Business: Cyprus fights financial crisis
05/03/2010
The finance minister of Cyprus warns of the fiscal deficit. Also in business news: the jobless rate reaches 14% in Turkey and Skopje hosts an international construction fair.
 The Cyprus plan aims to save 500m euros. [Getty Images] |
Without adequate measures, Cyprus risks increasing an already significant budget deficit, Finance Minister Charilaos Stavrakis said at the conference of the Employers and Industrialists Federation (OEV) on Wednesday (March 3rd). The package Stavrakis introduced to OEV members intends to save 500m euros in costs, which would allow Cyprus to stay close to the 3% of GDP budget deficit ceiling set by the Eurozone.
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Research from the Istanbul-based Okan University lists Turkey as having the second-highest unemployment rate in Europe. The study, published on Wednesday (March 3rd), showed Turkish unemployment has soared from 3% to 14% since 2008.
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More than 300 local and foreign companies are participating in the four-day international construction fair in Skopje that opened on Tuesday (March 2nd). The building trades will be a key generator of Macedonia's GDP in 2010, said Transportation Minister Mile Janakieski.
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The Montenegrin Council for Highway Construction has suggested that the government terminate a contract with a Croatian consortium for the construction of the Bar-Boljare Highway. The council noted that the company has only fulfilled part of its commitment to the 2.8 billion-euro project, according to Transportation Minister Andrija Lompar. The council also recommended beginning negotiations with a Greek-Israeli partnership that came in second in bidding for the work.
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Macedonian Deputy Prime Minister Vasko Naumovski and Erwan Fouere -- EU envoy to the country -- signed a financial agreement Tuesday (March 2nd) to use funds under the Rural Development component of the Instrument for Pre-accession Assistance. This gives Macedonia access to 42m euros from funds earmarked for sustainable agriculture and rural development.
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Albania has secured a 90m-euro loan to enable its electricity network to integrate into the regional power distribution. The German Development Bank will implement the project, which will connect the network with Kosovo, Montenegro and Greece, the parliamentary economic commission announced on Tuesday (March 2nd). Work is expected to be completed by 2013.
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Croatian energy engineering company Dalekovod announced on Tuesday (March 2nd) 16.2m euros in investment to build, a wind power farm near the central town of Gracac with 9.2MW total capacity. The project is expected to be operational by the end this year.
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Slovenian carrier Adria Airways has resumed direct flights between Ljubljana and Belgrade, after a break of nearly 20 years. The airline will operate the route every day except Saturdays. Ticket prices will be between 120 and 185 euros.
(Various sources – 26/02/10-05/03/10)
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