The rapid deterioration of the financial climate in the EU continued in December 2008, during which the index of confidence hit an historic low of the past 23 years. Poland, Bulgaria and Cyprus were the three countries in which the confidence among businesspeople and consumers continues to be at a relatively high level. According to
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Cyprus Gross Domestic Growth (GDP) grew by 0.6% in the third quarter of 2008, confirming the Cypriot economy's strong resistance to the global financial crisis, according to figures released today by Eurostat, the European Union's Statistical Service. Cyprus' GDP for Q3 2008 increased to 3.5%, recording a 0.6% growth compared to Q2, which constitutes one
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The Seasonally adjusted unemployment in Cyprus reached 3.9% in November 2008, recording the third best unemployment rate in the EU after the Netherlands (3.7%) and Austria (3.8%), according to figures released today by Eurostat, the EU's statistical service. Compared to November 2007, Cyprus unemployment in November recorded a minor increase by 0.1% to 3.9%, a
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Bleak economic data in Europe and disappointing December retail sales figures in the United States unsettled financial markets on Thursday, strengthening the case for more government stimulus and encouraging rate cuts. The Bank of England, which cut its key interest rate to an historic low of 1.5 percent from 2.0 percent, said the world economy
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Greek Prime Minister Costas Karamanlis said on Thursday his new cabinet will make a fresh start with a special focus on the poor in a bid to boost ratings hit by riots, scandals and economic troubles. Karamanlis sacked his finance minister on Wednesday and injected new blood into his government, which has hit the lowest
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The trustees of the HBOS pension fund said on Thursday they had dropped plans to delay the bank's takeover by rival Lloyds TSB until they received funding guarantees for the retirement scheme. The trustees said they did not want to jeopardise capital raising programmes planned by both banks next week. "Having carefully considered the repercussions
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AKEL (Progressive Party of the Working People) is set to elect its new Secretary General on January 21st, who will replace current Secretary General and President of the Republic Demetris Christofias. The Secretariat of the Central Committee of AKEL will propose to the party Political Bureau that the Central Committee plenary meets on 21st of
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FIFA, UEFA, and a high-ranking delegation from the Cyprus Football Association (CFA) will discuss next Monday the prospects for the reintegration of Turkish Cypriot football clubs into CFA. ''A meeting has been agreed for 12 January in Zurich between FIFA, UEFA and CFA to discuss further action regarding the reintegration of the Turkish Cypriots in
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By Gareth Jones From mortgage holders to travel agents, many East Europeans are feeling poorer this winter after their local currencies lost up to a quarter of their value against the euro over the past six months. The ex-communist region's once booming economies are now taking a nasty and unexpected further knock as the bitter
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Greek Prime Minister Costas Karamanlis said on Thursday his new cabinet will make a fresh start with a special focus on the poor in a bid to boost ratings hit by riots, scandals and economic troubles. Karamanlis sacked his finance minister on Wednesday and injected new blood into his government, which has hit the lowest
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