BRUSSELS - Unemployment in Cyprus has surpassed the 8% benchmark for the first time sending shivers through a job market suffering from the financial crisis. According to Eurostat, Cyprus saw one the biggest year-on-year jobless rises in Europe during October increasing from 6% to 8.2% but it was...

NICOSIA - Cyprus's second-largest lender Marfin Popular Bank said on Tuesday it lost €86m in the third quarter, including one-off extraordinary items amounting to €96.7m.
The bank reported a loss of €282.2m in the nine-months of 2011.
(Reuters)
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NICOSIA  - The number of building permits declined by 27.1% during the first ten months of 2011, compared to the same period of 2010, according to the Statistical Service. The Monthly Economic Indicators for the period from January to October 2011,  show that during this...

NICOSIA - Cyprus must take immediate steps to start reducing public debt and its banks remain badly exposed to debt-crippled Greece, the International Monetary Fund warned in a report on Tuesday. Externally, the exposure of Cypriot banks to Greece and worsening prospects for external demand pose...

NICOSIA - Hellenic Bank swung to a net loss of €72.10m in the first nine months of the year, hit by high provisioning costs and a writedown on its Greek bonds. It posted a net profit of 12.05 million euros in the first three quarters of 2010.

The bank, in which the Church of Cyprus...

NICOSIA - The newly appointed Chairman of the Cyprus Investment Promotion Agency (CIPA) Christodoulos Angastiniotis has highlighted the great prospects of attracting foreign investment in the field of energy in Cyprus, as a result of the exploration now underway in the Republic’s Exclusive...

Foreign deposits in local financial institutions recorded a drop in October supporting fears that the banking system’s exposure to Greece would affect investor confidence.
According to Central Bank statistics foreign deposits were down for the third consecutive month shedding around €500...

NICOSIA - Finance Minister Kikis Kazamias and opposition leader Nicos Anastasiades both agreed Monday that the economy summit produced positive results on how to avoid an EU bailout.
Anastasiades met President Christofias at the Presidential Palace after calling for a summit on how to save...

PAPHOS - Paphos is close to a deal to bring low-cost Ryanair flights to and from the coastal town.
According to an article in today’s Phileleftheros newspaper, exclusive sources have revealed that prominent people involved in the town’s tourism industry or otherwise linked to Paphos had over...

NICOSIA - President Christofias will meet on Monday at 08:00 with opposition Disy leader Nicos Anastasiades at the Presidential Palace to discuss pressing issues concerning the island's troubled economy.
According to an official announcement also attending the meeting will be...