The head of the Bank of Japan said the bank will act decisively in the event of renewed financial market turmoil, his strongest hint yet at fresh support for the economy that analysts say could involve buying more government bonds or a return to quantitative easing. A government spokesman said quantitative easing will indeed be
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Asian stocks recovered after last week's steep sell-off over the Dubai debt crisis as investors nerves steadied on hopes that the fallout of a potential default will be limited. Banking shares, which bore the brunt of the selling on Friday on worries about banks' exposure to Dubai World and property group Nakheel, were at the
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Tourism revenue in Cyprus recorded its second largest fall this year in October, dropping by 21.3% over October 2008 to EUR 156.3 mln, compared with EUR 198.6 mln in the corresponding month of the previous year. For the period January – October 2009 revenue from tourism is estimated at EUR 1,389.6 mln compared with EUR
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Based on an initial assessment of the exposures of rated banks in the United Arab Emirates to Dubai World and its subsidiary Nakheel, Moody's Investors Service said that it will not implement any rating changes for now given that the banks that have sizeable exposures to Dubai World are either already on review for possible
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The number of teenagers using the Internet is growing at a steady pace in Cyprus, according to an annual survey, with those over the age of 13 increasing to 42.9% of all users, compared to 41.2% in last year’s survey. More than half surf the Net on a daily basis and 68% prefer to get
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Noel Josephides, former chairman of the Association of Independent Tour Operators (AITO) and managing director of Cyprus-specialist Sunvil Holidays, has been appointed as non-executive chairman of Viking Airlines, the Swedish carrier that stepped in to fill the void left in the UK charter market when XL stopped flying at the end of 2008. The Viking
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The International Labour Organisation has picked the Cyprus Employers and Industrialists’ Federation (OEV) to undertake the mentoring of the employers organisation of Armenia. The ILO and the International Organisation of Employers (IOE) said OEV was most suited for the mentoring programme that will be underway in 2010, primarily because it is regarded as a model
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The 26th Assembly of the International Maritime Organization (IMO) is taking place in London, at the IMO Headquarters, from 23 November to 4 December where there will be a voting process to elect the new members of the 40-member Council. Cyprus is represented at the IMO Assembly with a delegation from the Ministry of Communications
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. Cyprus’ energy challenge arises from its expanding economy and rising standard of living, relying almost exclusively on imported fuels to satisfy its energy needs. Last year, according to our trade minister, the cost of imported energy reached 19% of all imports and the government wants to reduce this dependence primarily through energy conservation. Already,
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. BY GEORGE PAPANICOLAOU In the 2009 survey of the Transparency International Corruption Perceptions Index, Cyprus ranked 27th, an increase of four positions from last year survey and its score climbed from 6.4 in 2008 to 6.6. The annual Corruption Perceptions Index (CPI), first released in 1995, is the best known of Transparency International tools.
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