Government Spokesman Stephanos Stephanou has assured that the government would do whatever possible to serve the vital interests of the Republic of Cyprus as regards the exploitation of natural gas reserves in its Exclusive Economic Zone (EEZ). Invited Wednesday to say how the government is proceeding with the this project, he said that the government
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Egypt's ousted president has given up and wants to die in the Red Sea resort of Sharm el-Sheikh where he has been living since a popular uprising ended his rule, a Saudi official said on Wednesday. Hosni Mubarak, 82, has suffered from health problems in recent years and traveled to Germany for gall
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Estate agents from the European Union are free to establish themselves and exercise their activities in Cyprus, following Commission pressure to persuade the government to remove a law that restricted the activities on the island of professionals from other member states. The European Commission had initiated infringement proceedings against Cyprus because of the law that
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. Turkey sees no point in pursuing unpopular reforms aimed at winning membership of the European Union if the bloc has already decided Ankara will never be admitted, a Turkish diplomat said on Tuesday. The comments, among the bluntest by a Turkish official on a flagging membership bid, underline growing frustration with entry talks. Ankara
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— Decision on LNG supplier in coming weeks — U.S. energy company Noble Energy Inc. hopes to accelerate plans to drill for natural gas off Cyprus, a senior company official said on Wednesday. "Our intention is to accelerate the drilling of the well," said Terry Gerhart, vice president of international operations at Noble. "Hopes are
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British inflation is just as likely to be above or below target in two years if interest rates rise as markets expect, the Bank of England said on Wednesday, opening the door to tighter monetary policy. The report is likely to reinforce expectations the BoE will start hiking rates soon from a record low 0.5%,
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Sales of new passenger cars in the European Union fell 1.4 percent year-on-year in January, industry association ACEA said on Wednesday. European carmakers are looking to Asia and Latin America for growth to offset stagnating demand closer to home, as scrappage schemes which boosted demand for cars during the crisis run out and fears for
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Cyprus' economic growth rate will range between 1.5% and 2.0% GDP in 2011, IMF preliminary figures released today show. IMF new estimates are slightly higher than the 2010 forecasts projecting a 1.5% to 1.8% growth for 2011. The Cypriot Finance Ministry projects economic growth of 1.5% GDP for 2011, whereas European Commission forecasts project a
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The EU Economic and Financial Affairs Council (ECOFIN) approved Tuesday Cyprus’ fiscal adjustment programme. The Council said that Cyprus has taken all necessary measures within the deadlines set out by ECOFIN to achieve fiscal adjustment by 2012. The Council shares the view of the Commission that on the basis of current information, Cyprus has undertaken
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Minister of Commerce, Industry and Tourism Antonis Paschalides said on Tuesday that ''Noble Energy'' company would begin works to extract natural gas in late 2011 or early 2012 from one of Cyprus' plots. Speaking after a meeting with Noble Energy representatives and the leadership of the Cyprus Energy Regulatory Authority, Paschalides said that the intention
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