearly 13,000 people joined demonstrations in Athens and the second-largest city Thessaloniki in the north, according to police estimates.

The Cypriot parliament narrowly approved on Tuesday a controversial 10-billion-euro ($13 billion) bailout deal agreed with international lenders to stave off bankruptcy for the eurozone member. The agreement with the European Commission, European Central Bank and International Monetary Fund was backed by 29 MPs and opposed by 27, in a live television broadcast of the vote. str/dv/hc

Italy's new Prime Minister Enrico Letta said Monday his coalition government would act fast to reverse an austerity policy he argued was killing Italy and called on Europe to become a motor for growth. "Italy is dying from austerity alone. Growth policies cannot wait," Letta said during his inaugural speech to parliament, under the watchful gaze of European partners. The recession-hit country, effectively rudderless since an inconclusive election in February, is under pressure to act fast to tackle social, economic and institutional ills.