After a long period of resilience house prices in Cyprus finally succumbed to global trends in the fourth quarter, falling by 3.5% over the previous month in December according to the BuySell Home Price Index prepared by MAP S. Platis. For the whole of 2008 house prices recorded a slight increase. However, prices were much
More
Construction materials prices rose by 11.6% in 2008, although they declined towards the end of the year, falling by 4.03% over the previous month in December. The Statistical Service reported that rise in 2008 was mainly owing to price increases of the following materials. * Round bars of iron of EU origin: 32.49% * Bituminous
More
Samsung Electronics posted its first ever quarterly loss as its memory chip and display units buckled under the weight of diving prices, and the technology giant faces even more pain as global recession saps demand. Profits at the world's top maker of memory chips and liquid crystal displays (LCDs) have been mauled by a lengthy
More
Asian stocks fell 2 percent to a 1-1/2-month low on Friday, weighed by poor corporate results in the technology sector, while the U.S. dollar drifted higher as investors sought refuge from the deteriorating global economy. Major European stock markets were expected to open mixed, according to UK financial bookmakers, after slipping for four straight days.
More
President Barack Obama's $825 billion stimulus plan and his pick for Treasury chief cleared key hurdles in Congress, a step forward in efforts to contain the global economic crisis that is battering businesses from banks to the tech sector. Samsung Electronics chalked up its first ever quarterly loss on Friday, joining a host of tech
More
Britain threw a financial lifeline on Thursday to a United Nations mine clearing programme in divided Cyprus at risk of closure from a lack of funds. The 50,000 euro ($64,880) donation from Britain to the United Nations Mine Action Centre (MAC) in Cyprus will allow the programme to keep operating in February and March, a
More
President of the Republic Demetris Christofias expressed appreciation on Thursday for the stance the Russian Federation has been maintaining on the Cyprus problem, and assured that he would strive ''to further develop our economic cooperation and facilitate any business and investment activity.'' In a speech at a forum for investments in Cyprus and Russia, organised
More
Cypriot Minister of Foreign Affairs Marcos Kyprianou wrapped up a series of visits to South American countries with an official visit to Brazil, where he held talks with his Brazilian counterpart Celso Amorim on Wednesday. The two Ministers discussed the relations between their two countries, the situation in the Middle East, the relations of Brazil
More
The European Investment Bank (EIB) will finance Cyprus with up to 300 million euro for infrastructure projects, the use of renewable sources and for supporting small and medium-sized enterprises, through Cypriot commercial banks, thus boosting the island’s economy and social coherence. This was stated Thursday by EIB Vice-chairman Ploutarhos Sakelaris after a meeting he held
More
The EU has made substantial progress in its innovation performance preceding the financial crisis, as it has been shown in the 2008 European Innovation Scoreboard (EIS) that was published on Thursday. According to a press release, strong progress by many new Member States such as Cyprus, Romania and Bulgaria helped reduce the relative innovation gap
More