The National Council, the top advisory body to the President, convenes on Wednesday to discuss the financial situation in Cyprus. The Council is expected to discuss, among other issues, a proposal by the main opposition left-wing party AKEL on an orderly exit from the euro area, which Cyprus joined in 2008. On Monday the Board
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Germany's economy crept back into growth in the first quarter of the year, after a sharp contraction at the end of 2012, while France slipped into recession, data showed on Wednesday. Germany grew by just 0.1 percent on the quarter, weaker than expected as a harsh winter prevented a stronger rebound. "The German economy is
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Japan's Nikkei share average surged to a 5-1/2-year high on Wednesday as Japanese exporters rallied after the yen's recent slide, while the dollar showed resilience, supported by signs of an improving U.S. economy. The dollar eased 0.1 percent to 102.22 yen, but still remained near Tuesday's high of around 102.40 yen, the greenback's strongest level
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European Commission President Jose Manuel Barroso said on Wednesday France needed to present a credible programme of structural reforms as new data showed Europe's second largest economy slipping into a shallow recession. Barroso, who was due later to meet President Francois Hollande in Brussels, said France must pursue reforms if the EU was to grant
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Cyprus has requested the European Commission to increase co-financing for rural development programs from 50% to 85%. In a letter to the Commission, Agriculture Minister Nicos Kouyialis highlighted that Cyprus’ request should be urgently processed. Kouyialis discussed the issue on Monday with the European Commissioner for Agriculture and Rural development Dacian Ciolos. On the sidelines
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Cyprus did not make it to the Eurovision final that will take place on Saturday in Malmö, Sweden. Cyprus participated in the first semi-final of the 2013 Eurovision song contest on Tuesday evening with Despina Olympiou and the song “Αν με θυμάσαι – If you remember me”. The ten countries that qualified last night are
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Moody's Investors Service has lowered changed the outlook on Lebanon's B1 government bond rating to negative from stable reflecting the impact of Syria's ongoing civil war, which will suppress economic growth and increase fiscal deficits, and in turn lead to an increase in the sovereign's already high debt burden in 2013 and 2014. The rating
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Microsoft Corp's forthcoming update to its personal computer operating system will be called Windows 8.1 and will be available later this year free to existing Windows 8 customers, the marketing chief for the Windows unit said on Tuesday. The world's largest software company has been touting the update, previously code-named 'Blue,' as a series of
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Visa Europe, the European licensee of Visa Inc., has offered to cap its inter-bank credit card fees at the same level as rival MasterCard to end a European Union antitrust investigation and stave off a possible fine. Visa Europe, owned and operated by more than 3,700 European member banks, came under fire last year when
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U.S. stocks rose and extended a recent rally on Tuesday, with the Dow and the S&P 500 hitting new intraday highs as investors bet that the market's upward momentum would keep going. Gains were broad, with more than two-thirds of New York Stock Exchange-listed companies' shares rising and almost 640 securities hitting 52-week highs, including
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