Asian shares and the euro firmed on Monday on hopes European leaders would agree on a definitive plan to solve the euro zone's debt crisis at a crucial summit this week, with sentiment also getting a lift from Italy unveiling austerity steps. But investors were expected to tread cautiously and not push markets much higher
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Germany is prepared to soften language in the euro zone's permanent bailout mechanism compelling bondholders to accept losses in exchange for much stricter budget rules, sources have told Reuters. The shift would not completely remove the possibility of private bondholders having to accept losses in the future, but it would align the statutes of the
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After a long drought there could be signs of life in the Cyprus property sector, judging by the latest figures on building permits, which are a leading indicator of economic activity in the construction sector. Although the number of building permits fell again in September, there was an increase in the number of dwellings authorised. Total
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Inflation in Cyprus is on the up again, with the annual inflation rate climbing to 3.8% in November, compared with 3.0% in October 2011 and 1.5% in November 2010. For the period January-November 2011. the CPI recorded an increase of 3.2% compared with the corresponding period of 2010. Compared with the previous month, prices in
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Revenue from tourism reached EUR 188.8 mln in October 2011 according to the latest Passenger Survey a rise of 7.5% compared with the EUR 175.5 mln recorded in October 2010. For the period January – October 2011 revenue from tourism is estimated to have risen by 13.6% to EUR 1,642.9 mln, compared with EUR 1,446.5
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The industrial production index reached 96.4 (base 2005=100) in September, recording a decrease of 11.9% compared with September 2010. For the period January – September 2011, the index recorded a decrease of 6.5% compared with the same period of the previous year. For manufacturing, the index for September 2011 reached 89.8, recording a decrease of
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Hotels and restaurants had a strong third quarter according, to the latest figures on turnover from the Statistical Service. Turnover in the sector of accommodation and food service activities rose by 7.6% in July – September 2011 compared with the corresponding period of 2010. Professional, scientific and technical activities recorded a slight increase of 2.1%
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European stocks resumed their brisk rally on Friday on hopes of upbeat U.S. jobs data and a bold solution to the euro zone debt crisis at a Dec. 9 summit. At 0942 GMT, the FTSEurofirst 300 index of top European shares was up 1.1 percent at 987.03 points, on track to post a weekly gain
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German Chancellor Angela Merkel vowed on Friday to defend the euro, which she said was stronger than Germany's former deutschemark, but she warned that Europeans faced a long, hard "marathon" to restore lost credibility. "Resolving the sovereign debt crisis is a process and this process will take years," Merkel said in an address to parliament.
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The euro zone must deal more effectively with its growing debt crisis, Greek Prime Minister Lucas Papademos said ahead of a Dec. 9 summit of EU leaders. "It is important that the spread of the crisis in the euro zone is dealt with effectively, with greater progress in fiscal convergence and a bolstering of the
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