World shares sank to their lowest level in more than a month and emerging markets endured another wave of selling on Tuesday, as unease about an expected cut in U.S. stimulus and related gains in bond yields left investors on edge. Europe's main stock markets were down almost 1% by mid-morning following a fourth straight
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Spending by tourists in Greece surged in June, central bank data showed on Monday, confirming forecasts that a record summer season could give the debt-laden country a welcome injection of foreign cash. With domestic spending, investment and industrial production all in an austerity-driven slump, spending by foreign visitors is becoming the only growth driver for
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Within the first 12 month of operation, the Cy-Tera supercomputer at The Cyprus Institute consumed computational time that could be achieved by a standard double core laptop over the period of 456 years of continuous operation. According to an announcement issued by the Cyprus Institute, the Cy-Tera is the first national supercomputer facility open to
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The tourist industry is recording a loss this season of 6.6% in comparison to last year, with Cyprus Tourism Organisation Chairman Alecos Orountiotis saying that arrivals from Germany are down by more than 30% and from the UK by 9%, whereas the Russian market seems to be doing well and has recorded an increase of
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Cyprus Foreign Minister Ioannis Kasoulides has expressed the nation's solidarity to the people of Egypt where the military ousted the country’s Islamist president Mohamed Morsi on July 3 sparking popular mass protests. Kasoulides was speaking to reporters on the sidelines of a visit to St. Mark Coptic Orthodox Church of Nicosia. He said that more than
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Credit card purchases in Cyprus have recorded a decrease in January-July 2013, compared to the same period of last year, according to data released by clearing house JCC Payment Systems. The purchases during the above period stood at 1,200.3 mln euros and were down by 9% compared to last year. The amount of transactions carried
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The Maritime Labour Convention 2006 enters into force on Tuesday, as it has been ratified by the largest shipping nations, including Cyprus, which, according to an announcement from the Cyprus Shipping Chamber, is one of the first countries to have ratified the Convention. The Convention adopts standards governing the overall maritime labour relating to the
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Taking stock of the resolution of the Cyprus banking crisis By Theodore Panayotou Cyprus International Institute of Management (CIIM) The saga of how the two main Cypriot banks got into trouble and were bailed out, or rather resolved and bailed-in, will remain in the textbooks as a classic case of how not to do banking
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. By Makis Keravnos, CEO, Hellenic Bank Group The Cypriot economy and financial services industry are going through a crucial period, culminating with the arrival of Troika in the island for the first evaluation of the bail-out agreement implementation. There have already been developments regarding the consolidation, restructuring and recapitalisation of the financial sector, notably
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. Now that the dust seems to have settled with tougher controls from the Securities and Exchange Commission regarding forex companies trading in third countries, it’s time that our stock exchange retakes the lead in efforts to revive Cyprus as a premium financial services centre. So far, we have been subjected to harsh and often
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