China's economic leaders struck a note of quiet confidence that the economy is already reviving in response to swift action to counter the shock of the global financial crisis. Premier Wen Jiabao disappointed financial markets on Thursday by failing to announce an increase in a 4 trillion yuan ($585 billion) investment plan rushed out on
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Japan's broad TOPIX stock index slid to a 25-year low on Friday after a warning from General Motors about possible bankruptcy slammed Wall Street, but hopes for more stimulus spending in China limited losses in most Asian markets. World stocks struck a six-year low on the drop in Japan, which was led by shares in
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The preparation of the Spring European Council to take place 19 and 20 of March in Brussels on issues concerning competitiveness was the main issue discussed during the first day of the EU–27 Council of Ministers for Competitiveness. Cyprus was represented at the Council by Minister of Commerce, Industry and Tourism Antonis Paschalides. Speaking at
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The Church of Cyprus will resort to the European Court of Human Rights (ECHR) for the destruction of 522 churches in the Turkish occupied areas of Cyprus. According to a press release, issued here by the Church of Cyprus, at the initiative of Archbishop Chrysostomos II, the Church is prepared to take Turkey to the
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Permanent Secretary of the Ministry of the Interior Lazaros Savvides has said that European Parliament elections will take place in Cyprus on June 6th, between 06.00 and 20.00, local time. Results will be announced the next day. Cyprus will vote for six representatives at the European Parliament. Speaking at a press conference Thursday, Savvides said
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The fundamental credit outlook for the Swedish banking sector is negative, reflecting the weakening credit profiles of its financial institutions as a result of the worsening domestic and international macroeconomic outlook and the associated global deterioration in the credit and liquidity environment, Moody's Investors Service said in its new Banking System Outlook on Sweden. While
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The outlook on Saudi Arabia’s ‘AA-’ sovereign rating remains stable, according to Capital Intelligence, supported by the large net asset position of the government, a strong external balance sheet, and a sound banking system. The government has used accumulated budget surpluses to reduce debt to relatively low levels and build up financial assets, resulting in
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Capital Intelligence believes the threat posed by the global economic downturn to Qatar’s ‘AA-’ sovereign rating is low and the long-term outlook for sovereign creditworthiness remains stable. Qatar’s sovereign ratings are supported by the strength and flexibility of the government’s balance sheet and the country’s external finances, which in turn are underpinned by the sheer
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A new econometric study commissioned by Nokia Siemens Networks and conducted by economic consulting firm LECG under the direction of Professor Leonard Waverman explores the economic benefits from the wave of broadband diffusion that occurred in Europe and the United States over the last 10 years. The study finds that in countries where ICT diffusion
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The European Central Bank cut interest rates to an all-time low of 1.5 percent on Thursday, keeping up a record pace of reductions as the euro zone economy slides deeper into recession. All but two of 78 economists polled by Reuters [ECB/INT] last week predicted the 50 basis point move, which took euro zone rates
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