The Ministry of Commerce, Industry and Tourism and the Cyprus Chamber of Commerce and Industry (KEVE) are planning to hold business missions to 18 countries with a view to promote Cyprus as a regional service centre and avert the consequences of the global financial crisis. Minister of Commerce Antonis Paschalides and KEVE President Manthos Mavrommatis
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By Rhys Jones Small businesses in Europe are failing for want of sums that in terms of national economies — or even some bankers' pensions — amount to small change. Suzanne and Marwan Hemchaoui in the British market town of Newbury have a typical story. Their French bistro, Le Petit Square, traded well through Christmas
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British spread-betting company IG Group posted a 35 percent rise in third-quarter revenue, helped by first-time results from FXOnline, but said revenue at its core UK Financial business fell 7.4 percent. IG, which tightened its credit risk management in October, reduced the proportion of doubtful debt by 75 percent to less than 3 percent of
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Japan pledged on Tuesday to do whatever it takes to drag its ailing economy out of recession as a rift emerged between the United States and Europe over whether governments have done enough to fight the financial crisis. Finance ministers from the G20 group of rich nations and big emerging powers meet at the weekend
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The total sales of petroleum products in January 2009 recorded a decrease of 10.1% compared to December 2008. A decrease was recorded in the sales of Unleaded Motor Gasoline, Gasoil Low Sulphur, Heavy Fuel Oil, Aviation Kerosene and in the provisions to ships. An increase was recorded in the sales of Kerosene and Liquefied Petroleum
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Unemployment in Cyprus continues to climb, albeit from a low base. The number of unemployed persons registered at the District Labour Offices reached 16,383 persons on the last day of February, which was 3,103 higher than in February 2008. This marked the sixth consecutive month of year on year increase. Moreover, the increase, at 23.4%
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Tourism arrivals tumbled by 19.3% in February as the UK marked dived. According to the latest figures from the Passengers Survey conducted by the Statistical Service arrivals of tourists reached 56,626 in February 2009 compared with 70,140 in February 2008. The main reason for the large decline was the UK market, from which arrivals fell
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The fundamental credit outlook for the Spanish banking system remains negative, reflecting the continuing rapid deterioration in asset quality indicators and ongoing liquidity constraints, Moody's Investors Service said in a new Special Comment. With the Spanish economy now deep in recession (GDP contracted by 0.7% in Q4 2008) and expected to remain there throughout 2009,
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The yen fell broadly on Monday as more grim Japanese economic data intensified worries about the severity of the downturn facing the country, while equity market falls caused the euro to dip against the dollar. Japan swung to its first current account deficit in 13 years in January as the global recession crushed export demand
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Lloyds Banking Group said Britain's requirement for banks to hold enough capital to withstand a "severe" downturn was key to its decision to insure 260 billion pounds ($370 billion) of risky assets with the UK government. The deal, announced on Saturday, will give Britain a stake of up to 77 percent in Lloyds and sent
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