The Council of Ministers on Tuesday approved a new package of measures aiming at boosting economic growth, supporting employment, productivity and competitiveness of the Cyprus economy. Speaking to the press after the Cabinet meeting, Government Spokesman Stephanos Stephanou said that the measures do not include the construction of casinos. Spokesman noted that achieving a successful
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Entering the fifth year of recession, Greece is writing its name in the book of unwanted records for one of the deepest economic slumps of modern times. The Greek economy shrank 6.8 percent in 2011, leaving the level of output an estimated 16 percent below its pre-crisis peak. Unemployment has soared to more than 20
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Greece's government was considering further cuts to defence spending and public sector salaries on Tuesday to secure approval for a multi-billion-euro EU/IMF rescue package, government sources said. The cuts were on the agenda of a cabinet session chaired by Prime Minister Lucas Papademos that began at 4 p.m. (1400 GMT). The government is rushing to
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The European Union is likely to take action against Spain's newly installed government by May for delaying austerity measures ahead of a regional election next month, sources familiar with the situation have told Reuters. Spanish and EU officials said in response to Reuters' story that the government in Spain was working hard to reduce its
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The body of Whitney Houston was resting at a funeral home in her birthplace in Newark, New Jersey, on Tuesday, awaiting a private memorial service on Saturday at the New Jersey church where she honed her singing skills. A spokeswoman for the Whigham Funeral Home told reporters on Tuesday that a private funeral service will
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British inflation dropped sharply in January as the effect of a rise in sales tax in 2011 fell away, backing Bank of England forecasts for a sharp easing of price pressure this year and providing some relief for cash-strapped consumers. The decline to 3.6 percent — its lowest annual rate in more than a year
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Zurich has topped Tokyo to become the world's most expensive city, as surging currencies push up the cost of living in countries like Switzerland and Australia, a survey showed on Tuesday. The Swiss Franc's allure as a safe haven for investors moving their funds out of Euro zone nations propelled Zurich to the top spot
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APOEL FC faces Tuesday night Olympique Lyonnais for the Champions League knockout stage. The match will be held in Stade de Gerland in Lyon and will begin on 21:45 local time (19.45 GMT). APOEL has already made history as it became the first Cypriot football club to reach the knockout phase of the UEFA Champions
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The Cyprus Telecommunications Authority (Cyta) and the Lebanese Ministry of Telecommunications have ratified an agreement for the construction of a submarine fiber optic cable system between Cyprus and Lebanon, named EUROPA. EUROPA is expected to be a repeaterless submarine cable with at least 8 fibre-pairs that will be interconnected with ALEXANDROS subsystem to provide connectivity
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Cyprus has opened a second hydrocarbons licensing round, buoyed by natural gas discoveries off its own shores and rich finds in waters off neighbouring Israel. The island is offering 12 offshore blocks for potential exploration and exploitation of oil and gas. The ethnically-split island has focussed on exploration to its south, in areas controlled by
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