A total of 35% of internet users in Cyprus said in 2012 they purchased goods and services online, according to Eurostat data released Tuesday. The corresponding rate of online shoppers in the 28 EU member states is almost double, nearly 60%, the same data show. The most common online purchases concern clothes, travel and holiday
More
Noble Energy said on Tuesday it has submitted a proposal to provide natural gas from Cyprus` offshore block 12 for power generation purposes. The government has been exploring the possibility of natural gas import for power generation as an interim solution until an LNG terminal is constructed to meet domestic energy consumption and gas exports.
More
The Economic and Financial Affairs Council of Ministers (ECOFIN) adopted on Tuesday regulations creating a single supervisory mechanism (SSM) for the oversight of banks and other credit institutions. SSM comprises one of two pillars of Europe’s banking union. A total of 150 European banks, deemed “systemic” for the member states’ economy, will be under ECB
More
Τhe contraction of the GDP of Cyprus is expected to be 2% less than assumed, said Finance Minister Harris Georgiades on Tuesday evening in an event organised in London by CIPA. “It was predicted to be around 9%; I think it will about 7%,” said Georgiades addressing journalists, bankers, businessmen and academics. He added that
More
Central Bank of Cyprus Governor Panicos Demetriades has received an application for a new bank license. According to CBC press release issued here on Monday, Demetriades welcomed the submission of the application of Ancoria Holdings, noting that it will be examined as soon as possible on the basis of the specific criteria which must be
More
Management of Hermes Airports (control of Larnaka International Airport and Pafos International Airport) participated again this year in the “Routes World” annual networking conference for representatives of airlines, airports and state officials. The Routes World Conference took place last week in Las Vegas, United States. This time, Cyprus’ presence was both, enhanced and very successful
More
The result of last week's FOMC Minutes in the US was largely centered on Janet Yellen's nomination as the next Chairwoman of the Federal Reserve. Whilst estimates foretold that QE tapering was in the cards to be announced at last week's Minutes – as was an imminent end to QE altogether by mid-2014 – neither
More
Burberry Group said its chief creative officer Christopher Bailey would become chief executive, following the departure of long-standing boss Angela Ahrendts to Apple. The British fashion house said on Tuesday Ahrendts would step down by mid-2014 after which Bailey would be appointed to the role of Chief Creative and Chief Executive Officer. Bailey has been
More
A strong earthquake measuring 7.2 struck islands popular with tourists in the Philippines on Tuesday killing at least 20 people, some while praying in a centuries-old church, officials said. Low-rise buildings collapsed on at least two islands and historic churches cracked and crumbled during the quake, which sparked panic, cut power and transport links and
More
Asian shares rose to their highest in nearly five months on Tuesday on heightened hopes for a deal in Washington to reopen the U.S. government and avert a possible debt default, though investors will remain wary until they see the final outcome. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8% to its highest
More