Building permits were down again in February, falling by 14% over the year earlier to reach 699. The total value of these permits fell by 31.7% to EUR 193.9 mln and the total area declined by 39% to 204,698 square metres. These building permits provide for the construction of 941 dwelling units a fall of
More
The annual consumer price inflation rate leapt to 3.3% in April, from 2.8% in March 2011 and 2.4% in April 2010. Doubtless the reason was high international oil prices, which have taken their toll on an economy that remains dependent on oil for electricity production. Compared with the previous month the index increased by 1.16%.
More
The rise of unemployment in Cyprus seems to be relentless, with registered unemployment rising on a seasonally adjusted basis by 4.5% compared with the previous month in April. The absolute number of unemployed persons was reached 26,911 persons, a rise of 5,278 or 24.4% compared with April 2011. The Statistical Service reported that the increase
More
Britain's Liberal Democrats slumped in local elections and were set to lose a referendum on electoral reform on Friday after voters punished the junior coalition party for its role in a deficit-cutting government. Votes were being counted after regional and council polls held on Thursday, but early results showed support for the centre-left Lib Dems
More
Mergers are the only way to rebuild debt-laden Greece's banking system, the chief executive of the country's biggest lender, National Bank (NBG), said on Thursday, in a boost to consolidation prospects. Shut out of wholesale funding markets because of the country's sovereign debt crisis, Greek lenders have been urged by the government to explore tie
More
The Armenian community of Cyprus is returning to the historic Sourp Magar (St. Makarios) monastery for the fourth time this year as a pilgrimage to one of the holiest shrines of the Armenian Apostolic church. The medieval monastery, that lies at the top of the Turkish-occupied Kyrenia mountain range, has fallen victim to looters since
More
As the biggest Offshore Technology Conference (OTC) to take place in Houston, Texas, was coming to a close on Thursday, Cyprus was presented as the aspiring oil and energy market. Officials from Cyprus and the US presented the prospects which the island has, following the attention received in the Eastern Mediterranean with the oil and
More
Commodities steadied on Friday in Asia as crude oil, spot gold and silver pared back some of the dizzying losses suffered on Thursday when worries over global growth in a market ripe for profit taking combined to cause a widespread rout. Brent crude <LCOc1> bounced back to above $112 after falling by a record $12
More
. By Shavasb Bohdjalian The dollar sank to a three-year low against a basket of major currencies last week after the Federal Reserve said it would end its bond-buying programme in June as planned but appeared in no rush to tighten monetary policy further. In one small revision, economic growth was described as "modest" rather
More
Inflation in Cyprus reached 3.3% in April 2011, compared to 2.4% in the previous year and 2.8% in the previous month. According to an official press release, the Consumer Price Index for April increased by 1,34 units or 1,16% to 116,46 units compared to 115,12 in March 2011. According to Cyprus Statistical Service, this is
More