The ratings of entities in the fast-growing Islamic banking sector are stable, largely thanks to their ample liquidity, high profit margins and conservative leveraging, according to Moody's Investors Service. Nevertheless, the rating agency cautioned in its latest report on the sector that future upgrades may be constrained by issues relating to Islamic banks' under-utilised excessive
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World stocks ticked slightly higher on Tuesday and Japan's Nikkei hit a 10-month closing high despite disappointing Chinese data that drove up the yen. European shares gained, as did the euro. The dollar was lower across the board, a break from recent trends in which it has risen on bearish economic news. China's industrial output
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China reported below-forecast growth in factory output and investment on Tuesday, underlining why senior officials keep reminding markets that the world's third-largest economy is not yet back on a solid footing. But exports showed signs of perking up, imports of crude oil and iron ore hit record levels and retail sales displayed the sort of
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The rate of increase of the Harmonized Index of Consumer Prices (HICP) for July 2009 recorded a negative rate of inflation -0,8%, down from 0,1% in June 2009, a press release issued by the Statistical Service says. According to the Statistical Service, a year earlier, in July 2008, the rate was 5,3%.
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The EU-harmonised consumer price inflation rate in Cyprus recorded a drop of 0.8% in July, the same as the national consumer price inflation rate for July. For the period January-July, the HICP rose by 0.4%. However, the small overall rate disguises a vast difference among categories, and raises questions about whether Cyprus has suddenly become
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The industrial turnover index for May 2009 in Cyprus reached 118.4 (base 2005=100), recording a decrease of 14.8% compared to May 2008, according to the latest figures from the Statistical Service Cystat. For the period January-May 2009, the index recorded a decrease of 10.0% compared with the same period of the previous year. For manufacturing,
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The number of motor vehicle registrations in Cyprus recorded another sharp fall in July, dropping by 25.0% year on year, having fallen by 18.7% in June and 30.5% in May. In the period January-July 2009 motor vehicle registrations fell by 22.7%. The number of registered private saloon cars fell by 22.4% to 23,503 from 30,304
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Liechtenstein and Britain said on Tuesday they have signed an agreement to encourage British clients of banks in the Alpine principality to voluntarily disclose untaxed money. The Liechtenstein government said in a statement the deal provided special conditions between 2010 and 2015 to encourage clients with British tax arrears to declare themselves. The conditions, including
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Hotels, the world's biggest hotelier, beat forecasts with a 38 percent dip in first-half profit and moved to cut costs deeper as it expected tough trading to continue through 2009. The British group, which operates the InterContinental, Crowne Plaza and Holiday Inn brands, said forward booking data showed no further deterioration in demand with July
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Asian stocks struggled to eke out gains on Tuesday as policymakers warned of lingering economic uncertainty and data showed China's recovery may be moderating. The yen climbed across the board and sterling hit a 13-year low against the Aussie dollar, while oil topped $71 a barrel. Many Asian investors are pinning their hopes on China
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