* Pressure from CB, Christofias for Sarris to go * Andreas Eliades, the chief executive of the Bank of Cyprus, has resigned after eight years in the job, citing a broad lack of consistency in dealing with the banking crisis, with the government under pressure to find someone to blame for the exposure to toxic
More
Greek unemployment hit a record 22.5 percent in April and may keep edging higher, with even the key tourism sector unlikely to provide more than fleeting support over the summer as visitors stay away from the recession-hit country. Near-bankrupt Greece is dependent on aid from the European Union and the International Monetary Fund, who have
More
Nine mountain climbers were killed in an avalanche near Chamonix in the French Alps on Thursday and rescue workers were searching for four others still missing, authorities said. The most deadly avalanche in the Alps since 2008 swept down a popular climbing route in the Mont Blanc range near the border with Switzerland at about
More
Finance Minister Vassos Shiarly has proceeded on Thursday to the appointment of Nicos Hadjinicolaou and Panicos Poutziouris to the Board of Directors of the Cyprus Popular Bank. “Cyprus Popular Bank announces the appointment of two new members to the Board of Directors, Messrs Nicos Hadjinicolaou and Panicos Poutziouris, by the Minister of Finance with the
More
The Cyprus government has appointed two more board members to the recently rescued Popular Bank, raising the number of new directors to seven after injecting 1.79 bln euros and taking an 84% stake in the bank. The appointment of respected veteran banker Nicos Hadjinicolaou and business consultant and economics professor Panicos Poutzouris came from the
More
French automaker PSA Peugeot Citroen (PEUP.PA) announced 8,000 job cuts and the closure of an assembly plant as it struggles with mounting losses at the core automotive division. The Aulnay plant near Paris, which employs more than 3,000 workers, will halt in 2014 as part of a drive to reorganize Peugeot's under-used domestic production capacity,
More
The two largest Cypriot banks, Bank of Cyprus and Cyprus Popular Bank, may need additional capital to reach the 9% Core Tier 1 Capital ratio, the European Banking Authority (EBA) has said. "The two Cypriot banks taking part in the capital exercise, Bank of Cyprus and Cyprus Popular, have not been able to reach the
More
Cyprus has the second highest proportion of foreign citizens among the EU27 member states, reaching 20%, according to Eurostat, the statistical office of the European Union. Eurostat says that non EU citizens made up 4.1% of the EU population, in 2011. In 2011, 33.3 million foreign citizens lived in the EU27 members, accounting for 6.6%
More
Prime Minister Mariano Rajoy announced a swathe of new taxes and spending cuts on Wednesday designed to slash 65 billion euros from the budget deficit by 2014 as recession-plagued Spain struggles to meet tough targets agreed with Europe. Rajoy, of the centre-right People's Party, proposed a 3-point hike in the main rate of Value Added
More
European shares fell on Wednesday after profit warnings from U.S. companies compounded fears the sluggish global economy will erode earnings, while scepticism over the euro zone's ability to tackle its debt crisis pressured other risk assets. The euro wallowed around two-year lows against the dollar at $1.2260 although industrial commodities and oil regained their footing
More