The Commission and EU Presidency are taking joint action to press Russia and Belarus to resolve completely the disputes concerning the Druzhba pipeline. At the same time, the EU convened its Oil Supply Group to coordinate the response of its Members States to the disruption of oil supplies. “We welcome the information that oil flows
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Defence Minister Nicos Symeonides was in a serious but stable condition at the Intensive Care Unit of the Nicosia Generall Hospital this morning, after suffering a small heart attack while undergoing a biopsy on his lungs.The 68-year-old minister was admitted to hospital last Friday with symptoms of pneumonia. He was put on a respirator at
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Cypriot tennis player Markos Baghdatis lost 2-1 set to Carlos Moya from Spain, in the third round of the Sydney International men’s singles today and was thus knocked out of the tournament. Baghdatis lost the first set by 6-1, won the second by 6-3 and lost the third by 7-6. Next week the Cypriot tennis
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European Central Bank President Jean-Claude Trichet said interest rates in the 13-nation euro region are still “low” after six increases since the start of December 2005, indicating a further move in coming months. “Acting in a firm and timely manner to ensure price stability in the medium term is warranted,” Trichet today at a press
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EU rules on how banks should charge for cross-border euro payments have brought about significant savings for consumers, without leading to an increase in charges for domestic transfers, according to a European Commission report. A EURÂ 100 cross-border transfer, which would have cost on average EURÂ 24 before the rules were introduced, now costs on average EURÂ 2.50.
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BREMEN, GERMANY – Germany‘s ‘Die Linke’ party (ex-PDS), during its Congress yesterday, sharply criticized one of its leading members, Hakki Keskin, for denying the Armenian Genocide. The comments by Mr. Keskin, the former president of the German TurkishCentral Council, generated outrage within his party and drew condemnationsfrom Conservatives, Socialists and even German Greens. In order
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The latest figures on consumer prices by origin show that much of the blame for rising prices lies with local producers rather than those selling into Cyprus. Prices of locally produced agricultural products rose more than two and a half times faster than overall inflation in 2006. Although overall inflation in 2006 rose by only
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Motorola, Inc. and Warner Music Group Corp. announced a global strategic partnership to create new music-based products and experiences for the mobile platform. This groundbreaking agreement marks the first time a music company and handset manufacturer have established a broad-ranging global collaboration on the development of digital products, marketing campaigns and strategic planning across multiple
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The outlook for the Romanian banking system is stable, according to the latest Banking System Outlook for the country by Moody’s Investors Service in. While Romania‘s under-banked economy provides good prospects for growth, at the same time credit risks remain high, the rating agency said. “The banks’ financial strength ratings (FSRs) reflect the country’s improving
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The European Commission has issued its evaluation report on the Financial Collateral Arrangements Directive (2002/47/EC). The report concludes that the Directive has made the use of financial collateral and the enforcement of collateral obligations simpler and more efficient. Overall, Member States have adequately implemented the Directive. The Commission proposes an extension of the Directive’s scope
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