The Cyprus Popular Bank (Laiki), the island’s second biggest lender, has issued a profit warning saying that it expected to report reduced profits for the first half of the year. Laiki, effectively nationalised after the government promised to bailout the troubled bank to the tune of 1.79 bln euros due to the insurmountable exposure to
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The government is going ahead with a decision to import natural gas, as an interim solution, until it is able to extract its own gas from Block 12 in its exclusive economic zone. Government Spokesman Stefanos Stefanou said on Monday that the Cabinet decided to authorise the state-owned Natural Gas Public Company (DEFA), in collaboration
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The annual memorial service at Grammatiko, near Athens, for the 121 people killed after a Helios Boeing 737 crashed, was held on Tuesday with relatives still questioning why seven years later, there has been no justice done. On August 14, 2005, the Helios 737-300, en route from Larnaca to Prague via Athens, crashed into the mountain
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Germany's economy is likely to slow due to weak growth in its main export partners, but it will not deteriorate sharply, ZEW economist Christian Dick said on Tuesday, after a survey by the think tank fell for the fourth successive month. "The German economy, while still in solid and good shape, is still slowing down,"
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Romania pulled itself out of recession in 2012's second quarter but the Hungarian and Czech economies contracted further as their powerhouse industrial sectors fell victim to a euro zone crisis that has already hit the region's consumers. The single currency area's deepening slump has cut demand for exports in the European Union's manufacturing-heavy eastern states,
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Greece stepped up its T-bill issuance on Tuesday, raising 4.06 billion euros to cover a government bond redemption later this month and refinance a maturing three-month issue as it awaits a delayed tranche of bailout money. Cash-strapped and behind targets agreed under a 130 billion euro ($160.4 billion) financial rescue package, Athens must repay a
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The absence of a government deal with the troika is leading to a growing liquidity crisis for one or more Cypriot banks, judging from the latest Central Bank data. “Other claims on euro area credit institutions denominated in euro”, the proxy for Emergency Liquidity Assistance (ELA), shot up to EUR 9.6 bln in July, from
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**Fourth straight q/q decline** As expected, the Cyprus economy fell deeper into recession in the second quarter, with real GDP declining on a seasonally adjusted basis by 2.4% compared with the same period of the previous year, after a drop of 1.5% in the first quarter. On a non-seasonally adjusted basis GDP fell by 2.3%,
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London nursed a collective hangover on Monday as it bade farewell to the Olympics and to thousands of athletes heading home, and Britain looked back with pride on a Games one newspaper said had "surpassed our wildest dreams". The triumphant headlines were in stark contrast to the sense of foreboding in the build-up to the
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Weak Japanese economic data on Monday added to evidence the global economy is slowing, but stocks and currencies moved within narrow ranges as investors awaited the next steps by the world's major central banks. U.S. stocks futures were also flat, indicating the S&P 500 index could end a six-day winning streak. Japan's economy grew just
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