Moody`s Investors Service said that based on its default definitions, it considers Cyprus to have defaulted, following an exchange of EUR1 billion of existing domestic government bonds. However, contrarily to Fitch and Standard & Poor’s, which on June 28 downgraded Cyprus to `Selective Default`, Moody’s maintains Cyprus’s rating to Caa3 with negative outlook. Moody`s, points

Cyprus President Nicos Anastasiades will pay a visit to Kuwait in October, whilst Lebanon’s Minister of Energy visits Cyprus in the second half of July, Foreign Minister Ioannis Kasoulides has said. In statements he made to CNA regarding an EU – Golf Summit he attended over the weekend in Bahrain, Kasoulides said he had the

An unmanned Russian rocket carrying three navigation satellites crashed shortly after lift-off from the Russian-leased Baikonur launch facility in Kazakhstan on Tuesday, spilling its highly toxic propellant. State-run Rossiya-24 television showed footage of the Proton-M booster rocket veering off course seconds after lift-off. It fell apart in flames in the air and crashed in a

Saudi Arabia's King Abdullah has extended an amnesty for foreign workers to obtain legal status in the country until the end of the Islamic year on Nov. 3, from the previous deadline of July 3, the official Saudi Press Agency reported on Tuesday. Earlier this year the kingdom began to crack down on the many

Unemployment in Cyprus reached 16.3% in May compared to 15.8% in April and it is amongst the countries with the highest increase. According to data released Monday by the Eurostat, the EU statistical service, the eurozone area unemployment rate was 12.1% in May 2013, up from 12.0% in April. The unemployment among the 27 EU

A total of 2,190 places for the higher and highest educational institutes of Cyprus and Greece’s military and theatre schools, have been offered to Cypriot students for the academic year 2013-2014. The results of the 2013 Pancyprian examinations were announced Monday by the Minister of Education and Culture Kyriakos Kenevezos, who said that he was

Abacus, a leading business advisory firm with a portfolio of elite multinational clients announces the appointment of Marianna Charalambous as Head of Energy. “The recent developments in the oil and gas field in Cyprus and the dramatic changes in the energy industry have resulted in many of our multinational and global clients requiring our assistance