Turnover in the water transport sector rose in 2010, but there was a decline in air and land transport, according to the latest figures from the Statistical Service. On the positive side, water transport turnover value increased by 8.1% in 2010 compared with 2009, while freight and postal and courier activities increased by 6.8%. However,
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By Nicos Bellos (CNA) Cyprus GDP has recorded an increase by 2.2% in the fourth quarter of 2010. According to second estimates released by Eurostat, the statistical office of the European Union, Cyprus’ GDP increased by 2.2% in the fourth quarter of 2010 compared to the corresponded period of 2009. This is the fourth consecutive
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The euro took a breather in its explosive rally ahead of influential U.S. jobs data on Friday, but the single currency is set to stay in demand after the European Central Bank signalled it may raise interest rates as early as next month. While the ECB had been expected to step up its anti-inflation rhetoric,
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Brent oil held steady near $115 on Friday over doubts that a Venezuelan peace proposal would resolve Libya's crisis, while payrolls data from the United States are likely to reaffirm a recovery in the world's largest energy user. Venezuelan President Hugo Chavez said Libya's Muammar Gaddafi had agreed to proposals for an international panel to
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Asian stocks are heading for their biggest weekly gain in three months on bargain-hunting after their recent drop while the euro perked up after the central bank signalled a rate hike as early as next month. Friday's gains brought stocks to near levels since the Libyan crisis erupted, indicating markets have been largely resilient to
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Cyprus's consumer price inflation was steady at 2.8% year-on-year in February, unchanged from January, with prices rising 0.43% on the month due mainly to rises in fuel and food costs. The island's statistics department said on Thursday that prices of petroleum products, air fares and fruit and vegetables all rose while there was a drop
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Gold fell nearly 1.5 percent on Thursday, snapping a four-day winning streak as indications the European Central Bank may raise interest rates to battle inflation dented bullion's investment appeal. ECB President Jean-Claude Trichet said the central bank would exercise "strong vigilance" over inflation and interest rate increases could come at ECB's next meeting in April,
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Moody’s Investor Service took a swipe at Cyprus’ big three banks on Wednesday March 2, downgrading all three banks, at the same time as praising the strong liquidity positions of the banks. The news comes just as Bank of Cyprus starts a roadshow in London in order to raise EUR 1.34 bln in contingent convertible
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Thousands of Turkish Cypriots marched on Wednesday against Ankara-inspired spending cuts as mounting dissent strained ties with Turkey and threatened to hit reunification talks with Greek Cypriots. More than 25,000 protesters, angry about what they believe are efforts by Turkey to exert more control over the isolated territory, gathered at Inonu Square inside ancient Venetian
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Greece's two largest airlines Olympic and Aegean will appeal against a European Union ruling that blocked their plans to merge, the carriers said on Wednesday. In January, EU regulators blocked the proposed merger of privatised Olympic and Aegean Airlines, on grounds the tie-up would result in higher prices for consumers. "Olympic together with Aegean will
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