Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday, but Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was left isolated. The outcome of a two-day European Union summit left financial markets uncertain whether
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Daewoo Shipbuilding & Marine Engineering said on Friday it had lost an order from a European customer worth over half a billion dollars in a sign of worsening conditions in the seaborne sector and a growing euro zone lending squeeze. It was the first cancellation this year for Daewoo, one of South Korea's top shipbuilders.
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Tourist arrivals has increased by over ten percent until October, with a relevant increase in revenue. Commerce, Industry and Tourism Minister Praxoulia Antoniadou, addressing the 29th General Assembly of the Pancyprian Hotel Managers’ Association said that tourist arrivals increased by 10.6 percent until October while revenue from tourist increased by 13.6% for the same period.
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Ukrainian opposition leader Yulia Tymoshenko has been formally re-arrested on a fresh criminal charge, her lawyer said on Friday. The move further complicates European Union efforts to secure Tymoshenko's release because she would stay in jail on this fresh charge even if her conviction for abuse of office, for which is serving a seven-year sentence,
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Chinese authorities have shut down 206 microblogs for carrying pornographic and "vulgar" content after receiving tip-offs from the public, state media reported on Friday, as the country increases scrutiny of the massively popular medium. More than half of the accounts were with Sina Corp's Twitter-like microblogging site Weibo, the official Xinhua News Agency reported, citing
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. The Risk Watch Column By Dr Alan Waring Alpha Bank is seeking to repossess some 70 homes bought from the developer Yiannis Liasides (now bankrupt) and is the latest twist in the Cyprus Title Deeds and property fraud mess. This article raises some important questions for the Interior Minister, Mr Neoklis Sylikiotis. The New
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. BY PERSELLA IOANNIDES Despite a welcome intervention by global central banks on 24/11, the Eurozone remains on a precipice as Brussels continues to hesitate in the face of German resistance. However, continued inaction is no longer viable; it is hoped that the coherent effort of the central banks will spur Europe to follow suit
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. BY SHAVASB BOHDJALIAN In response to the deepening debt crisis and strains in lending rates, the European Central Bank (ECB) is widely expected to reduce its main refinancing rate (borrowing rate) this week, but once again, such a reduction will only benefit the banks with absolutely no benefit passed to Main Street – the
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Greeks like technocrat Prime Minister Lucas Papademos but deeply distrust his coalition government made up of career politicians, two polls showed on Friday. Papademos's popularity rose to 60 percent in December from 55 percent last month, according to a survey by pollster Public Issue published in the newspaper Kathimerini. The three-party government led by Papademos,
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The European Banking Authority found that the island’s two main lenders, Bank of Cyprus and Marfin Popular Bank, will need to raise about 3.53 bln euros by next June as a capital buffer in the current difficult market environment. However, both banks said they believe they can shore up the necessary capital, either through existing
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