— Banks suffer as incomes decline; provisions are increased — The combined profits of the companies listed on the Cyprus Stock Exchange (CSE) fell 54.2% year-on-year in the first half of 2009 to EUR 211.22 mln from EUR 460.67 mln in the same period in 2008, according to Financial Mirror data based on official announcements.
More
British manufacturing output is beginning to stabilise after falling sharply since late last year, but recovery is likely to be slow, the Engineering Employers Federation said on Monday. The EEF's third-quarter business trends survey showed the fall in output eased over the past three months, following a sharp deterioration in the previous quarter, while falls
More
Chinese shares rose on Monday to extend gains on hopes that Beijing will continue to use policy to support asset prices, while gold prices dipped but kept within striking distance of $1,000 after U.S. unemployment rose to a 26-year high. Among the factors cited by analysts for a broad rise in Asian equity prices were
More
European equities were poised to rise on Monday, adding to the previous session's rally and mirroring gains on Wall Street and in Asia, as investors applauded the G20's pledge to maintain their economic stimulus plans. In a closing statement, the Group of 20 finance ministers and central bankers said they would not remove economic stimulus
More
The number of registered unemployed recorded another sharp increase in August, rising by 6,987 over August 2008 to 17,788 people. This was 64.7% higher than in August 2008, and marks the highest year-on-year increase so far this year. The biggest increase in terms of numbers was in the construction sector, where unemployment rose by 1,764
More
The consumer price inflation rate in Cyprus recorded its second consecutive month of decline in August, falling by 0.99% compared with a fall of 0.80% in July. However, on a month on month basis, consumer price inflation rose by 0.17% in August, having fallen by 1.73% in July. The biggest turnaround in prices in August
More
The G20 will promise this weekend to keep economic support packages in place until recovery is certain and seek to reassure financial markets they have credible plans to withdraw the stimulus when appropriate. With finance ministers and central bankers from the Group of 20 developed and emerging nations meeting in London, a document obtained by
More
Better-than-expected U.S. jobs data helped buoy European stocks and put Wall Street on track for a positive open on Friday, while the dollar gained. The U.S. Labor Department said employers cut a fewer-than-expected 216,000 jobs in August, although the unemployment rate rose to a 26-year high of 9.7 percent from 9.4 percent. Analysts had expected
More
Vice-President of the National People's Congress of the People's Republic of China Hua Jianmin assured on Friday that China would continue, along with the international community, to play a constructive role in efforts to solve the Cyprus problem. Speaking after a meeting in Nicosia with President of the House of Representatives Marios Garoyian, the Chinese
More
Deputy Minister of Foreign Affairs, Minister of Finance Charilaos Stavrakis has expressed the gratitude of the Republic of Cyprus for the constant support of China, a permanent member of the UN Security Council, to the just struggle of the people of Cyprus for the reunification of the island. Stavrakis was speaking, in his capacity as
More