Trade missions abroad organised by the Cyprus Chamber of Commerce and Industry (KEVE) are aimed at promoting Cyprus as a business centre and also to attract foreign direct investments into the country, as well as foreign deposits and the formation of companies, said KEVE President Manthos Mavromatis. In an exclusive interview with the Financial Mirror,
More
Moody's Investors Service has lowered changed its Industry Sector Outlook for the global integrated oil and gas industry to ‘negative’ from ‘stable’. This change in outlook reflects Moody's view that weaker crude oil and refined product demand in the wake of the severe global economic downturn is likely to prevent any meaningful uplift in oil
More
Factbox Russian President Dmitry Medvedev said on Friday officials were working too slowly to ease the economic crisis. Russia's $1.7 trillion economy is set to contract this year for the first time in a decade and unemployment is soaring. Following are some details of how the financial crisis is affecting Russia and some other countries
More
U.S. consumer prices rose in January as energy costs rebounded, government data showed on Friday, temporarily easing fears of deflation amid a severe economic downturn. The Labor Department said its closely watched Consumer Price Index rose 0.3 percent, advancing for the first time since July, after falling 0.8 percent in December. The increase was bang
More
Latvia's coalition government collapsed on Friday after the prime minister resigned to stem a fall in popularity during a deep economic crisis. President Valdis Zatlers said he had accepted Prime Minister Ivars Godmanis's resignation and would start talks with all parties on a new government. It was the second European government to succumb to the
More
Euro zone services and manufacturing data suggested on Friday that economic contraction may be worse in 2009, dragging European shares to 6-year lows, while Japan said the fall in company profits was accelerating. Investors piled into government bonds and gold as those fears and concern over the level of exposure of western European banks to
More
The number of home repossessions in Britain leapt by half in the three months to December compared with the same period in 2007, taking the total for 2008 to the highest since 1996, the Council of Mortgage Lenders said. The CML said on Friday 10,400 properties were repossessed in the fourth quarter of last year,
More
British retail sales unexpectedly rose in January as shoppers took advantage of aggressive price cuts to stock up on new clothes, books and CDs in the post-Christmas sales, official data showed on Friday. The Office for National Statistics said sales rose 0.7 percent last month and by 3.6 percent on the year. Analysts had forecast
More
Germany's foreign minister said on Friday a process had begun to consider how financially strong euro zone nations could help weaker members of the currency union, though it was too early to say what measures might be taken. Frank-Walter Steinmeier, who is also vice-chancellor in the ruling coalition, made his comments after a report by
More
Cyprus Finance Minister Charilaos Stavrakis said on Friday the Finance Ministry and the Central Bank of Cyprus have drafted a plan so that government guaranteed loans conducted by local authorities and semi-governmental organizations could be used by Cypriot commercial and cooperative banks for financing from the European Central Bank. Speaking to the press, after a
More