Cyprus must take steps to correct its fiscal imbalances in the next two months, while a nascent economic recovery is not enough to curb growing unemployment, Central Bank governor Athanasios Orphanides said on Wednesday. "Important steps must be taken within the next two months to avert, or at least limit the possibility of further downgrades
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Azerbaijan plans to sell 700 mln cubic metres (bcm) of gas per year directly to Greece, bypassing Turkish intermediaries, the Azeri energy minister said on Wednesday. Greece has been buying 0.7 bcm of Azeri gas per year from Turkey since the end of 2008 as a part of re-export scheme. "We agreed with Turkey and
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. King Abdullah is seeking to appease Jordan's powerful tribes by naming a conservative former army general as prime minister but he will need to appeal to a wider base to maintain stability and deflect regional turmoil. Facing widespread protests inspired by uprisings in Tunisia and Egypt, Abdullah sacked his government and appointed Marouf Bakhit
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International museums are on high alert for looted Egyptian artefacts and some archaeologists have even offered to fly to the country to help safeguard its ancient treasures, museums said on Wednesday. Egypt has been rocked by an unprecedented nine days of demonstrations against President Hosni Mubarak's 30-year-rule, and fears are high for the country's priceless
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Britain's advertising watchdog banned an Yves St Laurent perfume advert on Wednesday, which showed a woman appearing to simulate injecting drugs. A total of 13 viewers complained about the TV commercial for the perfume "Belle D'Opium", which shows a woman dancing to a drum beat before pointing to her inner elbow and running her finger
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U.S. stocks opened lower on Wednesday as a strong reading on the labor market failed to convince investors to add to gains a day after the Dow and S&P advanced to their highest close in about 2-1/2 years. U.S. private employers added 187,000 jobs in January, more than forecast, according to a report from ADP
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Opponents and supporters of President Hosni Mubarak fought with fists, stones and clubs in Cairo on Wednesday in what appeared to be a move by forces loyal to the Egyptian leader to end protests calling for him to quit. Protesters said some of the Mubarak supporters were members of the hated police force in plain
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By Fiona Mullen Director, Sapienta Economics Ltd The European Commission’s alleged decision last week to remove Cyprus from the excessive deficit procedure (EDP) is a puzzling one. I say alleged, because it is not quite that simple, as will become clear. But the Commission’s decision has still confused many, leading to accusations that the Commission
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. The world economy has begun improving but is beset by problems such as high unemployment and rising prices which could fuel crippling trade protectionism or even lead to war within nations, the head of the International Monetary Fund warned on Tuesday. Rising food and fuel prices in recent months have already hit poorer countries
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— ASE up 4.4%, Cyprus CSE up 5.3% — Greek bank shares jumped more than 8% on Tuesday as bond yield spreads tightened below 800 basis points and traders anticipated positive news from an upcoming EU summit on the debt crisis. "Spreads are down, below 800 bps, ahead of an EU summit later this week
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