The French government will scrap a costly local business tax in 2010 and is ready to consider cutting income tax in an effort to temper the impact of the economic crisis, President Nicolas Sarkozy said on Thursday. Looking to defuse growing public anger over the slowdown, Sarkozy said he would meet union leaders on Feb.
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U.S. Senate Majority Leader Harry Reid abruptly halted debate on a $937 billion rescue bill late on Thursday, but said lawmakers would resume work Friday and remained upbeat they would pass the measure demanded by President Barack Obama to combat a deepening recession. "I would hope that we could complete this legislation tomorrow (and) I'm
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Trips abroad by residents of Cyprus rose by 12% in 2008 to 1,209,79, compared with 1,080,512 in 2007. This was a much better performance than tourism arrivals , which fell by 0.5% to 2,403,744. The country most visited was Greece, which is popular with Greek Cypriots because of the common language, the short distance and
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The consumer price inflation rate in Cyprus fell four a sixth consecutive month in January, reaching just 1.1% compared with January 2008, after recording a rate of 2.1% in December. The inflation rate peaked at 5.6% in July 2008 but has been falling ever since, mainly as a result of lower oil prices. Transport prices
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Cyprus government decided to grant 500.000 euros as aid to the Palestinians living in Gaza, after the devastating attacks they suffered by the Israeli armed forces. In statements after a meeting of the Council of Ministers, Government Spokesman Stephanos Stephanou said that the government also decided that the Republic of Cyprus will host a number
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The European Central Bank kept interest rates at 2.0 percent on Thursday after four months of cuts, but analysts expect the post-decision news conference to all but guarantee further easing in the next few months. The decision had been widely expected, as ECB President Jean-Claude Trichet virtually ruled out a cut after the last rates
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Total tax revenue collected by the Inland Revenue Department (IRD) in 2008 increased marginally by 0.8% Year-on-Year to EUR 2.15 bln compared to EUR 2.13 bln in 2007. Corporation tax revenue saw the most significant increase, climbing 9.9% to EUR 821.7 mln as Cyprus based companies reported record profits and also on the back of
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The Bank of England cut interest rates by another 50 basis points on Thursday to a new all-time low of 1.0 percent, aiming to help the British economy out of recession by getting consumers and companies spending again. The widely-expected move means that British interest rates have now fallen for five months running and by
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World stocks and oil fell on Thursday after Deutsche Bank announced big losses and gave a bleak outlook, while the euro ticked down before a euro zone interest rate decision. Deutsche shares lost more than 6 percent at one point after the group posted a 5.7 billion euro ($7.43 billion) pre-tax loss for 2008 and
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New car sales in Britain fell by almost a third year-on-year in January to register their worst performance for that month since 1974, industry figures showed on Thursday. The Society of Motor Traders and Manufacturers said new car sales fell an annual 30.9 percent last month to just over 112,000. It forecast worse to come,
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