Australia slashed rates by a full percentage point on Tuesday and Japan's central bank met to consider its response to an acute cash squeeze, kicking off another global push to shore up economies and soothe markets. The moves comes after stock markets around the world plunged, jolted by a report that confirmed the U.S. economy
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Germany will not take part in a "senseless" international competition to spend billions of euros to boost flagging economic growth, Chancellor Angela Merkel said on Monday. Despite heavy criticism from across Europe and even within her own conservatives for her cautious response to the global economic crisis, Merkel said she would not open any spending
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London Scottish Bank, a small British lender, said on Monday it had gone into administration after failing to plug a gap in its capital reserves. In a statement, the UK Treasury said no savers would lose money as a result of LSB's collapse, even if their savings exceeded the 50,000 pound ($77,150) ceiling set by
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World stocks ended six consecutive days of gains on Monday and oil prices tumbled, boosting flows into the low-yielding yen as data showing slumping manufacturing activity in China and Europe fanned concerns over the economy. U.S. Treasury prices rose across the board, driving the benchmark 10-year yield to a fresh five-decade low as investors flocked
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The European Commission endorsed a set of principles on Monday that banks will introduce in November 2009 to make it easier for customers to switch accounts and find a cheaper service. The European Union executive had threatened to regulate unless banks come up with a code that was effective across the 27 member states. "I
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Cyprus's economy is expected to register a slowdown to growth of around 2% in 2009, with inflation seen falling below 3%, Central Bank Governor Athanasios Orphanides said. 'The assessment of the Central Bank of Cyprus is that a significant slowdown will be seen in 2009, with real GDP growth expanding by around 2%,' Orphanides, member
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Aspis Holdings (ASP.CY) reported a spectacular increase in profitability during the first nine months of 2008 with net profit attributable to shareholders rising 72% year-on-year to EUR 28.98 mln compared to EUR 16.85 mln in 9M07. Earnings per share jumped to EUR 0.338 from EUR 0.249. Turnover during the first nine months improved by 3.6%
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On the basis of the results of the Passengers Survey, 98,527 residents of Cyprus returned from a trip abroad in October 2008 compared to 97,131 in the corresponding month last year recording an increase of 1.4%. In October 2008 there was an increase of 2.8% in the trips of residents to the United Kingdom (from
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Sales of petroleum products rose by only 0.8% in January-October 2008, compared with the corresponding period of the previous year, according to the latest figures from the Statistical Service Cystat. Total sales of petroleum products in October 2008 recorded a decrease of 1.1% compared to the previous month. A significant rise was recorded in the
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The Republic of Cyprus and its government will decisively defend the sovereign rights of the Republic of Cyprus, as these derive by the international law, Government Spokesman Stephanos Stephanou has said, adding that exploratory surveys for hydrocarbon reserves in Cyprus' exclusive economic zone (EEZ) are continuing and will soon be concluded. Referring to recent Turkish
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