European corporate credit default swap spreads widened on Wednesday on mounting fears that U.S. banks could be whacked by mammoth costs related to mortgage bonds. The mood was also blighted by an unexpected Chinese rate hike, which hit Asian stocks as investors fretted that the government may be embarking on a policy tightening cycle to
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Speculation of a grand bargain by the Group of 20 to rebalance the global economy is swirling ever faster thanks to China's surprise decision to raise interest rates for the first time since 2007. Higher rates ought to push up the yuan, one element of the mooted deal. Whispers that the Federal Reserve will go
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Seventy percent of tourists who will visit Cyprus this winter will end up in Paphos, according to the European Tourism Programme for Senior Citizens. During a press conference on Tuesday at the Chamber of Commerce and Industry in Paphos, it was announced that 70 percent of the 17000 tourists who have made reservations through the
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Canada's privacy watchdog accused Google Inc <GOOG.O> on Tuesday of violating the rights of thousands of Canadians by inappropriately collecting their personal information in building its Street View service. Google must tighten its privacy protection systems to prevent a repeat of the incident, blamed on a careless software engineer, and should get rid of the
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A Memorandum of Understanding (MOU) between the Damascus Securities Exchange and the Cyprus Stock Exchange (CSE) was signed on Monday 18th of October 2010 at the Cyprus Stock Exchange’s premises in Nicosia. According to a press release issued here today by CSE, the scope of the MoU covers various areas of co-operation between the two
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The trips abroad of residents of Cyprus recorded an increase of 8.8% in September 2010 compared to the corresponding month of 2009, according to a press release issued on Tuesday by the Statistical Service of Cyprus. On the basis of the results of the Passengers Survey, 112,355 residents of Cyprus returned from a trip abroad
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The Price Index of Construction Materials for September 2010 reached 121.06 (base year 2005=100.00), recording an increase of 0.15% over the previous month. For the period January – September 2010, the index recorded an increase of 2.48% compared to the same period last year. The main increase has been in the price of metallic products,
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Tourism arrivals recovered for a second straight month in September, rising by 4.7% to reach 289,126 compared with 276,178 in September 2009. The main reason for the increase was a 60.8% rise in tourist arrivals from Russia, from 20,691 in September 2009 to 33,267 in September 2010. This is encouraging, as it suggests that the
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(Reuters) – The Microsoft Corp executive who took over the role of chief software architect from Bill Gates is to step down, following a tenure in which the Windows-maker lost ground to Google and Apple. Chief Executive Steve Ballmer said Ray Ozzie would not be replaced, raising questions about the leadership and direction of the
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The European Parliament Committee on Legal Affairs approved on Monday with 18 votes in favour, five against and one abstention the opinion of the Council Legal Service, that the legal basis of the regulation on direct trade between the EU and Cyprus Turkish occupied areas is wrong and that the proper legal basis is Article
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