Revenue from tourism tumbled even further than arrivals in May, falling by 17.3% over the year earlier to EUR 158.1 mln, compared with EUR 191.3 mln in the corresponding month of the previous year. The number of arrivals in the same period dropped by 9.2%. A strong euro could be the reason for the fast
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The British economy contracted at a much sharper pace than initially thought and at its fastest rate in more than 50 years in the first three months of this year, official data showed on Tuesday. The Office for National Statistics said GDP fell by 2.4 percent in the first quarter, revised down from a fall
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Asian stocks rose on Tuesday, the last day of a torrid quarter, as investors added to trades based on a rebound in economic activity, while funds slashed bets against a fall in oil prices to keep crude on track for its biggest quarterly gain in 19 years. Major European stock indexes followed Asia's example by
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Russian Ministry of Foreign Affairs has stressed the common positions of Russia and Cyprus as regards the settlement of the Cyprus question and the high level of their bilateral cooperation in a press release on the meeting between Russian Foreign Minister Sergey Lavrov and Cyprus Foreign Minister Marcos Kyprianou, on the sidelines of the informal
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EU's Quarterly Report on the Euro Area estimates that the fiscal deficit in Cyprus for 2009 will reach 1.9% of GDP. According to the report, the deficit in Cyprus will rise to 2.6% in 2010, while forecast for real GDP growth show that Cyprus will mark the highest economic growth in the Euro area both
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British consumer morale improved in June to its best in 14 months as people became confident their own finances would improve for the first time in more than a year, a survey showed on Tuesday. The GfK/NOP consumer confidence index rose to -25 in June from -27 in May — the highest since April 2008
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Japan's jobless rate rose to its highest in nearly six years, threatening to undermine government efforts to spur growth with stimulus spending and leaving the world's No.2 economy at the mercy of demand for its exports. Government incentives for buyers of energy efficient cars and appliances helped lift household spending last month, surprising analysts and
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British house prices rose for the second month running in June, leaving them less than 10 percent down on a year ago, the Nationwide building society said on Tuesday, in another sign the market may be stabilising. The mortgage lender said house prices rose 0.9 percent this month, taking the annual rate of decline to
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The Israeli navy intercepted activists sailing to Gaza with aid on Tuesday, surrounding their boat and telling them to turn back, activists said. The vessel with 21 people on board was in international waters when it was told to turn back, members of the U.S.-based Free Gaza Movement on the boat and in Cyprus told
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The fundamental credit outlook for the Icelandic banking system remains negative, reflecting the significant challenges still lying ahead in terms of rebuilding the sector, Moody's Investors Service said in its new Banking System Outlook on Iceland. As a result of the magnitude of the financial crisis Moody's has major concerns about future asset quality. "The
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