The Cyprus Inland Revenue Department (IRD) reported that tax revenue for the period January – May 2009 declined by 11% YoY to EUR 582.19 mln from EUR 651.58 mln in the same period in 2008. The decline was mainly to the significant decline in revenue from Capital Gains Tax which slumped by 81% to EUR
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J Sainsbury, Britain's third-biggest grocer, plans to raise 445 million pounds ($732 million) to accelerate its expansion, it said on Wednesday, as it posted first-quarter sales at the top end of expectations. The 140-year-old firm, which runs over 500 supermarkets and almost 300 convenience stores, said it would raise 255 million pounds in a placing
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Most stocks in Asia edged lower on Wednesday, weighed down by resource-related shares and doubts about a global economic recovery, while oil slipped below $70 a barrel ahead of U.S. inventory data that could reflect slowing energy demand. U.S. Treasuries eased on profit taking after a surge overnight, but may not stay down for long,
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Venezuelan legislators on Tuesday approved a law to increase the stake President Hugo Chavez's government holds in the petrochemicals industry, the latest measure in his drive to forge a socialist state. The law approved by the National Assembly, where Chavez supporters hold a majority, calls for joint ventures with a minimum 50 percent state control
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The parliament of Latvia backed sharp budget cuts on Tuesday as the country tries to win more European Union (EU) and International Monetary Fund (IMF) loans to prevent bankruptcy and possible devaluation. Latvian financial markets were calm ahead of the vote as investors priced in a successful vote and looked ahead. The measures including cutting
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Two gunmen shot dead a Greek anti-terrorist policeman guarding a witness in Athens on Wednesday then fled on a motorcycle, police said. In the worst attack since riots in December launched a wave of urban guerrilla violence in Greece, the 41-year-old officer was shot several times at close range and died in his car in
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Cyprus’ Permanent Representative to the UN, Minas A. Hadjimichael, in a letter to the UN Secretary General, protested new violations of the international air traffic regulations and the national airspace of the Republic of Cyprus by military aircraft of the Turkish Air Force recorded from 1st April until 28 May 2009. In a letter, which
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Minister of Foreign Affairs Markos Kyprianou said here today that Turkey must comply with all its obligations towards all member states of the European Union. In statements at Larnaka airport on his return from Luxembourg, Kyprianou added that Turkey must prove it is working in a positive manner for its democratisation and it behaves as
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Greek Cypriot and Turkish Cypriot political parties, which meet regularly in the UN-controlled buffer zone under the auspices of the Slovak embassy in Cyprus, will meet again today at the Ledra Palace hotel. According to a written statement by the Slovak embassy, after the meeting the parties will issue a joint communique. In their last
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New U.S. housing starts and permits surged in May from record lows, while producer prices rose at a slower pace despite higher gasoline prices, boosting prospects for the economy's recovery from recession. The Commerce Department said on Tuesday housing starts jumped 17.2 percent to a seasonally adjusted annual rate of 532,000 units, as ground-breaking for
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