The number of building permits authorised in Cyprus declined over the year earlier for the ninth consecutive month in June, reaching 779, compared with 880 in June 2007. The area of building permits also fell by 19.5% to 244,689 square metres, compared with 304,133 in the same month of 2007. This was the fifth consecutive
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China's central bank acted decisively on Monday to prop up the country's slowing economy by cutting the cost of bank loans for the first time since February 2002. Against a background of acute stress in global financial markets, the People's Bank of China also lowered the reserve requirement for all banks, except the five largest
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Oil plunged $7 on Monday as investors fled to safer havens, due to turmoil in the U.S. financial system, and on early signs Hurricane Ike had spared key U.S. energy infrastructure. Lehman Brothers' filing for bankruptcy protection and Bank of America's agreement to buy Merrill Lynch stirred concerns that mounting global economic problems would slow
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Global markets plummeted on Monday after investment bank Lehman Brothers filed for bankruptcy protection, rival Merrill Lynch agreed to be taken over and the Federal Reserve threw a life line to the battered financial industry. As a deepening crisis took new, bigger victims, The U.S. Federal Reserve said for the first time it would accept
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Cyprus Famagusta Municipality is organising two anti-occupation events, 19 and 20 of September, to press on with the demand of the legitimate citizens of this Turkish occupied town to return to their homes and properties, which they were forced to abandon during the Turkish invasion of 1974. In statements to CNA, Famagusta Mayor Alexis Galanos
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Cyprus received just short of 7,000 day visitors by cruise-ship in July, according to the latest figures from the Statistical Service. The total number of same-day visitors amounted to 17,578, of which 16,864 came by cruise-ship. In the period January-July, day-visitors amounted to 112,281, or 5.3% of the total number of arrivals, which amounted to
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European shares slumped on Monday as nervousness gripped the market after Lehman Brothers filed for bankruptcy protection and a newspaper reported that AIG sought $40 bln from the Federal Reserve. By 0843 GMT, the FTSEurofirst 300 index of top European shares was down 3.8% at 1,118.10 points, its lowest in nearly two months. It is
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Oil tumbled to $98 a barrel on Monday on signs Hurricane Ike may have spared key U.S. energy infrastructure and turmoil in the U.S. financial system fanned global economic concerns. The ruptured U.S. financial system faces an unprecedented shake up as Lehman Brothers filed for bankruptcy protection and Bank of America agreed to buy Merrill
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Britain's leading share index tumbled 3.4% in early trade on Monday, led by bank stocks after U.S. investment bank Lehman Brothers failed to find a rescuer and filed for bankruptcy protection. By 0831 GMT, the FTSE 100 fell 181.2 points to 5,235.5, wiping out nearly all of the gain made last week, and on track
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Hollywood is challenging the hegemony of Apple in digital distribution. A consortium of major studios — excluding key Apple ally Walt Disney Co. — is teaming up with leading retailers and consumer-electronics firms to essentially transform the paid download into an experience akin to buying a DVD. The goal is letting video purchased at any
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