Oil rose toward $68 on Friday, scaling a fresh three week high, driven by rallies on global equity markets and gains in gasoline prices. U.S. crude was 47 cents up at $67.63 a barrel by 0907 GMT, having hit $67.68 earlier, the highest intra-day price since July 2. The price is rising for the eighth
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European stocks reversed early losses and rose on Friday, up for a tenth session in a row, as forecast-beating European macro data eclipsed poor results from Microsoft and gloomy comments from Ericsson. Banks were among the biggest gainers, with BNP Paribas up 2 percent, Deutsche Bank up 1.8 percent and Royal Bank of Scotland up
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Britain's top share index edged higher early on Friday, in positive ground for a 10th straight session as Vodafone gained on in-line results, offsetting weakness in miners. The first reading for second-quarter growth will be the main focus later, with preliminary GDP seen down 0.3 percent on the quarter, after a record 2.4 percent drop
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By Emma Thomasson "Fake watches are for fake people: buy authentic, buy real" — that is the slogan of a campaign by the Swiss watch industry to fight booming demand for counterfeit goods during the global downturn. Switzerland knows that imitation is the sincerest form of flattery but wants to preserve its reputation for quality
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Cyprus plans to legislate against usury after an apparent spike in cases of people struggling with costly debt from loan sharks profiteering during the financial downturn. Although there is no hard data, lawmakers debating the issue said the practice was on the rise. Cyprus does not regulate debt between individuals, with a legal vacuum leaving
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After three years of decline, the European Union unemployment rate started to rise in the first quarter of 2008, in the wake of the world economic crisis. Since then the unemployment rate, especially for young people, has increased sharply in the EU. According to official data released today by Eurostat, in the first quarter of
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Bank of Cyprus, the largest lender on the island, has announced a series of decisions regarding interest rates, which are expected to benefit a large number of existing and new consumers. According to the decisions, the basic interest rate on housing loans is reduced from 4,25% to 3,50%. In addition, the Bank of Cyprus offers
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The Chairman of the Cyprus Employers and Industrialists Federation (OEV) Andreas Pittas expressed the Federation’s concern regarding the course of the local economy, saying that according to the International Monetary Fund, Cyprus’ public debt would reach 3,9%. On the other hand, he noted the positive aspects of the Cypriot economy, such as the reduction in
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An Aspis Bank extraordinary general shareholders’ meeting on Thursday approved a board plan to raise 120 million euros through a share capital increase plan. The meeting approved unanimously to reduce the bank’s equity capital by 135,175,153 euros with the aim to creating a special reserve, through cutting its nominal shares’ value from 2.71 euros to
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The Greek government on Thursday unveiled a 250-mln-euro program aimed at offering financial support to some categories of professionals for investment on technological equipment. Under a plan, unveiled by the Economy and Finance ministry, subsidies up to 50 pct will be offered to lawyers, doctors, dentists, engineers, accountants and consultants for investments on the purchasing
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