The Conservatives' surprise UK election victory will have no direct impact on the country's sovereign credit rating and the party is committed to further fiscal consolidation, Moody's Investors Service said in a report. However, the credit impact on specific sectors will be more pronounced, the rating agency said, just as Prime Minister David Cameron consolidated
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The trade deficit narrowed in January-February by just over a quarter from a year earlier to €368.6 mln from €510.6 mln, with imports marginally up but exports leaping about 60%, probably due to the re-export of liquid fuels from the Vitol-owned VTTV storage facility in Vassiliko that started work in December 2014. According to the
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Logicom, a leading regional distributor of technology solutions and services listed on the Main Market of the Cyprus Stock Exchange, joined senior executives from the Global Technology Distribution Council (GTDC) to ring the New York Stock Exchange opening bell last Thursday, May 7. Logicom’s Business Development Manager Peter Irinarchos (far left in photo) joined several
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By Jameel Ahmad, Chief Market Analyst at FXTM The USD is currently pressuring its trading partners following the announcement that the United States added 223,000 jobs to its economy during April. The NFP is in line with expectations and although this might not be the spectacular number needed for the USD to get excited, this
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Concluding their week-long visit to Cyprus on Friday, having met Central Bank Governor Chrystalla Georghadji and Finance Ministry technocrats, the heads of the Troika of lenders’ mission to Cyprus are finalising their sixth review of the island’s economic adjustment programme, aka the €10 bln bailout package that includes reforms and ways to keep public spending
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Unemployment dropped by 9% year-on-year in April as the number of registered as out of work decreased by 4,207 from April 2014, the statistical service Cystat said. The figures showed that the unemployed persons, registered at the District Labour Offices on the last day of April, reached 42,551 persons (or 44,285 seasonally adjusted), below this
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Lending rates retreated in March, following the Central Bank of Cyprus decision to lower the base rate by one percentage point in an effort to encourage commercial banks to follow suit and spur money flow in the market and to consumers. Central Bank data showed that the average interest rate on deposits from households with
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The deficit in the General Government accounts narrowed by €4.2 mln to €18.2 mln in the the first quarter of 2015 compared to a deficit of €22.4 mln in the same quarter last year. Official data showed that according to preliminary data on the General Government accounts for January-March, compiled in accordance with EU concepts
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Bank of Cyprus is expected to return to profitability in the first quarter, compared to the loss-making fourth quarter of 2014 (loss after tax of €337 mln), it announced on Friday, adding that has taken a more conservative approach to its Russian subsidiary, now regarded as a “disposal group”. It also said that the exposure
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By Jameel Ahmad, Chief Market Analyst at FXTM UK markets have surged higher in the early hours of Friday, with both the FTSE and Pound enjoying an unexpected round of bullish momentum as the initial results from the UK general election suggest that the overall outcome is going to be nowhere near as close as
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