Cyprus officially recorded a recession in April-June, as GDP contracted over the previous period for the second quarter in a row. According to the latest “flash” estimate from the Statistical Service, real GDP (seasonally adjusted) contracted by 0.5% in the second quarter, having shrunk by 0.6% in the first quarter. The economy thus met the
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The number of building permits authorized by the municipal authorities and the district administration offices of Cyprus in May 2009 rose according to Financial Mirror calculations by 25.2% over the year earlier to reach 830. However, the total value of these permits fell by 3.5% year on year to EUR 225.5 mln. Similarly, the total
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Cutting greenhouse gas emissions to slow global warming and adapting to impacts such as droughts and rising sea levels are likely to cost about $300 billion a year, the top U.N. climate change official said. Yvo de Boer also told Reuters on Tuesday, on the sidelines of Aug. 10-14 U.N. climate talks in Bonn, that
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Fidel Castro is not the presence he once was in Cuba after three years out of public view but as he turns 83 on Thursday he still has clout and is working to ensure the island stays communist long after he is gone. Although younger brother Raul Castro, who is 78, replaced him as president
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Oil prices fell by more than $1 below $70 a barrel on Tuesday, giving up earlier gains as doubts resurfaced over the pace of economic recovery and any rise in fuel demand. U.S. crude was down $1.50 at $69.11 by 1356 GMT. London Brent crude fell $1.30 to $72.20. "Oil was due a small pullback
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Stocks extended losses on Tuesday after data showed inventories at wholesalers dropped in June, and downgrades on banks prompted investors to sell stocks. The Dow Jones industrial average (.DJI) fell 85.17 points, or 0.91 percent, to 9,252.78. The Standard & Poor's 500 Index (.SPX) lost 9.49 points, or 0.94 percent, to 997.61. The Nasdaq Composite
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U.S. non-farm productivity in the second quarter rose at its fastest pace in six years as companies slashed costs to protect profits, government data showed on Tuesday. The Labor Department said non-farm productivity rose at a 6.4 percent annual rate, the biggest gain since the third quarter of 2003, from a revised 0.3 percent gain
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The U.S. Treasury Department should consider expanding programs to cleanse troubled assets from bank balance sheets if current efforts fail to restart markets or if economic conditions worsen, a U.S. bailout watchdog panel said on Tuesday. The Congressional Oversight Panel said in its latest monthly report that toxic loans and securities continue to pose a
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General Motors Co and eBay Inc are launching a test program in California that will allow consumers to negotiate with dealers and buy new vehicles online, the companies said on Monday. The car shopping website — gm.ebay.com — marks a departure from the way new vehicles have traditionally been sold in the United States and
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Facebook, the world's largest social networking site, said it will buy FriendFeed, netting a group of prized ex-Google engineers in the fast-growing Internet business. FriendFeed, an up-and-coming social media startup, lets people share content online in real time across various social networks and blogs. The service is similar to, though less popular than Twitter, the
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