Registrations of motor vehicles increased by 3.8% over the same month of the previous year in October, to 5,546, compared with 5,344 in October 2007. Registrations have been somewhat erratic this year, having risen by 31.9% in September, fallen by 6.0% in August, risen by 18.2% in July and fallen by 2.2% in June. However,
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The nominally communist government that was elected at the end of February 2008 held in the third quarter to the budget surplus accumulated by the previous administration. On the basis of the preliminary EU-compatible data on the general government accounts total revenue in July-September rose by 9.7% year on year to EUR 2,198.6 mln ,
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Unemployment rose again in Cyprus in October, having risen for the first time in 17 months in September. The number of unemployed people registered at the District Labour Offices on the last day of October 2008 reached 9,983, compared with 9,871 in October 2007. The main increase was in wholesale and retail trade, which saw
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Retail trade growth slowed in August, with the biggest impact coming from the household sector, in the first signs of a slowdown in consumer spending. According to provisional figures for August from the Statistical Service, retail trade volumes rose by 3.9% compared with the same month of 2007, having risen by 10.4% in July. However,
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In a surprise move that will be appreciated by the general public, Bank of Cyprus announced that it is delaying its planned hike in lending margins by 1.25% until January 1, 2009, reversing its earlier decision according to which the increase in borrowing rates on housing loans tied to the ECB base rate was scheduled
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By Adrian Croft (Reuters) The global financial crisis has brought nationalisation, regulation and state intervention back into vogue in Europe but the turn to the left may not last long. European governments are pouring hundreds of billions of dollars into bank rescues and economic stimulus plans to try to prevent the crisis becoming a deep
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Weak economic readings from China, Japan and Britain and a grim corporate outlook worldwide reinforced fears on Tuesday of a prolonged recession, prompting investors to look to a world leaders' summit for solutions. Chinese import growth slowed in October and inflation fell to a 17-month low as domestic demand cooled, raising the likelihood Beijing will
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Economic gloom overpowered financial markets again on Tuesday, sending stock and commodity prices sharply lower as ebullience about China's $600 billion stimulus plan fizzled out. Wall Street looked set for losses at the open. Bad news from corporate America — General Motors shares at a 62-year low, Goldman Sachs seen posting a first-ever quarterly loss,
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Swiss luxury watchmaker Romain Jerome has seen sales of watches costing more than 150,000 Swiss francs ($127,400) slow as the financial crisis has forced some customers to cancel their orders, the group's head told Reuters. Chief Executive Yves Arpa, however, still expects the company's overall sales — including cheaper timepieces — to double in 2009
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Japanese office worker Satoshi Tada pays for shopping, wins free food and gets store discounts all by waving his cellphone. "I use it pretty much every day," the 25-year-old said. "You can charge money on it right there if needed, and you don't have to run around trying to find an ATM. You can even
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