Cash-strapped Cyprus has shifted its focus onto a bilateral loan instead of an EU bailout to recapitalise its second largest bank although both options are still open, media reported on Wednesday. The euro zone minnow, shut out of capital markets for more than a year, must find the equivalent of 10 percent of its GDP
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Cyprus’ trade deficit decreased by 205 million euro in the first quarter of 2012, reaching 1.42 billion euro, compared with a deficit of 1.63 billion euro in the corresponding quarter of 2011, according to preliminary estimates by the Statistical Service. Total imports /arrivals in January – April, according to the figures released Tuesday by the
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Cyprus will be able to maintain its corporate tax of 10%, even if the country asks for the assistance of ESFS or the ESM for the recapitalization of its banking sector, Finance Minister Vassos Shiarly said today. Speaking during a dinner, organized in Nicosia by the Cyprus-Russian Business Association, Shialry referred to the example of
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Cyprus is keeping its options open on whether to apply for a European Union bailout to help recapitalise its second largest bank but has yet to make any application, the government said on Tuesday. "I want to be clear concerning various reports which suggest the Republic has decided to go to the (EU) mechanism, or
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Europe's struggling economies should look to tiny Iceland as a model for managing their crises and returning quickly to growth, especially in winning public support for moderate austerity policies, Prime Minister Johanna Sigurdardottir said. The North Atlantic island has had one major advantage as it recovers from a crash in 2008 which countries locked in
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Diesel engine exhaust fumes cause cancer in humans and belong in the same potentially deadly category as asbestos, arsenic and mustard gas, World Health Organisation (WHO) experts said on Tuesday. The experts, who said their findings were unanimous and based on "compelling" scientific evidence, urged people across the world to reduce their exposure to diesel
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The Swiss government raised its 2012 growth forecast on Tuesday, saying robust domestic demand was helping to offset the ill effects of the strong franc on exports, though a worsening of the euro zone crisis had the potential to hamper momentum. Switzerland's State Secretariat for Economics (SECO) now sees growth of 1.4 percent for 2012,
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Christie's will showcase highlights of its summer season in London with a public exhibition of some of the most valuable lots from an art auction series expected to raise more than 300 million pounds ($470 million). Leading works by British landscape painter John Constable, 20th century titans Francis Bacon, Lucian Freud and Yves Klein and
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GlaxoSmithKline is to buy Basilea's new eczema drug Toctino for an initial 146 million pounds ($227 million) to boost its Stiefel dermatology business, the two companies said on Tuesday. The Swiss biotech company is also entitled to further payments of up to 50 million pounds if the drug is approved in the United States, as
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Turkey steeply reduced its imports of Iranian crude oil in May, bowing to international pressure ahead of planned EU and U.S. sanctions, shipping data seen by Reuters showed. The figures show Turkey, the world's fifth-largest buyer of Iranian oil in 2011, is holding to its pledge to cut imports from the Islamic Republic after buying
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