WASHINGTON, Oct 22 (Reuters) – U.S. President George W. Bush will host a summit on Nov. 15 in the Washington, D.C., area to discuss the global financial crisis and ways to prevent it from happening again, the White House announced on Wednesday. "The leaders will review progress being made to address the current financial crisis,
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Cyprus recorded a fiscal surplus of EUR537 mln or 3.5% as a percentage of its GDP in 2007, according to Eurostat. This positive development is attributed to increased public revenue. The analysis of Eurostat data leads to the observation that Cyprus is the second best performer among Euro area countries after Finland, which presented a
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Barclays Bank is expected to emerge stronger from the credit turmoil that forced its main rivals in the UK, but also in the US and core Europe to seek government assistance and state participation, according to a leading executive in Cyprus. The aid measures are seen limiting the competitors’ ability to seize opportunities in contrast
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The total assets of Cyprus listed investment companies fell by a whopping EUR 240.33 mln by the end of September compared to a year before, as the 60% decline in equity prices so far this year has taken a heavy toll on the listed companies. According to a Financial Mirror survey, the 17 listed investment
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Andrew Cahn, Chief Executive of UK Trade and Investment (UKTI), is confident that there are many ways to deepen and further promote economic and commercial relations between Britain and Cyprus. Here for the launch of the Cyprus – UK Business Association last week, Cahn met government officials and business leaders and attended a workshop in
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The Cyprus real estate market, based on its sturdy economy, has so far resisted the negative consequences of the global credit crunch. According to a recent survey by the Royal Institution of Chartered Surveyors (RICS) on the second quarter of 2008, Cyprus is one of the few countries that displayed strengthening tendencies during this period.
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Value of permits up for third straight month The number of building permits authorised in Cyprus fell for the 11th straight month in August, but the value of permits authorised was up. The total number of permits was 504, 9.7% lower than August 2007. Building permits in January – August 2008 fell by 12.7% compared
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After a year of rapid price increases, construction materials prices fell in September by 0.56% compared with the previous month, with the index reaching 162.54. The main fall was recorded in industrial products, down 0.95% compared with August. Industrial products include cement and bricks. The prices of petroleum products for construction also fell, by 0.55%.
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Stock markets around the world fell sharply again on Wednesday after concerns about economic recession and falling commodity prices were fueled by a fresh spate of gloomy corporate earnings. Emerging markets were hardest hit by the global retreat and the fresh commodity pressure, with the U.S. dollar and government bonds the big gainers. MSCI's main
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All nine Bank of England Monetary Policy Committee members voted for this month's globally co-ordinated 50 basis point emergency cut in interest rates, minutes of their Oct. 8 meeting showed on Wednesday. Governor Mervyn King briefed the other eight policymakers about the discussions of a coordinated move with other central banks including the U.S. Federal
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