Russian citizens and other CIS nationals reduced their deposits in Cyprus banks in November by EUR 400 mln, while compared to a year ago, the amount of money they have whisked out of Cyprus banks has totalled just under EUR 3 bln. Total deposits placed with Cyprus banks in November reached EUR 56.69 bln, which
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. As the credit crunch bites, we are going to be looking for value… and, value is going to be my watchword for 2009. I promise that in reviews of wines and restaurants, tavernas or take-outs, at a prominent point you will see the letters “VFM” = Value for Money. This will be followed by
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. We all know them. The Grumblers. Everything’s wrong – the government, the parents, the children, the schools, the hospitals, the hotel owners, the chefs, the winemakers…. Sad to say, quite a few come from the land of my birth. Among his or her tirade a Grumbler tells a friend he had a bad/expensive/small/cold/poorly served
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Christofias administration marks first year in office One would expect that the developments of the past year should help the present administration learn from mistakes (of its own or others) and plan out its future actions. Some of the necessary changes are in line with the election manifesto which elected President Christofias into office, while
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The executive committee of the Cyprus International Businesses Association has elected former health minister Frixos Savvides as its new president. In 1979, Savvides was the founding partner of Savvides & Partners / Pannell Kerr Forster (PKF) and was managing partner until 1999 when he was appointed to the Clerides administration, a post he held until
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US employers slashed payrolls by 524,000 in December, driving the unemployment rate to its highest level in almost 16 years, suggesting that the year-long recession was deepening. The Labour Department said the national unemployment rate rose to 7.2 percent in December, the highest level since January 1993. The jobless rate was 6.8 percent in November.
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British factory output slumped in November at its fastest annual pace since 1981, increasing the likelihood that the economy shrank sharply at the end of 2008 and faces a deep recession in 2009. The Office for National Statistics said manufacturing output was 7.4 percent lower than a year earlier, its biggest fall since June 1981
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The British government plans to hold talks with banks shortly about getting lending flowing to business after the Bank of England cut interest rates to a record low. Prime Minister Gordon Brown said that banks would be made to honour a commitment in the rescue plan to maintain the supply of loans to mortgage holders
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Steve Slater Europe's scarred banks face a long haul to shake off their 2008 hangover as recession, political intrusion and further capital raising leave their valuations — the lowest for decades — far from being a bargain. European lenders face hefty losses as corporate and consumer loans sour and more asset writedowns loom, while funding
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Cyprus runs the risk of desertification by the end of this century as it feels the brunt of climate change and drought, an expert warned on Friday. Studies project a rise in summer temperatures on the east Mediterranean island of between two and four degrees this century, compared to the 1960 to 1990 reference periods,
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