French and Italian energy giants Total and ENI, as well as the Korean Gas company and Gazprom-subsidiary Novatec have been awarded the licenses to explore for oil and gas in Blocks 2, 3, 9 and 11 in the Cyprus offshore Exclusive Economic Zone. The Council of Ministers approved late on Tuesday the winning bidders of
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The U.S. stock market was closed for a second straight day on Tuesday as cash equity trading was canceled in the wake of Hurricane Sandy. Tuesday's shutdown was the first time weather had resulted in a two-day market shutdown since the Great Blizzard of 1888. Exchanges expect to reopen on Wednesday. NYSE Euronext said the
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A wall of water, at times greater than 5 feet high (1.5 meters), swept through three towns in northern New Jersey early Tuesday, a parting shot from Hurricane Sandy that prompted the evacuation of a few thousand people from their homes. The tidal surge up the swollen Hackensack River started just after midnight, and there
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Fiat sharply cut its group targets for the next two years on Tuesday, saying languishing sales in austerity-hit Europe may mean its trading profit in 2014 is a third lower than it targeted two years ago. Revising the projections made when European economies had seemed ready to recover from the global financial crisis, the Italian
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More than 533 thousand voters are entitled to vote and more than 1,200 polling stations are expected to operate in the next Presidential elections in Cyprus and abroad, on February 17. Preparations are underway at the Ministry of Interior to ensure that on election day everything runs smoothly. Minister of Interior Eleni Mavrou chaired a
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Finance Minister Vassos Shiarly hopes that early next week Cyprus’ international lenders, the so-called Troika, will be in Cyprus. At the same time he appeared optimistic that any differences between the Troika and the government will be clarified. Speaking after a meeting of the negotiating team dealing with the economy, under President Demetris Christofias, he
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Cyprus is the 5th main foreign investor in Romania, Minister of Foreign Affairs of Romania Titus Corlăţean said after talks here today with his Cypriot counterpart Erato Kozakou -Marcoullis. “We support an even further presence of the Cypriot capital in Romania in fields such as infrastructure, tourism, renewable energy and others,” Corlăţean, who paid a
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Why direct bank recap is critical for Cyprus By Fiona Mullen, Director Sapienta Economics Ltd Published in hard copy on 24 October 2012 In a speech to the Association of International Banks on Monday, the Central Bank governor, Panicos Demetriades, gave three reasons why the public debt of Cyprus should be sustainable: direct bank recapitalisation,
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Value added in education reached EUR 1,033.2 mln (EUR 1 bln) of 6.6% of gross value added (GVA) in 2010. Gross output was EUR 1,187.7 mln in the same period. In private education, the biggest contribution to value added was from “other education” (presumably afternoon private lessons), which accounted for 34.1%. Tertiary education accounted for
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The decline of retail sales moderated in August, with retail sales volumes dropping by 2.5% over the year earlier, according to preliminary data, having dropped by 6.2% in July. Electrical goods and furniture fell the most, by 16% compared with August 2011, while retail trade in non-specialist stores was down 12%. However, sales in food
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