Eight European banks have failed a test of their ability to withstand a long recession and will have to raise just 2.5 bln euros ($3.5 bln) of capital, significantly less than expected. The European Banking Authority said five banks in Spain, two in Greece and one in Austria flunked the "stress test", which made 90
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The two leading lenders on the island, Bank of Cyprus and Marfin Popular Bank, have passed the stress test conducted by the European Banking Authority, simulating a financial shock. Eight of the 91 banks failed the test, two of them in Greece – ATEbank and EFG Eurobank. According to the announcement issued locally by the
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* Public angry at power cuts, storage arrangements * Cyprus President Demetris Christofias, facing public fury over a munitions blast that killed 13 people and caused a power crisis, apologised on Friday and said the inquiry would scrutinise his own role. Presenting the most critical challenge in his three-year administration, Cypriots took to the streets
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Total expenditure on research and development (R & D) in Cyprus reached an estimated EUR 83.0 mln in 2009, or just 0.49% of GDP according to an ad hoc survey by the Statistical Service. This compared with EUR 73.4 mln or 0.42% of GDP in 2008 and EUR 70.1 mln or 0.44% of GDP in
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Total imports/arrivals from other EU member states in May reached EUR 521.2 mln, according to preliminary estimates for foreign trade in May. Of this total, EUR 339.3 mln consisted of arrivals from other member states of the EU and EUR 181.9 mln were imports from third countries. Total exports/dispatches to other EU member states reached
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Hotels to stay supplied with electricity June saw a repeat of strong tourism arrivals in Cyprus, with the number of tourist arrivals rising by 9.3% to reach 300,817 in June 2011, compared with 275,280 in June 2010. The Russian market continues to soar, with arrivals from Russia rising by 53.4% over the year earlier to
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Animal lovers can now take their pets to public parks, despite municipal signs that ban them from doing so. However, they should make sure that they clean up after their dogs or face heavy fines. According to the Greek animal protection site adespoto.gr, the ban will remain in place for public beaches (unless specifically designated)
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Notorious Somali pirates who often capture enormous ships and hold their cargo for ransom, have hijacked a vessel carrying livestock off the shores of the semi-autonomous region of Puntland. The vessel was sailing from Bosasso in Somalia and to the United Arab Emirates, Hassan Farah Jamac, Puntland's commerce and industry minister told Reuters. "It was carrying
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Standard Chartered is considering buying Piraeus Bank's Egyptian subsidiary, a deal that would boost the Greek bank as it seeks to strengthen its balance sheet in light of the downturn facing debt-laden Greece. Greek banks, hit by the country's sovereign debt crisis, have been looking for ways to boost their capital base to cope with
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Crowds continued to gather outside the Presidential Palace in Nicosia for a fourth consecutive day on Thursday, expressing their grief and anger over the circumstances that led to Monday’s deadly blast at the “Evangelos Florakis” naval base near Limassol that killed 12 people and knocked out the island’s main power station. A number of speakers
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