Cyprus' contribution to the International Monetary Fund (IMF) will amount approximately to 460 million euro, if these funds are needed for the IMF to financially support Eurozone member states, according to the decisions of the recent EU Summit, Finance Minister Kikis Kazamias told CNA. In statements to CNA after the Eurozone and other EU member
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The Central Bank of Cyprus has revised downwards its projections regarding the growth rate of the Cypriot economy, forecasting a marginal growth of GDP by 0.3% in 2011 and zero growth in 2012 due to the negative financial environment. The CBC stresses that Cyprus could reach the target for a 2.8% public deficit only if
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Real power in North Korea now probably belongs to a coterie of advisers following the death of Kim Jong-il, not his youngest son, an untested man in his 20s who has been anointed the "Great Successor". These advisers will decide whether North Korea launches military action against South Korea to strengthen the succession around Kim
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European stocks and the euro were under pressure on Tuesday after a euro zone plan to boost crisis funds parked with the IMF failed to reach a hoped-for target, though looming ECB funding for the region's banks lifted sentiment in some bond markets. The euro hovered around $1.3010 on Tuesday, slightly up on the day
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Issues concerning further cooperation between Cyprus and Greece in health matters were discussed during a meeting here Monday between Health Minister Stavros Malas and his Greek counterpart Andreas Loverdos. Speaking during a joint press conference, Malas said they discussed broadening bilateral cooperation in the field of health and especially as regards training of doctors and
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Asian stocks and the euro edged up on Tuesday, but sentiment remained fragile on concerns that efforts to contain the euro zone debt crisis were faltering and tougher rules to strengthen banks' capital would further undermine their profits. The mood in Asian markets was already risk-averse, after the death of North Korea leader Kim Jong-il
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Brent crude futures rose above $104 on Tuesday, buoyed by the risk of supply being disrupted from Central Asian oil producer Kazakhstan, even as sanctions-hit Iran struggles to maintain its production and Libyan output is delayed. Hundreds of oil workers held a third day of protests in the capital of Kazakhstan's western oil-producing region after
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Car maker Saab ran out of room for manoeuvre on Monday when its Dutch owner filed for bankruptcy, calling time on a nine-month battle to rescue the struggling Swedish marque. Saab's cash problems began in March this year, after 2010 sales fell short of target. It has not made any vehicles since April. The end
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Planning a trip and looking for some recommendations? A new app aggregates information from guidebooks, local and international publications and friends to provide useful suggestions. The iPhone app called Wenzani was developed by travel guide company Lonely Planet. It enables users to compare reviews on restaurants, bars, shops, hotels and other attractions. "There might be
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European finance ministers will pursue plans on Monday to enhance the IMF's arsenal and press on with a drive for tighter fiscal rules in an attempt to assuage doubts they can overcome their sovereign debt crisis. They will discuss at the Monday teleconference the draft text of a new euro zone "fiscal compact" so that
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