Turkey’s claims that it can fly over Cyprus’ sovereign air space is an utter deceit, absolutely illegal and a violation of international conventions and international law, President Demetris Christofias stressed here today. Invited to comment on statements by a representative of the Turkish Foreign Ministry that Turkey has legitimate rights and interests in the Eastern
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Cyprus' trade balance presented a deficit of 1.2 billion EUR during the first quarter of 2009, according to data released on Wednesday by Eurostat. The total value of Cyprus' exports reached 200 million EUR, recording a 20% drop compared to the respective period in 2008, while imports were down by 19%, reaching 1.4 billion EUR
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MIG Aviation 3 Limited, a subsidiary of Marfin Investment Group Holdings S.A. of Greece, has signed a firm order for eight Q400 aircraft from Canada’s Bombardier Aerospace, including five Q400 NextGen turboprops. The deal worth US$ 224 mln was signed on the sidelines of the Paris Air Show at Le Bourget on Tuesday and includes
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Cyprus remains one of the key financial partners for Russia, according to the Vice President of the Russian Chamber of Commerce and Industry Georgi Petrov, who opened a seminar in Moscow on the business services offered by Cyprus. Petrov noted that ''during the global financial crisis, Cyprus has managed to take measures to overcome the
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World stocks stabilised on Thursday near a three-week low hit a day earlier after investors turned nervous in pushing risky assets further before seeing concrete signs of an economic recovery. Concerns over the banking sector grew after Standard & Poor's cut its credit ratings on 18 U.S. banks on Wednesday, saying increased regulation and market
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President Demetris Christofias accepted Thursday the resignation of the Chief of Police Iacovos Papacostas, who has been under pressure lately over cases of police incompetence and use of excessive force. Speaking to reporters before departing for Brussels to take part in the European Council, the president said that Papacostas saw him in the morning and
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U.S. consumer prices rose slightly in May, but over the past 12 months prices registered the biggest drop in nearly 60 years, allaying fears that inflation could threaten prospects for economic recovery. The Labor Department said on Wednesday higher gasoline prices contributed to the smaller-than-expected 0.1 percent rise in May's Consumer Price Index from April
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Britain's economy will contract by 3.8 percent this year and see only a muted recovery in 2010, the British Chambers of Commerce said on Thursday. The business group said the worst of the recession was probably over and output would likely turn positive in the fourth quarter of this year. But it said recovery was
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Competition for jobs in London's financial sector was tougher last month than at any point since the global crisis began in 2007, a survey showed on Thursday. Some 8,320 new candidates had to fight it out for only 3,150 jobs that opened in May, hiring firm Morgan McKinley said. The number of new openings increased
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Microsoft Corp's Bing search engine won more market share from rivals last week, according to new industry data released on Wednesday, but still trails Google Inc and Yahoo Inc. Challenging market leader Google — which in turn is looking to break into Microsoft's core software market — is a long-term project, said Microsoft chief executive
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