The trade deficit widened in April, according to preliminary estimates for the month, reaching EUR 403 mln, compared with EUR 364 mln in April 2009. Total imports/ arrivals reached EUR 483.5 mln in April, of which EUR 345.1 mln were arrivals from other Member States of the EU and EUR 138.4 mln imports from third
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Cyprus actually clambered out of recession in the first quarter of 2010 according to the latest data from the Statistical Service Cystat, contrary to earlier estimates showing a sixth consecutive quarter of decline. The revised data show that GDP in the first three months of the year rose in real terms by 0.1% over the
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Greece can secure badly needed private investment for public-private partnerships (PPPs) in infrastructure despite the Mediterranean country's poor record in their procurement, its economy minister said on Thursday. Despite the launch of a 5.7 billion euro PPP programme five years ago, only one of 52 planned projects has gone through to implementation phase due to
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Oil climbed above $74 per barrel on Thursday after Chinese data showed a surge in exports in May and as the IEA revised up its estimate of global oil demand growth for this year. China's exports rose 48.5 percent in May from a year earlier, beating forecasts of a 32 percent gain and confirming a
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The ECB kept its main interest rate locked at a record low point of 1.0 percent on Thursday as financial markets demanded details on a controversial programme to buy up debt from eurozone countries. European Central Bank governors decided last month to purchase billions of euros in debt issued by countries like Greece, Ireland and
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Greece's unemployment rate fell to 11.6 percent in March from a six-year high of 12.1 percent in February, the country's statistics service said on Thursday. Unemployment was 9.2 percent in March 2009. The jobless rate in the 16 countries sharing the euro rose to 10.1 percent in April, its highest level in almost 12 years,
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European finance ministers sought to calm nervous markets on Monday by nailing down details of a massive financial safety net for the euro zone as Germany unveiled new budget cuts it hopes will set an example for its partners in the bloc. German Chancellor Angela Merkel's coalition agreed to pursue savings of 11.2 billion euros
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European shares rose on Thursday ahead of several key central bank interest rate decisions, with banks gaining on a more positive global recovery sentiment and oil spill-hit BP moving off its lows. By 0916 GMT, the FTSEurofirst 300 index of top shares was up 0.7 percent at 1,005.78 points after earlier being as low as
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Syndicated loans for emerging markets borrowers are being threatened by increased bank funding costs arising from the euro zone crisis, lenders said on Wednesday. The sovereign debt crisis has boosted dollar funding costs, which is reducing demand from smaller banks to join loans and causing a number of arranging banks to review their lending strategy,
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Financial markets' scepticism of a rescue plan for Greece and a safety net for the euro zone's members is incomprehensible, European Central Bank Governing Council member Axel Weber said on Wednesday.
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