The Lord Mayor of the City of London Alterman Ian Luder has described the links between Cyprus and the UK as “strong, positive and constructive”. Speaking at a Gala Dinner hosted by the Cyprus-UK Business Association, he added that he was on the island to “cement existing contacts and to explore the scope for more.”
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European shares extended losses on Thursday afternoon, after a downbeat start to trading on Wall Street, with new claims for U.S. unemployment benefit coming in slightly higher than expected. At 1433 GMT, the FTSEurofirst 300 index of top European shares was down 2.1 percent at 793.81 points, and touched a low of 792.73. Banks were
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Turkey and the International Monetary Fund failed to break an impasse over a loan deal on Thursday and Russian state bank VEB said struggling companies had asked it for $90 billion in aid. Flagging further trouble for the global economy, India's trade minister warned of a growing threat of protectionism as a response to the
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U.S. jobless rolls jumped to a record peak in mid-January, while new orders for durable goods fell for a fifth straight month in December, data showed on Thursday, underscoring the deepening economic malaise. The latest batch of grim data fanned worries that the year-long recession, triggered by the collapse of the U.S. housing market, could
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Christmas trading in Britain was not the disaster many analysts had predicted, but with the recession deepening and sterling weak more retailers are likely to go to the wall in 2009. The back end of 2008 and the early weeks of this year have seen the collapse of a raft of major UK retailers, including
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Market-related pressures due to the ongoing credit squeeze and the loss of investor confidence also place operational stresses on the hedge fund industry, rather than just financial stresses, Moody's Investors Service said in a new report. "The financial underperformance of many hedge funds in the current economic downturn may itself be symptomatic of latent deficiencies
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Cypriot industrial enterprises produced 782,00 tonnes of waste in 2006 according to the the results of the Survey on the Treatment of Waste in Enterprises carried out by the Statistical Service. Of the total 782,000 tonnes generated, 19,000 were incinerated, 185,000 were recovered and 578,000 were disposed or deposited in specially designed sites. Hazardous waste
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Cyprus tourism revenue tumbled by 3.5% in 2008 according to the latest data, a year in which tourism arrivals fell by 0.5%. On the basis of the results of the Passenger Survey, revenue from tourism is estimated at EUR 1,792.8 mln (EUR 1.8 bln) compared with EUR 1,858.1 mln in the corresponding period of 2007.
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The dollar and yen were broadly supported on Thursday as fading optimism over the latest U.S. monetary and fiscal stimulus measures prompted investors to seek perceived safer assets as share prices fell. The euro remained under pressure, reversing a trend seen earlier in the week where it had benefited as concerns about the banking system
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The European Commission proposed on Wednesday the allocation of 20 million euro to Cyprus and Malta as part of a 5 billion euro investment in the EU’s energy, internet broadband infrastructure and Common Agricultural Policy (CAP). The investment is a part of the EU recovery plan endorsed by the European Council in December 2008 and
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