Tuesday, 14 May 2013 20:51
Posted by Muhammad Iqbal
WARSAW: Central European leader Poland got off to a weaker than expected start this year, quarterly data showed on Tuesday, amid expectations that central banks in the region will further cut interest rates to boost demand and spur a sluggish recovery.The only EU member to have grown each year over the last two decades, Poland mustered just 0.1 percent growth in the first quarter, initial official data showed, after zero growth in the last quarter of 2012.Analysts pointed to a sharp decline in construction as contributing factor to the doldrums, highlighting trade as a positive driver and room for further interest rate cuts to bolster consumption."The weak state of domestic demand in Poland means that the economic recovery is likely to be sluggish," London-based Capital Economics analysts said in a Tuesday statement. "As such, we expect interest rates to fall further," they added.Poland's central bank (NBP) cut its key interest ...
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WARSAW: Central European leader Poland got off to a weaker than expected start this year, quarterly data showed on Tuesday, amid expectations that central banks in the region will further cut interest rates to boost demand and spur a sluggish recovery.The only EU member to have grown each year over the last two decades, Poland mustered just 0.1 percent growth in the first quarter, initial official data showed, after zero growth in the last quarter of 2012.Analysts pointed to a sharp decline in construction as contributing factor to the doldrums, highlighting trade as a positive driver and room for further interest rate cuts to bolster consumption."The weak state of domestic demand in Poland means that the economic recovery is likely to be sluggish," London-based Capital Economics analysts said in a Tuesday statement. "As such, we expect interest rates to fall further," they added.Poland's central bank (NBP) cut its key interest ...
MOSCOW: Russia has detained an American citizen accused of trying to recruit a Russian intelligence officer to work for the CIA, the Federal Security Service (FSB) said on Tuesday.It said the man was an employee at the US embassy in Moscow but also worked for the United States Central Intelligence Agency. The embassy declined immediate comment.A spokesman for the FSB identified the man as Ryan Fogle, a third secretary at the embassy, and said he ...
OTTAWA: Winds whipped up a wall of ice into a lakeside community in Canada's western Manitoba province, destroying or damaging dozens of cottages over the weekend, officials said Monday.The ice sheet was up to nine meters (29.5 feet) high at some places when it crashed into homes at Ochre Beach, about 300 kilometers (186 miles) northwest of the provincial capital Winnipeg.Twenty-seven cottages were destroyed or heavily damaged, including seven lived-in year-round, the town said in ...
BRUSSELS: The EU on Monday handed over the first two billion euros of loans agreed under the controversial Cyprus aid deal, the bloc's European Stability Mechanism said in a statement.The euro rescue fund said the first tranche in a 10-billion-euro ($13 billion) loan package in exchange for breaking up the Cypriot banking sector was "transferred today," with a second release of "up to one billion to be transferred before 30 June 2013."An unprecedented "haircut" on ...
ATHENS: A former Cypriot minister has been summoned to testify in the money laundering trial of a leading Greek ex-minister linked to controversial arms deals, a judicial source said on Monday.A Greek inquisitor issued the summons for Dinos Michaelides, interior minister of Cyprus in 1993-1999, and his son Michael after they failed to account for $10 million (7.7 million euros) found in a joint bank deposit.A witness has testified that Michaelides, who heads a Limassol ...
ROME: Italian prosecutors on Monday asked that Silvio Berlusconi be banned from politics forever and serve six years in prison at the former prime minister's trial for having sex with an underage prostitute and abusing his official powers."There is no doubt that Silvio Berlusconi is guilty of the crimes he is accused of," prosecutor Ilda Boccassini told the courtroom in Milan at the close of a two-year trial that could rock the country's newly-formed grand ...
FRANKFURT: The European Central Bank said on Monday it was in touch with Bloomberg LP after the financial data and news company had allowed journalists to see some information about terminal usage.Bloomberg customers, including the US Federal Reserve and the US Treasury, are examining whether there could have been leaks of confidential information."The ECB takes the protection of confidentiality in the usage of data products by ECB management and staff very seriously," an ECB spokesman ...
