Stocks tumbled and the dollar surged on Thursday after a warning from the Federal Reserve that the United States faced a grim economic outlook with "significant downside risks" and data offered more evidence of a slowdown in China. European markets were expected to fall around 3% after a slump of more than 4% on Asian
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* Erdogan calls Noble, Israel drilling “madness” * Turkey signed a deal with the breakaway Turkish Cypriot regime on Wednesday to start offshore gas exploration, in a move set to escalate regional tensions over Mediterranean energy reserves. On Tuesday, the Greek Cypriot government said Texas-based Noble Energy had begun drilling in a southeastern offshore block,
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Facebook is looking to hire a big-name executive to cultivate relationships and strike deals with the film and music industries to bolster its media offerings. In recent months, Facebook had discussions with former MySpace co-President and former MTV executive Jason Hirschhorn about a job spearheading the company's outreach to media companies, according to several people
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Greece must take more austerity measures, Finance Minister Evangelos Venizelos said on Wednesday ahead of a cabinet meeting expected to announce public sector layoffs and tax rises to secure an EU/IMF aid tranche Athens needs to avoid bankruptcy. "Do we need to take additional measures? Yes, we need to take additional measures," Venizelos told lawmakers,
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Russia boost not a one-off Tourism figures for August suggest that efforts made by the Cypriot authorities to keep the tourist spots supplied with electricity after the reduction in electricity capacity paid off, as tourism arrivals rose by 10.8% compared with the year earlier to reach 337,013 in August 2011 compared with 304,264 in August
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The trade deficit in Cyprus fell to EUR 2,461.8 mln in January-June 2011 compared with EUR 2,648.0 mln in the corresponding period of 2010, according to the Statistical Service. Total imports/arrivals in January-June 2011 amounted to EUR 3,161.0 mln compared with EUR 3,185.8 mln in January-June 2010. Total imports comprise imports from third countries and
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* Crew airlifted to Block 12 in Cyprus EEZ * Noble Energy has started drilling for natural gas in Block 12 south of the island, with an uneasy Turkey watching from afar saying Cyprus has no right to explore for hydrocarbons, unless it shares its resources and wealth with the Turkish Cypriots. The Texas-based company
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Hellenic Exchanges (EXAE) has reportedly raised its offer to take over a soon-to-be-privatised Cyprus Stock Exchange to 20 mln euros. This is an improvement over earlier proposals that had the bid closer to 8 mln, which experts say is the value of the CSE building alone. The Financial Mirror believes that objection to the deal
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* Is it a tragicomedy? A docu-drama or science fact? The “Economic Interdependence” project, sponsored by the Cyprus Chamber of Commerce and Industry (KEVE) and the Turkish Cypriot Chamber of Commerce (KTTO), will be screening a film on what Cyprus could be like after a solution in the year 2030. The project shows a regular
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The Nikkei average scored modest gains on Wednesday, bolstered by short-covering ahead of the U.S. Federal Reserve's policy decision and as a rise in Asian shares eased worries about the fallout from Europe's debt crisis on the global economy. But thin trade volume indicated a lack of strong investor interest, with many deeply worried over
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