Gold posted its biggest one-day drop in nearly 2 months on Wednesday after Cyprus was forced to sell most of its gold reserves, but analysts said strong bullion buying by other central banks should underpin the price of the metal. Investor fears over more gold sales by other debt-stricken euro zone members such as Portugal
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Shipping, along with tourism, are the two sectors where one can currently see growth potential in Cyprus after the severe blow to the island’s financial sector, according to the president of the Cyprus Union of Shipowners George Mouskas. Speaking to CNA from his Zela Shipping company’s offices in northwest London, Mouskas said that it is
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Credit rating agency Standard & Poor’s revised the outlook on the long-term rating on Cyprus to stable from negative, saying that the immediate risk of a sovereign default has receded. At the same time, S&P affirmed the ‘CCC/C’ long- and short-term sovereign credit ratings on Cyprus, noting that that the program implementation and economic risks
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More than 40,000 people from around the globe have applied for Australia's six "Best Jobs in the World", leaving Australian tourism officials with the mammoth task of paring the list down to 18 finalists. The six-month jobs, which include "Outback Adventurer" and "Chief Funster", attracted initial interest from more than 330,000 people from nearly 200
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The European Union's trade chief Karel De Gucht asked for broad new trade powers on Wednesday to make it easier to launch anti-dumping cases, particularly against China. Although the proposed rules do not mention China by name, EU officials said they were designed to give the EU more leverage against the country and to ease
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China bird flu threatens KFC parent's winning streak Troubles in China may go deeper than bird flu according to analysts Yum Brands Inc, the biggest foreign fast-food chain operator in China, is in danger of breaking its 11-year streak of double-digit profit growth as it scrambles to deal with food scares and bird flu in its most
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The late Hugo Chavez's self-declared socialist revolution will be put to the test at a presidential election on Sunday that pits his chosen successor against a younger rival promising change in the nation he polarized. Most opinion polls give his protege, acting President Nicolas Maduro, a strong lead thanks to Chavez's endorsement and the surge
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EU Finance Minister, meeting in Dublin on Friday, are expected to reach a political agreement on a Memorandum of Understanding with Cyprus. However, the final decision is anticipated at the end of the month and funds are expected to flow in the first two weeks in May, according to a Eurozone official. Cyprus will be
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The Central Bank of Cyprus has made it clear that any sale of its gold reserves concerns the Bank and nobody else. “The sale of gold held by the Central Bank is a matter that concerns exclusively the Board of Directors of the Bank,” Aliki Stylianou told CNA tonight, invited to comment on a Reuters
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Plans for Margaret Thatcher's funeral turned into a security headache and a national talking point on Wednesday as the former prime minister divided Britain in death as she did in life. Parties in several cities to celebrate the conservative politician's death on Monday ended in arrests and newspapers reported police may pre-emptively arrest known trouble-makers
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