European Commission President Jose Manuel Barroso unveiled the EU executive's new line-up on Friday, handing Finn Olli Rehn a key role overseeing monetary affairs as part of efforts to revive the European Union economy. Rehn takes over from Spaniard Joaquin Almunia, who will become competition commissioner in the 27-country bloc's executive. France's Michel Barnier was
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Oil prices sank to six-week lows below $75 a barrel on Friday as fears that Dubai could default convulsed financial markets and the dollar rose as investors moved into safer assets. U.S. crude for January delivery was $74.62 a barrel by 1302 GMT in electronic trading, up from a low of $72.39 in early trade,
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ING priced a rights issue intended to raise 7.5 billion euros ($11.2 billion) at 4.24 euros per share, luring shareholders with a hefty discount of close to 40 percent as it looks to pay back state aid. Europe's biggest insurer by assets will issue 1.768 billion new shares, on top of more than 2 billion
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Britain has gone through the worst of the recession and should return to growth in the fourth quarter, although there is "still a lot of work to do", two Bank of England policymakers said in newspaper interviews published on Friday. The central bank's Deputy Governor Charles Bean said the economy was "bumping along the bottom"
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European shares fell further on Friday, a day after posting their biggest one-day drop in seven months, as concerns about contagion from Dubai's debt crisis curbed investors' appetite for riskier assets. By 0922 GMT, the FTSEurofirst 3000 was down 0.3 percent at 984.99 points but trimmed earlier losses, having been down as much as 1.7
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The Board of Vassiliko Cement Works (VCW) proposed the payment of an interim dividend payment of EUR 0.015 to its shareholders. Ex-dividend date is set on 10 December 2009. Furthermore, the island’s cement monopoly reported a weak set of 9M09 results with net profit tumbling 68.2% year-on-year to EUR 1.9 mln. Total sales declined by
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Options Cassoulides Plc (OPT) recorded a loss attributable to the Company’s shareholders amounting to EUR527.700 compared to a profit of EUR295.000 in the corresponding 2008 period. Total revenue fell by 54% to EUR14 mln mainly because the Group’s conference division saw revenue decline to EUR6.7mln from EUR16 mln in 9M08, as well as lower revenue
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The Cyprus Business climate in November 2009 improved to plus 3.0 units month-on-month, according to the Business and Consumer Survey conducted by the Economic Research Centre of the University of Cyprus in cooperation with the European Committee. The increase in the Business climate index resulted from the improvement in almost all sectors. In specific, the
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The House of Representatives has ratified an agreement between Cyprus and Lebanon for the re-entry of persons who enter or reside illegally in the territory of any of the two countries. The House also approved a protocol for the implementation of the agreement. The agreement was signed in Nicosia on July 19, 2002 and the
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The House of Representatives unanimously ratified the agreement between the Republic of Cyprus and the Russian Federation for cooperation in the health and medical science sector. The agreement, which was signed in Moscow in November 2008, is expected to contribute to enhanced bilateral relations and provide the opportunity to utilise the Russian experience in health
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