Britain's top shares pushed higher on Tuesday, recovering most of the previous session's decline, led by a rally in miners and banks as worries over Greece's debt situation subsided. International lenders agreed late on Monday on measures to cut Greek debt by 40 billion euros by 2020, reducing it to 124% of GDP and paving
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The outbound travel market is still buoyant, with the Passengers’ Survey showing that in October 105,059 residents of Cyprus returned from a trip abroad. This was 5.5% higher than the 99,601 recorded in October 2011. In October 2012 there was an increase of 22.9% in the number of trips of residents to Greece (from 27,816
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**Motor regs, road transport also down** Retail trade volumes slumped by 5.4% over the year earlier in September according to provisional figures, having dropped by 2.9% in August and 6.7% in July. The main fall came from electrical goods and furniture, which fell compared with the year earlier period by 20.9%, followed by automotive fuel
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The industrial turnover index reached 111.7 in August (base 2005=100), recording an increase of 0.8% compared with August 2011. However, the increase in the overall index was entirely the result of a 26.8% jump in electricity turnover in August. This in turn must be related to electricity price hikes imposed after the ammunitions blast in
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Onshore Chinese shares fell for a third-straight day, reversing midday gains in Hong Kong after the Shanghai share index closed below 2,000 points for the first time in nearly four years on concern that stricter capital rules for banks may hurt lending. The state-run China Securities Journal newspaper reported that Basel III requirements could raise
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(Published on 21 November 2012) An article in Germany’s Der Spiegel the other week said that the bailout which Cyprus is currently negotiating with the troika (European Commission, European Central Bank and IMF) “might mainly benefit Russian oligarchs who have parked illegal money in bank accounts in Cyprus.” It added that “Russian deposits there total
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Greece's bank stocks dropped on Tuesday on concerns that a Greek debt buyback plan as part of the country's international bailout might hit their capital. Bank stocks were down 2.8% at 1048 local time (0848 GMT), reversing earlier gains at the market opening. Earlier on Tuesday euro zone finance ministers and the IMF secured a
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Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to
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A bleary-eyed Greek Prime Minister Antonis Samaras welcomed on Tuesday an agreement by international lenders to help cut his country's debt and unblock vital flows of bailout money. The biggest opposition party, however, dismissed the deal and slammed Germany for preventing Greece from writing off half of its debt. After 12 hours of talks at
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The euro hit a one-month high, commodities rose and Asian shares climbed for a seventh consecutive day on Tuesday as global lenders reached a deal on new debt targets for Greece and a political agreement on disbursing the next installment of aid. European shares will likely track Asian peers higher, with financial spreadbetters predicting London's
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