* Christofias calls for “understanding” * EU Economic Affairs Commissioner Olli Rehn said on Tuesday that the European Union had sent early warning letters to five member states that risk violating fiscal rules next year. Rehn told reporters those countries were Belgium, Poland, Hungary, Cyprus and Malta and said he expected the states to take
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The number of passengers carried by Cyprus Airways from January to October dropped by 210,000 or 15.0% compared to the same period of 2010, as a result of the financial crisis and the intensified competition, the national carrier said in a statement sent to the Cyprus Stock Exchange. According to the unaudited interim report for
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The president of Cyprus, which faces Turkish opposition to its plans to explore for offshore gas, said on Monday the island would press ahead with the search and planned a new licensing round soon. President Demetris Christofias on Monday visited a gas drilling rig south of the Mediterranean island, a project that Turkey disputes. It
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. BY DR THEODORE PANAYOTOU Few doubt that Greece is bankrupt all but in name. Unfortunately, the worst is yet to come. If we, in Cyprus, do not want to have the same fate in the midst of our European Presidency we should do two things: first, understand why Greece has reached the verge of
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. BY DR. JIM LEONTIADES Cyprus International Institute of Management Within days of each other, two technocrats have replaced the elected political leaders in both Greece and Italy. Moreover, the level of abuse hurled at some of the departing leaders was unique in living memory. Many saw them, perhaps unfairly, as part of the problem.
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Insured losses from Thai floods could be in the double-digit billions of dollars and the disaster will lead to a re-assessment of weather risks to industries in Asia, a senior official from global insurer Allianz said . Calculating the true cost of the floods could take years in terms of working out the lost business
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Latin American art sales, which totalled nearly $90 million in New York in 2011, scored their best year since the 2008 financial crisis, aided by a boom in Brazilian art and demand from Asia. The sales at Christie's and Sotheby's were second only to the 2008 Latin American market total of $96 million, according to
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Chinese Vice-Premier Wang Qishan warned on Monday the global economy is in a grim state and the visiting U.S. commerce secretary said China would spend $1.7 trln on strategic sectors as Beijing seeks to bolster waning growth. Wang said an "unbalanced recovery" may be the best option to deal with what he had described on
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Egyptian activists called for a huge turnout in protests on Tuesday to put an end to rule by the military which also saw its authority challenged by the resignation of the civilian cabinet, casting uncertainty on elections due next week. Some 20,000 defiantly demonstrated in Cairo's Tahrir Square overnight despite the deaths of at least
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Asian shares edged down on Tuesday as fears about the ability of politicians on either side of the Atlantic to tackle huge debt burdens sapped investors' confidence in the outlook for Western economies. The dollar held gains near a 6-week high against a basket of currencies, with European banks scrambling to secure dollar cash as
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