Moody's Investors Service has downgraded the local and foreign currency deposit ratings of Commercial Bank of Dubai PJSC (CBD) by one notch to A3/Prime-2 from A2/Prime-1. At the same time, it has confirmed CBD's bank financial strength rating (BFSR) at D+, which maps to a baseline credit assessment (BCA) of Baa3. The long-term deposit ratings

President Demetris Christofias has said that the forthcoming visit of Pope Benedict XVI to Cyprus is a turning point in relations between the peoples of Cyprus and Italy. The visit, the President pointed out, will enhance the already close relations with the Holy See. Inaugurating the exhibition “Cyprus and Italy in the Age of Byzantium”,

Manufacturing growth slowed across the globe in May but there was some relief in the United States where there was scant evidence of any impending slump caused by Europe's debt crisis. Purchasing managers surveys in China and the euro zone showed local economies grew at more sluggish pace. That stoked fears China may become less

The euro rose on Wednesday after some of the world's biggest central banks said they would not stop investing in the single currency, while world equities and commodity prices fell. The yen and Tokyo's shares weakened following Japan's Prime Minister Yukio Hatoyama's resignation. Official sources in Brazil, India, Japan, Russia and South Korea told Reuters

Unemployment in Cyprus reached 6.8% of the active population in April, compared to 6.7% in March, according to figures released on Tuesday by Eurostat. The figures indicated a 6.9% unemployment rate among men in Cyprus and 6.7% among women in April. According to March data, unemployment among persons under the age of 25 was 18.1%

Euro zone unemployment rose to its highest level in almost 12 years in April but a drop in the number of jobless in Germany in May signalled the labour market could be stabilising. The European Union's statistics office said 10.1 percent of the workforce, or 15.860 million people, were jobless in April in the 16

Support for German Chancellor Angela Merkel's conservatives has fallen to its lowest level in nearly four years, a poll showed on Tuesday, adding to her troubles a day after the federal president's shock resignation. A Forsa poll showed Merkel's conservative camp down two points from a week ago on 30 percent — its lowest level

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. As the euro recouped losses but remained on the

The financial cost of tackling the oil spill in the Gulf of Mexico, the worst in U.S. history, now stands at $990 million, BP (BP.L) said on Tuesday as it prepared for a new attempt to control the flow of oil this week. London-based BP will try to place a containment cap on top of