Cyprus’ labour cost index rose by 4.4% in the second quarter of 2009, compared with the same period last year, according to estimates published by Eurostat. For the same period, Eurozone’s labour cost index rose by 4%, while cost increased by 3.7% in the EU 27. Greece recorded a 6.6% increase in wages, salaries and
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The Board of Directors of Marfin Popular Bank have decided to keep the bank’s legal base in Cyprus and following a meeting on Tuesday, gave the green-light for the Cyprus bank to absorb the operations of Marfin Egnatia Bank, in a move seen as highly positive for Cyprus. Marfin Popular Bank’s management believes that the
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Sales at U.S. retailers rose at their fastest pace in three-and-half years in August and a gauge of manufacturing in New York State hit a near two-year high, bolstering views the economy was emerging from recession. The Commerce Department said on Tuesday total retail sales climbed 2.7 percent, the biggest monthly advance since January 2006,
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Oil rose past $69 a barrel on Tuesday, lifted by an expected draw in U.S. crude stocks and better-than-expected U.S. retail sales data, but concerns about rising U.S. distillate inventories capped gains. The market was awaiting the weekly crude inventory report from the American Petroleum Institute (API) at 2030 GMT. Analysts forecast a 2.7-million-barrel draw
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The Bank of England could cut the interest rate it pays banks holding reserves with it to help nurture what it says will be a gradual economic recovery, Governor Mervyn King said on Tuesday. The economy has probably started growing again but inflation risks are still to the downside, King told a parliamentary committee. He
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The Treasury Department is talking to Citigroup Inc (C.N) about how to sell the roughly one-third stake the government acquired as part of its bailout of the bank, news agency Bloomberg reported, citing people familiar with the matter. The Treasury may start unloading shares as soon as October, and would aim to sell the holdings
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China unveiled data on Tuesday that showed tire exports to the United States actually fell in the first half of 2009, rebutting Washington's accusations it had breached its WTO agreements by flooding the U.S. market. Both countries moved to allay concerns of a trade war, but the row over Washington's decision to impose added duties
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Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 fell 0.2-0.3 percent, pointing to a weaker start on Wall Street on Tuesday. A federal judge rejected Bank of America Corp's (BAC.N) $33 million settlement with the U.S. Securities and Exchange Commission over Merrill Lynch & Co bonuses as a contrivance,
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Britain's top share index was 0.2 percent higher at midday on Tuesday, lifted by a rally from miners and banks, with vague bid rumours, broker comment and the wait for U.S. retail sales data providing a focus. By 1117 GMT the FTSE 100 was 10.32 points higher at 5,029.17, ahead for a third straight session.
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German Chancellor Angela Merkel said on Tuesday the Group of 20 economic powers must agree clear rules to prevent another crisis occurring and to prevent bankers from burdening the economy again. "We must make sure that the bankers of this world can never again get up to such things at our cost," Merkel told reporters
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