. No matter who eventually wins the lethal battles raging in Libya, the oil market will likely be starved of hundreds of millions of barrels for a long time, reshaping oil flows from west to east. Top quality Nigerian and Caspian crude grades have shot to multi-year highs and huge premiums to Middle Eastern grades,
More
A new Turkish satellite has Israelis eyeing the end of a U.S.-backed blackout on high-resolution commercial photography of their turf from space. The GokTurk satellite due in orbit by 2013 will sell images of objects more detailed than 2 metres across — currently the finest grain available when it comes to pictures of Israel, thanks
More
Cyprus has received expressions of interest from ten companies for a project to build an oil storage terminal together with the government, providing a capacity of at least 300,000 cubic metres. The project will be run jointly by the Cypriot government and the sucessful bidder for a period of 25 years. The expressions to prequalify
More
Greek bank shares gained 4.8% in anticipation of progress at a summit of euro zone leaders later in the day to agree on further steps to contain the debt crisis afflicting the region's periphery. "Improved expectations on the outcome of the summit after comments from EU leaders for flexibility, reducing the interest rate (of bailout
More
The risk of credit downgrades for euro zone governments will intensify if European leaders cannot agree a credible and coherent policy response to the bloc's debt crisis, ratings agency Fitch said on Friday. Euro zone leaders must deliver on fiscal consolidation and structural reform, engineer a broader economic recovery and create a coherent and comprehensive
More
The Cyprus Statistical Service has revised up its initial estimate for real GDP growth in the fourth quarter of 2.5% from an initial flash estimate of 2.1%. On a seasonally and working day adjusted basis, the real GDP growth rate is estimated at 2.6% (up from a flash estimate of 2.2%). For the whole year
More
Euro zone leaders are set to agree a "competitiveness pact" at a summit on Friday and will push Portugal to announce new reforms to increase market confidence as they seek to draw a line under the regions' debt crisis. Germany has lowered expectations for a major breakthrough at the summit, saying the best that can
More
A massive 8.9 magnitude quake hit northeast Japan on Friday, causing many injuries, fires and a four-metre tsunami along parts of the country's coastline, NHK television and witnesses reported. There were several strong aftershocks and a warning of a 10-metre tsunami following the quake, which also caused buildings to shake violently in the capital Tokyo.
More
The European Union effort to reach an employment rate of 75% for women and men aged 20-64 years by 2020, in the framework of the strategy ''Europe 2020'', may not be feasible, Cypriot economist and winner of the Nobel Prize for Economics, Christopher Pissarides, said on Thursday. Speaking to the press, after having participated in
More
* Buys slots from Olympic Aegean Airlines is launching a direct daily flight from Larnaca to London’s Heathrow later this month, following its purchase of airport slots from Olympic Air. The 168-seat, two-class Airbus A320 that will be based in Cyprus, will be leaving Larnaca at 8.15am and arriving in London at 11.15 local time,
More