NICOSIA  - Cyprus needs an effective fiscal consolidation plan to regain trust of the markets, but failure to do so will trigger an "exceptionally unpleasant" downward spiral, Central Bank governor Athanasios Orphanides was quoted as saying on Saturday.
Orphanides, a member of the...

NICOSIA - Cyprus economy has the potential to overcome the problems it is facing, government Spokesman Stefanos Stefanou said, pointing out the importance of social consensus regarding the austerity measures needed to be taken to create conditions of impetus.
Stefanou expressed hope the...

NICOSIA  - Head of the Cyprus Chamber of Commerce and Industry (KEVE) Phidias Pilides has been elected President of the Union of Balkan Chambers for the year 2012.
“Mr Pilides’ election is very important for Cyprus as well as for KEVE whose role in tackling the problems of the region’s...

NICOSIA - With Cypriots feeling the economic pinch fewer people travelled abroad in October, according to official data.
According to the Passengers Survey, 99,601 residents of Cyprus returned from a trip abroad last month compared to 109,956 in October 2010 recording a decrease of 9.4%....

NICOSIA  - Cyprus Stock Exchange director general Nontas Metaxas has been re-elected as a member of the Federation of European Stock Exchanges (FESE) as well as chairman of its Planning Commission.
The elections took place at the end of FESE’s annual meeting in Brussels this week,...

The Cyprus Eurasia Dispute Resolution and Arbitration Centre (CEDRAC) aims to assist international businesspeople resolve their disputes through fair, quick and cost-effective arbitration procedures.
This was the message sent out at their inaugural conference of the Centre at the European...

PAPHOS - The southwestern region of Paphos has recorded an increase in tourism arrivals for the first 10 months of 2011, Director of Paphos Regional Board of Tourism Nasos Hadjigeorgiou told CNA.

He said arrivals were up 11% while revenue was up 14%. Cyprus Tourism Organisation (CTO)...

NICOSIA - The Employers and Industrialist Federation (Oeb) are against a government proposal to tax company turnover on domestic operations.
Companies coughing up more in taxes are one of the revenue raising ideas Finance Minister Kikis Kazamias is mulling over in government assault to slay...

NICOSIA - The Industrial Turnover Index for August reached 111.7 units (base 2005=100), recording an increase of 2.8% compared to August 2010.
For the period January-August, the index recorded an increase of 0.5% compared to the same period for 2010.
For Manufacturing, the index for...

NICOSIA - Cyprus Airways said it carried 15% fewer passengers in the first 10 months of the year after cutting capacity by 17%.
Passengers dropped by 210,000 from the year-earlier period, after the number of seats available was cut by 336,000 amid lower demand, the airline said in a report...