The European Commission gave its go-ahead on February 9 to the launch of the Marseilles-Provence Cruise Terminal that will be jointly managed by a consortium comprising of Costa Crociere, MSC Crociere and Louis Cruises of Cyprus, that already account for 85% of port’s the cruise business. The French ports authority, Grand Port Maritime de Marseille
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Cyprus property sale contracts declined by 72% Year-on-Year in January 2009 accounting to data issued by the Land Registry Department. The total number of contracts for sale lodged with the Land Registry Department were 452 in January 2009 compared to 1615 a year ago. The number of contracts for sale is steadily declining since in
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As the global financial and economic crisis reached the Arabian Gulf later than most other parts of the world, corporate issuers in the region largely remained in a financially strong position in 2008, Moody's Investors Service said in a new special comment. However, as already evidenced by weaker financial performance in the last quarter of
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The Committee on Foreign Affairs of the European Parliament has urged Turkey to facilitate a suitable climate for the ongoing peace talks in Cyprus by withdrawing its military forces from the island and by allowing the two community leaders to negotiate freely their country's future. The Committee expressed regret that Turkey has not met its
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The leaders of the two communities in Cyprus, President of the Republic Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat, will hold their 19th meeting today in the framework of the UN-led direct negotiations, which began last September with a view to reach a solution of the Cyprus problem. The two leaders will continue
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Congressional negotiators have reached a deal on controversial "Buy American" provisions of a huge economic stimulus bill that address concerns of some U.S. trade partners, a senior Democratic lawmaker said on Wednesday. Canada, the European Union and Japan last week welcomed the softened language of the "Buy American" provisions, pushed by President Barack Obama over
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The worst of the global financial crisis may be yet to come, and the European Central Bank could cut interest rates next month, ECB Governing Council member Erkki Liikanen was quoted as saying on Thursday. The ECB on Feb. 5 kept interest rates steady at 2.0 percent but signalled it would probably cut rates in
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The U.S. Congress is poised to pass as early as Thursday a $789 billion package of tax cuts and spending programs aimed at reviving the staggering economy, a big, yet bittersweet victory for President Barack Obama. The new president, three weeks on the job, had wanted broad bipartisan support for the economic stimulus initiative but
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By Tabassum Zakaria President Barack Obama may think words like "catastrophe," "crisis" and "disaster" help sell his economic rescue plans, but U.S. history has shown that scare tactics can backfire. Having campaigned on a promise of hope and run against what he called President George W. Bush's "politics of fear," Obama may be taking a
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The Cyprus tourism sector started the year on the doldrums, as passenger arrivals fell by 7.1% to 47,066 in January 2009 compared with 50,658 in January 2008. Arrivals from the UK fell by 8.5%, to 19,809 in January 2009 compared with 21,641 in January 2008. Arrivals from Greece fell by 4.1% to 6,888 from 7,183
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