Unemployment dropped on a seasonally adjusted basis for the first time in 11 months in June, dropping to 35,669 persons compared with 36,001 in the previous month. Seasonally adjusted unemployment has risen in only six of the 42 months since the beginning of 2009. In absolute numbers, however, the numbers are still rising, with registered
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Andreas Eliades, the chief executive of the biggest bank in Cyprus has resigned after eight years at the helm, citing a broad lack of consistency in dealing with the banking crisis that saw an exposure to toxic Greek bonds force the island to seek a European bailout. Eliades, who headed the Bank of Cyprus operations
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The Russian government accused local authorities on Monday of mishandling floods that killed 171 people near the Black Sea, hoping to deflect public anger over the high death toll and devastation from President Vladimir Putin. The head of the Krymsk district, which bore the brunt of the damage at the weekend when a wall of
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Intel Corp will spend more than $4 billion to buy up to 15% of ASML and bankroll the Dutch company's research into costly next-generation chipmaking technology, a major vote of confidence in the European firm that sent its U.S. shares soaring 6%. Intel hopes to speed the adoption of the next generation of chip manufacturing
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Norway's government ordered on Monday a last-minute settlement in a dispute between striking oil workers and employers in a move to alleviate market fears over a full closure of its oil industry and a steep cut in Europe's supplies. The strike over pensions had kept crude prices on the boil with analysts expecting far quicker
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Bellwether British retailer Marks & Spencer posted its worst underlying quarterly sales performance for three and a half years after the wettest April and June since records began hammered trade in womenswear. The firm, which sells clothes, footwear and homewares as well as upmarket foods, also said on Tuesday that the head of its non-food
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Asian shares fell on Tuesday after Chinese import growth slowed sharply in June, underscoring weakness in domestic demand in the world's second-largest economy and adding to concerns about deteriorating global economic conditions. China's imports rose 6.3% in June from a year ago, less than half the forecast of a 12.7% rise, while exports grew 11.3%
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Euro zone ministers agreed early on Tuesday to grant Spain an extra year until 2014 to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for Madrid's ailing banks. The decisions were aimed at preventing the currency area's fourth largest economy, mired in a worsening
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Germany's top court will address on Tuesday whether Europe's new bailout scheme and budget rules are compatible with national law in a process influencing not just how to tackle the euro zone debt crisis, but how much deeper European integration can go. Finance Minister Wolfgang Schaeuble and German central bank chief Jens Weidmann will attend
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Cyprus said on Monday it was committed to economic reforms and reducing its public deficit to within the European Union limit this year, pledging to shore up its economy after applying for financial aid from Europe's rescue fund. The Mediterranean island became the fifth euro zone country to apply for a financial lifeline from European
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