The European Commission is predicting an increase in unemployment in Cyprus during 2010, a report entitled “Monthly Labour Market Monitor June 2010” of the Employment, Social Affairs and Equal Opportunities Department of the European Commission says. According to the report, economic activity in Cyprus should contract by 0.4 % in 2010, before recovering to 1.3

Greece's state budget deficit shrank by 38.7 pct in the January-May period, compared with the corresponding period last year, a performance exceeding targets set by the Stability and Growth Program, official figures showed on Monday. A finance ministry announcement said the budget deficit fell to 8.978 billion euros in the five-month period, from 14.655 billion

Athens reckons the outlook for tourism is less gloomy than after anti-austerity riots last month and is shifting to seek visitors from China or Japan more interested in Greece's ancient culture than its sunshine. "I'm not saying it's going to be a good year for Greek tourism but we hope to recover many of the

Asian stocks retreated on Tuesday as investors booked profits a day after China's weekend decision to give its currency more flexibility triggered a risk rally. China's move on the yuan had set off optimism that a stronger yuan would lift its purchasing power for foreign goods such as commodities, a boon to the global economy

China pulled back the veil on its new currency regime a little further on Tuesday, appearing to engineer a fall in the yuan to make clear its vow of flexibility did not include one-way bets for appreciation. Big Chinese state-owned banks kept the yuan in check, a day after its biggest rise since the currency

British finance minister George Osborne looks set on Tuesday to announce big spending cuts and tax rises in what will be the tightest budget in a generation and the first big test for the new coalition government. As the sovereign debt crisis spreads through Europe, rating agencies have warned even Britain's triple-A status could be

Greek bourse Hellenic Exchanges is to cut fees for investors, companies and brokers to attract more business amid the country's debt crisis. As of July 1, Hellenic Exchanges will cut its trading fee to 0.0125 percent from 0.0150 percent, it said on Monday. The Athens general index dropped to its lowest level in more than

The German government's net new borrowing need is likely to be much lower than forecast this year and next, a newspaper reported on Tuesday. Thanks to improving tax revenues and lower than expected spending on unemployment benefits, the federal new borrowing requirement was likely to be between 60 billion and 65 billion euros ($74 billion

Greek Coke bottler CCH <HLBr.AT>, the world's second-largest maker of Coca-Cola drinks, said it may make an acquisition by the end of the year, as it seeks to expand its water and juice portfolio to boost sales. CCH, 23 percent owned by Coca-Cola <CO.N>, buys syrup concentrate from Coca-Cola Co and bottles and distributes drinks

Greece's economy is expected to contract 3 to 4 percent this year and will return to positive growth from the middle of next year, Economy Minister Louka Katseli told reporters on Monday. "It is a combination of public and private investment and the pick-up of growth internationally which means we had some export growth, which