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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ UK finance jobs cut at fastest rate since 1993-CBI ]

UK finance jobs cut at fastest rate since 1993-CBI

UK finance jobs cut at fastest rate since 1993-CBI
March 30, 2009

Britain's financial services industry is cutting jobs at the fastest rate for 16 years as it cuts costs to soften the blow of a steep fall in profitability, a survey showed on Monday.

The CBI/PWC financial services survey, covering the three months to early March, found 9 percent of companies reporting a rise in business volumes and 56 percent saying volumes fell, giving a net 47 percent of companies reporting a fall.

That marked a sixth successive quarter of declines.

A balance of 47 percent of firms also reported a fall in profitability, a slight improvement from a record drop in the previous survey. A net 27 percent of firms expected a further decline in coming months.

A balance of 40 percent of firms reported a reduction in staff during the latest quarter, the heaviest fall in numbers employed in financial services since June 1993, the report said.

A similar fall (-38 percent) is forecast in the current quarter as the global economic crisis continues to hit banks, insurers and other financial firms.

A net 45 percent of companies surveyed said they see a high likelihood of further deterioration in financial market conditions, and two thirds of respondents said they thought Britain was a less competitive financial services centre as a result of the credit crisis.

(Source: Financial Mirror,

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