The budget results for the first quarter of 2009 show that the large budget surplus inherited by the government has now disappeared. On the basis of the preliminary data on the general government accounts for the period January-March 2009, the deficit reached EUR 137.7 mln (0.8% of annual GDP), compared with a surplus of EUR
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Federal Reserve Chairman Ben Bernanke warned on Wednesday that rising U.S. debt was contributing to a jump in longer-term interest rates, and said now was the time to start working on reining in deficits. He sounded more confident that the end of the recession was getting closer and economic growth would resume this year, citing
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SFS Group Public Company Limited announced that Dubai Financial Services Authority accepted the application of its subsidiary Gulflink International Securities Limited for the withdrawal of its license for the provision of investment services, with effect from June 2, 2009. The Company intends to proceed with the write-off and dissolution of Gulflink, which is registered in
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Aspis Holdings Public Company (ASP) announced that it will appeal to the Supreme Court against the administrative fines imposed by the Cyprus Securities and Exchange Commission (CySEC). The Company believes that it is not treated equally by the Commission, since similar requests for an exemption from the Pubic Offer were faced positively to third CSE
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Telecom Egypt (TE) and Cyprus Telecommunications Authority (Cyta) announced, that they have entered into an agreement to cooperate through extension of Telecom Egypt’s TEN Cable System to Cyprus, thereby creating reciprocal Eurasia and Eastern Mediterranean opportunities. As part of this cooperation, Cyta will purchase a fiber-pair on TEN, capable of transporting a terabit of telecommunications
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The oil markets' seven-day rally faltered on Wednesday ahead of weekly U.S. inventory data and as investors grew more cautious ahead of the $70 a barrel mark. U.S. light, sweet crude was down 86 cents at $67.69 a barrel by 1132 GMT, off an earlier peak of $68.72. ICE Brent crude was down 70 cents
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Iran signed a contract with China National Petroleum Corporation (CNPC) on Wednesday for the development of phase 11 of the South Pars gas field, replacing France's Total, the IRNA news agency reported. "The contract for the development of phase 11 of the South Pars gas field with foreign investment was signed today in Beijing," said
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The foreign ministers of NATO and Russia will meet in Greece on June 27, the first such high-level talks since Russia's war with Georgia last August, the Western military alliance said on Wednesday. The two sides had aimed to hold the meeting in May, but Moscow postponed it after NATO expelled two Russian diplomats over
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UN Secretary General’s Special Advisor on Cyprus, Alexander Downer, has said that the leaders of the island’s two communities discussed Wednesday the chapter of economy and the Limnitis issue, (relating to efforts to open a crossing point to and from the northern Turkish occupied areas of Cyprus to facilitate movement). In statements after the leaders’
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Petros Kestoras recently presented his credentials to President of Armenia Serzh Sargsyan, as Ambassador of the Republic of Cyprus to Armenia, based in Moscow. According to an official press release, Sargsyan referred to developments in efforts to normalise relations between Armenia and Turkey, and Kestoras briefed the Armenian President on developments in the Cyprus problem
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