Registered unemployment in Cyprus rose over the same period of the previous year for the fifth straight month in January, reaching 15,786 persons. This market a rise of 16.3% compared with January 2008, or 2,215 persons. The Statistical Service said that the increase was mainly in the sectors of construction (an increase of 805 unemployed
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The volume of retail sales in Cyprus fell for the first time in almost three years in November, dropping by 3.9% in volume terms, according to provisional figures from the Statistical Service. In the previous month retail sales had risen by 5.4%. Sales of furniture, household and electrical goods items dropped by 12.3%. According to
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Data from the JCC Payment Systems joint venture run by local commercial banks show that the government dominated plastic card use by Cypriots in January. According to figures by merchant group and by volume, the government had the highest proportion of sales in January at 24.74% of the total, followed by supermarkets with 17.64% and
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A dearth of bank credit risks exacerbating Britain's recession, regulators warned on Monday, as British Prime Minister Gordon Brown vowed to reform banks' bonus culture held partly responsible for the financial crisis. Britain's Barclays Plc said bonus payments would almost halve for 2008, while Italy's UniCredit SpA was set to raise additional capital from Libya
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The Czech presidency of the European Union called on Monday for an emergency summit on the economic crisis as a row between Prague and Paris escalated over French plans to help its ailing auto sector. French media said France and Germany had sought the meeting, while Czech Prime Minister Mirek Topolanek said French President Nicolas
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British Prime Minister Gordon Brown, seeking to head off mounting public anger over bankers' bonuses, pledged on Monday to end rewards for failure in a financial system crippled by the credit crisis. However, Brown stopped short of banning bonus payments in banks which have received state backing despite a senior figure in his ruling Labour
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Banks should be left to sort out their own toxic assets and troubled loans and create so-called "bad banks" with enough financial clout to be able to unwind over time, a veteran of such restructurings told Reuters. "Individual bad banks are a better solution than a single bad bank because they are more manageable and
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The government is keen on speedy implementation of its EUR 300 mln stimulus package, but property developers are sounding the alarm bells that a large chunk of the package, earmarked to build cheap housing will backfire. Last week, the Government announced new additional measures to accelerate the growth rate of the local economy and to
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Stock futures dropped on Monday as a delay in the announcement of the Obama administration's bank rescue plan disappointed investors and another wave of poor earnings showed more economic upheaval. Adding to the cautionary tone were indications that an $827 billion U.S. economic stimulus package could face another day of political wrangling before a Senate
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Chairwoman of the House Finance Committee Antigoni Papadopoulou, leaves for Brussels Tuesday to take part in the European Parliament’s Committee on Economic and Monetary Affairs fifth annual meeting with National Parliaments on ''The European Economy – What Next''. The meeting will comprise two sessions, the first will deal with “Jobs and Sustainable Growth” and the
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