Houston-based Noble Energy is gearing up to start appraisal drilling in February 2013, according to Under Secretary to the President Titos Christofides. The drilling will start in the 7 trillion cubic foot gas discovery, in Aphrodite block, in Cyprus’ Exclusive Economic Zone. Christofides was addressing the Economist Conference, which concludes today in Nicosia, on “Recent
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Discussions with the Cypriot authorities should be speeded up to allow negotiations for the support mechanism to be completed, said President of the Eurogroup Jean-Claude Juncker. Speaking in Luxembourg, he said the Cypriot economy and its application for financial assistance on 25th June was examined, adding that all believe that deliberations should be speeded up
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One out of every eight people in the world is chronically undernourished, the United Nations' food agencies said on Tuesday, warning that progress to reduce hunger has slowed since 2007/08 when high food prices sparked riots in several poor countries. In their latest report on food insecurity, the UN agencies estimated that 868 million people
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Prime Minister David Cameron said on Tuesday a referendum on Britain's relationship with the European Union was the most sensible way of forging a fresh settlement with the 27-member bloc. Cameron is under mounting pressure from his party's restive right wing for a vote on Britain's relationship with the European Union. Cameron says Britain should
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Former Italian Prime Minister Silvio Berlusconi said on Tuesday he was ready to drop plans to lead the centre-right in next year's parliamentary election and did not rule out a second term for Prime Minister Mario Monti. "Silvio Berlusconi has always said and continues to say that he is ready to stand aside to allow
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Greece will miss the five-year debt reduction target that underpins the country's 130 billion euro bailout, according to forecasts released by on of its main lenders on Tuesday. In its fiscal monitor report, the International Monetary Fund said the debt would fall to 152.8 percent of gross domestic product (GDP) by 2017, compared with a
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**Talks of monetisation “premature” ** Cyprus will have a liquefied natural gas (LNG) plant by 2019, according to the Minister of Commerce, Nicos Sylikiotis, speaking at the Economist Conference in Nicosia on Tuesday, and the state will have a strategic role in its operation. The ambitious timeline for the LNG plant has been spurred by
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Japan and South Korea will not renew a $57 billion currency swap facility designed to protect their economies against financial crisis, a decision they said was not related to a territorial dispute that has cast a chill over ties between the neighbours. Officials from both countries were quick to stress Tuesday's decision not to extend
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A brain-eating amoeba has killed at least 10 people in Pakistan's most populous city since May, a World Health Organization official said on Tuesday. Naegleria fowleri has a fatality rate of more than 98%. It is transmitted when contaminated water enters the body through the nose and cannot be passed person-to-person. The 10 confirmed cases
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International lenders are considering giving Greece two more years to reach its budget deficit reduction targets, and the extra time could be financed without more money from the euro zone, Greek Finance Minster Yannis Stournaras said. "It is now on the table by all members of the troika," Stournaras told reporters of the 2-year extension.
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