. The August business confidence index as compiled by the University of Cyprus saw its sixth successive retreat, due mainly to the Vassiliko explosion and the inability of the government to properly deal with the crisis that ensued. Although the mood among consumers is still subdued, it was the falling confidence within the services sector
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A rebound in Asian stocks ran out of steam on Thursday, as worries over the widening impact of the euro zone crisis and the faltering U.S. economy gnawed at investor confidence. The euro slipped ahead of a European Central Bank rate-setting meeting later in the day, and remained vulnerable to concerns that efforts to contain
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The Cyprus government is discussing with the local Central Bank the possibility of asking the European Central Bank to buy back government bonds, its finance minister said on Wednesday, in a bid to lower yields on government paper which have spiked on the secondary market in recent months. "We have agreed it is an issue
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World stocks steadied above a two-week low on Wednesday and the euro rebounded after some more positive data from the United States and Australia helped calm frayed market nerves. The Swiss franc, which had been along with gold the safe haven of choice for investors, held below 1.2000 per euro , a day after the
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The euro zone's most indebted nations were scrambling on Wednesday to convince investors and the rest of Europe of their commitment to tackle their debt problems, even as the bloc's main paymaster Germany battles increasing opposition to further aid. Germany's top court is due to deliver a ruling around 0800 GMT that may grant legislators
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Tourists flock to Times Square for the bright lights and Broadway shows. There they find another spectacle: helmeted police with machine guns patrolling the subway station on the lookout for would-be bombers and gunmen. Ten years after the Sept. 11 attacks of 2001, the United States has altered the balance between freedom and security, turning
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President Barack Obama, facing waning confidence among Americans in his economic stewardship, plans some $300 billion in tax cuts and government spending as part of a job-creating package, U.S. media reported on Tuesday. The price tag of the proposed package, to be announced by Obama in a nationally televised speech to Congress on Thursday, would
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The leader of Germany's Christian Social Union, one of three parties in Chancellor Angela Merkel's centre-right ruling coalition, was quoted on Wednesday as saying he could not rule out Greece leaving the euro zone. Horst Seehofer, CSU chairman and Bavaria state premier, told Bild newspaper that he was nevertheless confident Greece could succeed with its
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Revenue from tourism increased by 142 million EUR during the period from January to July 2011, according to Statistical Service data released on Tuesday. Presenting the figures at a press conference, Chairman of the Cyprus Tourism Organisation (CTO) Alecos Orountiotis said the revenue from tourism in July 2011 increased by 18.8% compared to 18% in
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The rate of inflation in Cyprus stood in August 2011 at 2.7%, as measured by the Harmonized Index of Consumer Prices (HICP). According to data released today by the Statistical Service, the rate of inflation for August 2011 dropped to 2.7% compared to 3.5% in July 2011 and 3.4% in August 2010. In particular, HICP
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