But youth unemployment rises   The Cyprus unemployment rate tumbled to 3.4% in the second quarter of 2007, as the number of unemployed rose, according to the results of the latest Labour Force Survey. However, the scourge of youth unemployment continued, with a rise in both the number and the proportion of young unemployed. The

The rise in the number of Cyprus residents travelling abroad reached its second highest rate in August, recording an increase of 21.1%. On the basis of the results of the Passengers’ Survey, 156,194 residents of Cyprus returned from a trip abroad in August 2007 compared with 128,989 in the corresponding month of last year. Trips

The industrial output price index reached 128.3 (base 2000=100) in August, recording a rise of 3.6% compared with the same month of 2006 and 0.5% compared with July. For the period January-August 2007, the index increased by 3.0% compared with the same period of 2006. In the manufacturing sector, the index for August 2007 reached

The takeover bid submitted by Cyprus Trading Corporation Pcl (CTC) for Woolworth Cyprus Properties (FWW) has been completed successfully after it was announced that CTC acquired 40.4 mln FWW shares corresponding to 35.25% of FWW’s ordinary share capital. This number includes acceptances for 989,172 shares that were received by persons in agreement with the Offeror.

Vision International People Group Public Limited (VIP) announced that the Company’s Annual General Meeting, which was convened on September 28 in Moscow approved the payment of a final dividend for 2006 as well as a proposal by the Board to shift from the CSE’s Main to the Alternative Market. The final dividend totaling US$0,118 per

British Airways recently hosted a unique celebration to mark the 75th anniversary of the world-class carrier’s operations to Cyprus, with the airline undergoing several transformations since then, while the island passed through its most turbulent and yet most memorable years. A reception was held at the British High Commissioner’s residence in Nicosia, attended by business

Gross construction output in Cyprus accelerated in the second quarter, rising by 8.3% over the same period of 2006. This was the third consecutive quarter of acceleration, after construction output growth hit a low of 0.9% in the third quarter of 2006. Output then rose to 3% in the fourth quarter and 5% in the

Ericsson has signed a new frame agreement with leading Bangladeshi operator TMIB to upgrade and expand its EDGE-enabled GPRS/GSM network, and provide mobile broadband services. Under the agreement, Ericsson will provide new radio base stations and mobile softswitch equipment that will enable TMIB to minimize network costs while evolving towards an all-IP network. Software upgrades

Under a long-term contract, Nokia Siemens Networks will deliver maintenance services for Juniper Networks E-, M- and T-series routers in the IP backbone and broadband access network of Deutsche Telekom in GermanyThe new service package will ensure that network incidents are avoided or quickly resolved. Among the services included are ticket handling, incident processing and

Motorola has received the Industry Choice Best of WiMAX World USA 2007 Award for its WiMAX CPEi 800/850 Series Desktop CPE. Selected from a field of 16 finalists from among more than 80 submissions, this “people’s choice” award marks yet another honor for Motorola and its innovative WiMAX portfolio including customer premises equipment (CPE), access