Cyprus and Greek stocks went into a free-fall on Wednesday after Standard & Poor's Ratings Services cut its credit ratings on Greece's sovereign debt o, due to falling economic competitiveness and a rising fiscal deficit worsened by the global crisis. The Cyprus Stock Exchange (CSE) Index dived 5.2% on the day to close at a
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Cyprus Airways (CY), Cyprus’ national air carrier, have sold one of their old Airbus A320, in the framework of their strategy to renew their fleet. The Airbus was sold for $5.6 mln. CY Executive Chairman Kikis Lazarides said that CY has an agreement with Aircraft Solutions A320 LLC, a subsidiary of TPG Credit Management L.P.
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Cyprus raised EUR 165 mln for five years during the auction held on January 14 by the Central Bank of Cyprus on behalf of the Finance Ministry, with the initial offer at EUR 150 mln but at the discretion of the Minister of Finance to increase the offered amount up to an additional EUR100 mln.
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By Jessica Mortimer With all news bad news for Britain's battered economy, sterling's six-month slump may have further to go, but charts show any new year slide is more likely to be against the dollar than the euro. The pound's sudden drop past 90 pence against the euro in December sparked speculation it would soon
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U.S. consumers cut their spending even more sharply than expected last month, data showed on Wednesday, while Germany's export-driven economy was forecast to shrink this year at its fastest pace in more than six decades. Sales at U.S. retailers fell a steeper-than-expected 2.7 percent in December after a revised 2.1 percent drop in November, while
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Standard & Poor's Ratings Services cut its credit ratings on Greece's sovereign debt on Wednesday, due to falling economic competitiveness and a rising fiscal deficit worsened by the global crisis. The news sent bond spreads sharply wider and the euro fell to below $1.31 versus the dollar. S&P cut Greece's sovereign rating, already the lowest
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British corporate profit margins fell in the third quarter of last year despite record returns from North Sea oil and gas, after companies started to feel the impact of the economic slowdown. The Office for National Statistics said on Wednesday that the net rate of return by private non-financial corporations fell to 13.9 percent in
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Barclays Plc said it is cutting more UK-based jobs in its retail and commercial banking businesses, which is likely to take job losses at the British bank to 4,600 in the past week. The latest cuts will see about 2,100 jobs go in UK retail and commercial banking and Barclaycard, a person familiar with the
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European shares dropped on Wednesday, falling for the sixth consecutive session and turning negative on the year on renewed fears surrounding banks' balance sheets. Deutsche Bank tumbled 9 percent after saying it has racked up a loss of about 4.8 billion euros ($6.4 billion) in the final three months of 2008 alone, blaming troubled markets.
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European shares fell back in early trade on Wednesday as gains in energy stocks were overshadowed by falls in the banks and mining sectors. By 0932 GMT, the FTSEurofirst 300 index of top European shares was down 0.7 percent at 834.58 points after being up as much as 844.9 points earlier. "We started a bit
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