Ratings agency, Fitch, has downgraded the covered bonds of Cypriot Banks Marfin Popular Bank and Bank of Cyprus (BoC) to BBB- from BBB. Fitch announced it maintained Marfin's programme one bonds to rating watch negative (RWN), while it removed Marfin programme two bonds from RWN. The agency also announced it maintained Bank of Cyprus' covered
More
Cyprus' foreign trade in 2011 declined to 4.85 billion EURO from 5.38 billion in 2010, according to provisional estimates released today by the Statistical Service. In 2011 total imports were reduced to 6.24 billion EURO from 6.51 billion in 2010, whereas total exports increased to 1.38 billion compared to 1.13 billion in 2010. Trade with
More
Global food prices rose in January for the first time in six months and may show another rise for February, as concern about bad weather in main growing regions boosted grain and vegetable oil values, the United Nations' food agency said on Thursday. January's increase was not expected to heap as much inflationary pressure on
More
Tentative signs of stabilisation in the euro zone economy remained over the past month but uncertainty remains high, European Central Bank President Mario Draghi said on Thursday after the ECB held interest rates at a record low of 1.0 percent. "Available survey indicators confirm some tentative signs of stabilisation of economic activity at low level
More
State-owned carrier Cyprus Airways and Middle East Airlines (MEA) of Lebanon have signed a co-sharing agreement for flights from and to Beirut. According to a press release issued by Cyprus Airways on Thursday, the agreement has already been implemented and the flights from and to Beirut have increased to a total of 12 per week.
More
All eyes will be on what the European Central Bank is willing to do to help Greece when it holds its monthly policy meeting on Thursday, with interest rates expected to stay on hold ahead of a major funding operation later this month. ECB President Mario Draghi may be tight-lipped on the matter, however, with
More
Vodafone posted third-quarter results slightly below forecasts as increasingly tough trading in Spain and Italy overshadowed solid performances in emerging markets and northern Europe at the world's largest mobile operator. Vodafone, which kept its outlook for the year unchanged, said on Thursday group organic service revenue from the provision of ongoing services to customers was
More
Israel's bank, ports and stock market were closed on Thursday for the second day of a general strike as the government and the main labour union held talks on the status of contract workers. The Histadrut labour federation, the umbrella organisation for hundreds of thousands of public sector workers, said the strike – which the
More
Qantas Airways and Korean Air will carry out inspections for wing cracks on their Airbus A380 superjumbo planes earlier than previously scheduled, after European air safety officials ordered global checks, warning of a safety risk if the defects were not fixed. Singapore Airlines has been carrying out precautionary inspections of its A380s since January 20
More
Blizzards and ice-laden power lines in southeastern Europe pushed gas and electricity networks near to breaking point as consumption soared, while some western countries scrambled to prevent similar breakdowns. As electricity cables buckled under the weight of ice and snow in southeastern Bosnia, where some 15,000 customers were left in darkness, Serbia warned of a
More