British commercial property values fell 0.9 percent in June, nearly half May's decline and taking the market's total fall to 44.1 percent since June 2007, as the UK real estate slump enters its third year. The benchmark data from Investment Property Databank (IPD), used as the basis for the UK's property derivatives market, had registered
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Britain was "gaining traction" in persuading its EU partners to rein in a draft law regulating hedge funds but the industry should also get its customers out on the campaign trail, a government minister said on Tuesday. The European Union's executive European Commission has proposed a law to force managers of hedge funds, private equity
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The Board of Directors of Bank of Cyprus Public Company decided to renew the contracts of employment of Messrs Andreas Eliades, Group Chief Executive Officer and Yiannis Kypri, Group Chief General Manager until 31 December 2013. The new contracts have a five year duration and are effective as of 1st January 2009. Messrs Eliades and
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The names of the three new members of the House of Representatives, who will replace the recently elected Cypriot members of the European Parliament, were officially announced on Tuesday in two separate ceremonies in Nicosia and Limassol. Panikos Champas of AKEL takes the seat of MEP Takis Hatzigeorgiou, Andreas Kyprianou of DISY replaces MEP Eleni
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Strong Goldman Sachs profits and rising U.S. retail sales fanned optimism on Tuesday that global recession may be waning, but Europe showed signs of only stuttering economic recovery at best. Wall Street's largest surviving investment bank announced better-than-expected second quarter results, while sales at U.S. retailers beat expectations with a 0.6 percent rise in June,
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The number of building permits authorised in Cyprus slipped again in April, having risen in February and March, according to the latest data from the Statistical Service. The figures show that building permits authorised by the municipal authorities and the district administration offices in April 2009 reached 687, a fall of 5.1% compared with the
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The number of residents of Cyprus travelling abroad fell again in April, to 86,350 a drop of 8.8% compared with the 96,645 recorded in April 2008. The most popular destination was Greece (25,890), followed by the UK (24,217). The number of trips to Greece was 12.1% lower than last year while the number of trips
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Oil prices rose by around a dollar to more than $60 on Tuesday as renewed confidence across financial markets helped to reverse some of last week's losses. U.S. crude rose by 91 cents to $60.60 a barrel by 1256 GMT, while London Brent crude rose 75 cents to $61.44. On Monday, U.S. crude dropped to
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A jump in auto and gasoline sales boosted U.S. retailers in June, while a measure of inflation soared by twice as much as expected, bolstering hopes the economy was finally beginning a modest recovery. Commerce Department data on Tuesday showed sales at U.S. retailers rose 0.6 percent from a month earlier, ahead of economists' expectations
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A burst of confidence in U.S. financial stocks lifted global equities on Tuesday and Goldman Sachs kept the mood buoyant with a strong set of earnings. U.S. retail sales for June also came in better than expected, reinforcing upbeat sentiment. Wall Street looked set for a positive start and the dollar recovered early weakness. World
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