Bank supervision was extensively discussed at the EU Council of Ministers of Economy and Finance (ECOFIN) chaired by Cypriot Minister for Finance Vasos Shiarly. In statements at a press conference after the conclusion of the ECOFIN meeting in Brussels, Shiarly said that bank supervision is a major priority for the Cyprus Presidency. “As you know,
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Tour operators from Hong Kong are expected to visit Cyprus in March 2013 to have contacts with local tour operators, hoteliers and other stakeholders, paving the way for tourist arrivals from this Asian area latter in autumn. According to a Cyprus Tourism Organization press release, the President of CTO Alekos Orountiotis and a delegation visited
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* President says bailout will bring pain; Banks, regulator were reckless to Greek exposure * The president of Cyprus has once again lashed out at the island’s once-flourishing banking sector, telling a nationwide televised address that banks were to blame for all the problems in the economy. Avoiding apportioning any of the blame on a
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Nearly two in three Cypriots use social media, according to the latest results of the annual survey on communication technologies usage. The survey found that 61.2% of Internet users participate in social networks such as Facebook and Twitter. The most popular internet activities are finding information about goods or services (90.6%) and sending/receiving e-mails (75.6%).
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Turnover among the main private-sector services was mixed in July-September, with tourism outperforming the rest. Turnover at current prices in the accommodation and food service activities rose by 8.2% over the same period of the previous year. A positive performance was also recorded by information and communication, where turnover was up by 0.8%. However, signs
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Industrial production dropped 11.9% y/y in September according to the latest figures from the Statistical Service, with the index (2005=100) reaching 85.7. The manufacturing subindex fell by 15.8% in the same period. In January – September 2012 industrial production fell by 9.1% compared with the same period of the previous year. Meanwhile, the industrial output
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Gains in health stocks and in aerospace group EADS lifted European shares on Tuesday, although some traders said they would look to sell on the back of rallies due to lingering worries over the U.S. economy. The pan-European FTSEurofirst 300 index was up by 0.2% at 1,123.74 points in early morning trade. The euro zone's
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Onshore China shares staged a reversal of early losses on Tuesday, with the beleaguered alcohol sector leading an index bounce off near four-year lows and bolstering gains in Hong Kong. But strength in Chinese telecommunication stocks and tepid turnover in Hong Kong pointed to continuing risk aversion, aggravated by weak U.S. manufacturing data. While Shanghai
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The Swiss cabinet on Monday rejected a motion that would force mining companies and private commodity trading houses to declare payments made to resource-rich countries. The decision puts the traditionally neutral country at odds with the United States and the European Union, both of which are pursuing tough new rules for oil, gas and mining
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Clashes broke out in the Lebanese port city of Tripoli on Tuesday between gunmen loyal to opposing sides in neighbouring Syria's civil war, wounding one person, residents said. Tensions had been rising since the reported death in a Syrian town close to the border of at least 14 Lebanese and Palestinian gunmen from north Lebanon.
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