The industrial turnover index (comprising mining and quarrying, manufacturing, electricity, gas and water supply) for October 2007 reached 157.4 units (base 2000=100), recording an increase of 15.1% compared to October 2006. For the period January-October 2007 the index recorded a rise of 8.1% compared to the same period of the previous year. For manufacturing, the
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…no exposure to sub-prime risk Bank of Cyprus profits are sustainable based on core banking operations and excellent relations built with clients in Cyprus and abroad, said Bank of Cyprus Group CEO Andreas Eliades responding to the global equity meltdown. “I will not comment on the level of share prices, but I can assure you
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Nicosia, Jan 22 (CNA) – As election day draws nearer, presidential candidates, their associates and supporters intensify their efforts, with opinion polls, either in the print or the electronic media, announcing results that are too close to call. The purpose of the exercise, for at least the main three candidates, is to secure “a ticketâ€
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By Jamie McGeever LONDON, Jan 22 (Reuters) – The yen turned course and weakened on Tuesday, easing from two-and-a-half-year peaks against the dollar hit earlier in the day as the global stock market rout fuelled speculation of an emergency U.S. interest rate cut. Federal Reserve action could shore up confidence in battered markets and limit
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By Randy Fabi LONDON, Jan 22 (Reuters) – Oil fell to a six-week low on Tuesday, dragged lower by a stock market plunge and fears a slowdown in the United States could have a much wider impact than previously thought. Speculative funds have begun to sell positions in oil markets and other commodities as they
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By Sitaraman Shankar LONDON, Jan 22 (Reuters) – European shares were down at midday on Tuesday, though well above the day’s lows, as financial stocks strengthened on hopes that the U.S. would act to avert a recession and provide support to tumbling stocks. At 1219 GMT, the FTSEurofirst 300 index of top European shares was
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WASHINGTON, Jan 22 (Reuters) – The U.S. Federal Reserve on Tuesday slashed benchmark U.S. interest rates by a hefty three-quarters of a percentage point in an emergency bid to lend support to a U.S. economy some fear is on the verge of recession. The Fed’s action took the key federal funds rate, which governs overnight
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Cypriot tennis player Marcos Baghdatis was beaten by Austrialian Lleyton Hewitt 4-6 7-5 7-5 6-7 6-3 in a titanic third round clash at the Australian Open in the early hours Sunday.The match ended at around 4.35 am (Melbourne time). Baghdatis won the first set 6-4, while Hewitt won the next two both 7-5. Baghdatis toke
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Gulf Arab oil exporter Abu Dhabi plans to spend $15 billion in the first phase of a project to develop green energy and build the world’s largest hydrogen power plant, it said on Monday. The investment would be part of the Masdar initiative, set up to develop sustainable and clean energy, Abu Dhabi’s Crown Prince
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By Blaise Robinson PARIS, Jan 21 (Reuters) – European stocks sank 2.2 percent in early trade on Monday, trading just off their lowest level since August 2006 as U.S. recession fears continued to spook investors and concerns over write-downs hit banking stocks. Mining and energy shares fell along with commodity prices. Royal Dutch Shell shed
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