Rising imports pushed Bulgaria's current account deficit to 1.7% of GDP in the first five months of the year as investment in the Balkan country speeds up, central bank data showed on Monday. The centre-right government however expects the shortfall, once Bulgaria's key economic vulnerability, to swing back to a surplus of about 1.5% for
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Euro zone banks are not fully benefiting from the European Central Bank's record low interest rates as funding costs in the market remain high, ECB policymaker Christian Noyer told German financial daily Handelsblatt. In an unprecedented move, the ECB earlier this month cut the euro zone's key interest rate to a record low of 0.75%
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Cyprus’ annual inflation recorded a significant decrease in June 2012, while Euro area annual inflation remained unchanged and EU inflation increased slightly, according to Eurostat data. The lowest inflation rate in the Euro area was recorded in Greece (1%), and outside the Euro area in Sweden(0.9%). In Cyprus, the rate dropped to 2.9% in June
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Shares in Nokia Oyj fell over 3% on Monday after the company slashed the price of its flagship smartphone, with investors seeing it as a sign of desperation in its battle against Apple and Samsung Electronics. Analysts also cited caution ahead of Thursday's second-quarter report and short-selling of the stock reached record highs. The results
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Cyprus faces very serious macroeconomic imbalances, EU Commissioner for Economic and Monertary Affairs Olli Rehn has said. Replying on behalf of the EU Commission to a question raised by Cyprus Member of the European Parliament Eleni Theocharous, Rehn noted that the Commission’s in-depth review on the Cyprus economy has confirmed that Cyprus faces very serious
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Two former Cypriot ministers and four other senior officials pleaded not guilty on Monday to charges of manslaughter and negligence relating to a deadly munitions explosion that was the island's worst peace-time disaster. A stock of confiscated Iranian munitions exploded in July last year, killing 13 people and destroying Cyprus's largest power station. The resulting
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Cyprus Minister of Finance Vassos Sharly said on Sunday he is ready for negotiations with Troika mission (representatives of EU Commission, European Central Bank and IMF) to arrive on the island on July 23 as part of Cyprus` application for financial assistance from the EU bailout mechanism. Speaking to CNA, Sharly appeared optimistic that the
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Federal Reserve Chairman Ben Bernanke serves up a new set of clues this week that might help solve one of the thorniest riddles for the world economy: what will it take to make the U.S. central bank ease monetary policy further? Bernanke will present his semi-annual monetary policy report to Congress on Tuesday and Wednesday
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Vladimir Putin flew to southern Russia on Sunday for the second time in eight days to meet survivors of deadly floods, determined to dispel an image of leading a weak state two months after returning to the presidency. Dressed casually in a blue-and-white check shirt, Putin chatted with residents of the town of Krymsk whose
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After the worst financial crisis since the Great Depression almost took the global economy over a cliff, tough new regulations and stronger internal controls at the world's major banks were meant to help restore confidence in the financial system. But recent headlines have some top investors and strategists questioning whether there has been any progress
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