News

Representatives of Troika, the European Commission, the International Monetary Fund, and the European Central Bank have all arrived in Cyprus on the 17th of July. They will comprehensively assess the implementation of the stabilization program of Cyprus, which was approved in March from the Eurogroup…


Russian gas reserves second only to Iran

This month, the Russian government has released the extent of oil and gas reserve-  which have been kept secret. According to Reuters, the cost of Russian Urals crude rose to a maximum value of 109.88 dollars per barrel; the price for North Sea Brent also changed to 109, 53 dollars per barrel. Oil prices…


G20 fight against tax evasion

On the 19thof July, a meeting of G20 finance ministers will be held in Moscow. The leaders are planning to introduce a new scheme to fight tax evasion. The Organization of Economic Cooperation and Development (OECD) prepared a plan of action to combat the diversion of legitimate income from taxation…


Singapore's economic growth increased by 15.2%

Data from the Ministry of Commerce showed that in the second quarter of this year, Singapore's economy grew by 15.2%. Advances in Biomedicine helped develop and boost the economy of the country. In comparison with the figures for the previous quarter, the data appears to be rather optimistic. The…


The court ruled that Apple has reached an agreement with publishing houses to raise prices artificially. Manhattan District Judge-Denise Cote has appointed a new hearing, in which the amount of damages will be determined by the actions of the participants of the cartel agreement. The judge also stated…


The IMF lowered its growth forecast for the world economy

The International Monetary Fund (IMF) lowered its forecast for global growth to 0.2%, compared with the data in April of this year. According to IMF, the global economic outlook had deteriorated because of the deep recession in the Euro zone and a slower-than-expected economic growth of the U.S. In…


Research indicates that most of Singapore's millionaires earned their fortune in less than 10 years. Investment became the main source of wealth and Singaporeans were able to capitalize on them, with about 72% of revenue. Despite the crisis, as well as social and political instability, from 2008 to 2013…


On the 3rd of July, the credit rating agency Standard & Poor's (S & P) announced its decision to upgrade the long-term sovereign rating of Cyprus from selective default  to CCC-plus, in both foreign and national currency. On Friday, the agency "Fitch" publicised this decision, which was made after the…


Noble suggests quicker way of exploiting gas

An alternative, faster method for exploiting natural gas has been proposed by the US-based firm, NOBLE Energy. This 'informal' proposal to the government involves the positioning of a spar platform which can drill and extract natural gas faster than traditional drilling rigs. The Cyprus Mail was informed…


On a banking union, Malta is 'cautiously optimistic'

Prime Minister Joseph Muscat has described Malta's position on a banking union as "cautiously optimistic". This came after confirmation of EU leaders desire for an agreement by the end of the year, on a scheme to resolve failed banks at European level.  Although Malta agreed on general points, no significant…