Unemployment in Cyprus reached in August 3,6%, according to data published by Eurostat. Cyprus records the fourth best performance in the EU -27. In July, unemployment in Cyprus was 3,7%. The euro area seasonally-adjusted unemployment rate stood at 7.5% in August 2008, compared with 7.4% in July. It was 7.4% in August 2007. The EU27
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Asian stocks fell and gold prices rose on Friday on fears a $700 billion financial rescue bill still needing final U.S. congressional approval may not be enough to keep the global economy from falling into recession. The Senate has passed the measure, but political brinkmanship continued in Washington after the House of Representatives shook markets
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A darkening economic outlook fuelled by the global credit crisis dragged Asian shares lower and added pressure for the U.S. Congress to approve a $700 billion financial industry bailout package later on Friday. In Switzerland, UBS AG, hardest hit among European banks by its exposure to subprime-related holdings, said it will cut 2,000 investment banking
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Aspis Holdings Public Company Ltd (ASP.CY) announced that its total participation in Commercial Value SA stands at 61.88%, after the successful payment of EUR90 mln and all necessary approvals by the Greek supervisory authorities have been completed.
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Alliance International Reinsurance Public Company Ltd (ALL.CY) announced that the independent expert evaluated the Public Offer of Flagstone for the acquisition of up to 100% of the issued share capital of ALL and ended up with the conclusion that the calculation basis (recent stock market value) for the determination of the proposed consideration of EUR0.48
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Major changes in financial markets Dr. Jim Leontiades The CIIM Business School The current financial crisis has already brought about sweeping major changes in the institutional structure of the financial system. Distinguished companies with names that have been with us for generations have been swept away literally overnight. Still, more changes are coming. The current
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. Used to be that “when the U.S., sneezed, Europe caught a cold” and Cyprus would miraculously get away with a mild flu. The same applies now, as Cyprus banks and investments have little or no exposure to the collapsed U.S. sub-prime market and the UK mortgage sector that caused the recent turmoil. Why, then,
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BANK OF CYPRUS STRENGTHS – High liquidity – Proper risk management – Low cost/high productivity Bank of Cyprus, the island’s largest lender, is sure to withstand the global credit crisis and come out relatively unscathed due to its prudent policy of maintaining high levels of liquidity combined with proper risk management techniques and a relatively
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The ECB left the official rates unchanged after today’s meeting. As a result, the upcoming weekly refi operations, settled on October 8, will be conducted at a minimum bid rate of 4.25%. The post-meeting statement was dovish, giving the ECB the flexibility to cut rates soon. The President said that the decision to leave rates
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By Dave Graham and Kevin Smith (Reuters) The chairman of euro zone finance ministers sided with Germany on Thursday in rejecting any need for a European rescue fund for distressed banks, but the Dutch government endorsed a similar idea. France confirmed that President Nicolas Sarkozy would host a summit on the global financial crisis with
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