Asian stocks reversed course and inched up on Tuesday taking heart from gains in the Chinese market led by property and bank stocks, while the Australian dollar dribbled higher after the central bank sounded cautiously optimistic on the economic outlook. European shares are expected to open slightly higher after falling to their lowest close in
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The International Monetary Fund said on Monday that the Cypriot economy will return to ''modest growth'' in 2011, warning however that without ''strong action'' on the government wage bill Cyprus' objective for the reduction of the fiscal deficit to 3% by 2013 will not be achieved. The IMF delegation completed its contacts on the island
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Limassol marina will constitute jewelry for Cyprus, a venue of residential and commercial development, Minister of Cyprus Commerce, Industry and Tourism Minister Antonis Paschalides said on Monday during the presentation of the project. Paschalides said that the marina will have a 1000-boat capacity and special equipment for the maintenance of vessels, and it will offer
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Cyprus Securities and Exchange Commission (CySEC) expects that the parent company of Moody's Investors Service, which is already registered in Cyprus, will shortly submit an application to acquire an operating license as a Credit Rating Agency (CRA) according to the new European Regulations. CySEC Chairman George Charalambous told the House Finance Committee on Monday that
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Unemployed persons, registered at the District Labour Offices on the last day of June 2010, reached 22.460 persons. According to Cyprus Statistical Servise (CyStat), based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for June 2010 recorded an increase of 1.7% compared to the previous month and
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The number of building permits issued in Cyprus recorded an increase of 6.9% during the first four months of 2010. According to Cyprus Statistical Service (CyStat), during the period January–April 2010, a total of 3.066 building permits were issued in Cyprus, registering an increase of 6.9% compared to the corresponding period of the previous year.
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Greek Cypriots are increasingly using the internationally unrecognised airports in the north to travel abroad, despite the taboo on doing so, according to data from the credit card company JCC. In the first six months of 2010, spending on airlines in the north (and Antalya) using cards issued in the south reached EUR 731,720, a
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Consumer price inflation rose in June to 1.9% compared with 1.6% in May 2010 and 0.2% in June 2009. Compared with the previous month, prices rose by 0.20%. The Statistical Service said that this was mainly owing to increase in the prices of petroleum products. electricity and air fares. A fall was recorded in the
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Building permits authorised dropped by 12.8% over the year earlier according to our analysis in April, having leapt by 34.2% in March and 17.1% in February. Total building permits authorised by the municipal authorities and the district administration offices during April 2010 stood at 668. The value of these permits reached EUR 211.3 mln (down
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As unemployment climbed in Cyprus workers enjoyed a rise in average monthly earnings, thanks to the widespread practice of linking wages to inflation. According to the preliminary estimations of the Statistical Service, the average monthly earnings of employees in the first quarter of 2010 amounted to EUR 1,855 (males EUR 2,030 and females EUR 1,638).
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