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Press: Fitch and unemployment

01/06/2011 07:15
The major issue in today’s financial press is the downgrade of the Cyprus economy by Fitch.

Other issues concern Eurostat’s data on the unemployment in May and the three-month results of Hellenic Bank.

The daily press focuses on the battle for the House Presidency.

The “Economy” inset of newspaper “Phileleftheros” refers to the downgrade of the Cyprus economy by Fitch. According to the report, Fitch downgraded Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A-' from 'AA- due to the banks’ exposure to Greece. The agency believes that in case of a haircut, the capital impact on the banks will fluctuate between €2bn and €5bn.

Elsewhere the newspaper reports that the Hellenic Bank profits in the first quarter of the year stood at €1.28 million compared to €7.20 million in the corresponding period of 2010.

Other headlines:

- Most Marfin bonds expire in 2013

- Unemployment at 7.6% in April

- DISY – EDEK want a meeting

- Strike in Lukoil

The “Economy” inset of newspaper “Politis” reports that Fitch downgraded Cyprus’s rating by three notches yesterday from AA- to A- with a negative outlook, while the possibility of further downgrade remains open.

“Politis” also highlights that according to Eurostat, unemployment in Cyprus in April stood at 7.6%, hitting a record high since the first available data.

Other headlines:

- Bad debts hit profitability – HB: Profits of €1.3m in Q1 against €7.2m last year

- Reassuring for Greek bonds – Marfin Popular Bank

- Significant profits of 7.07% - CSE

- Strong gains - ASE

The “Economy” inset of newspaper “Simerini” refers to the downgrade of the Cyprus economy by three notches by Fitch. According to the report, the agency downgraded the Republic due to the banks’ exposure to Greek bonds and did not exclude the possibility of further downgrade. The government and the Central Bank accepted the downgrade with negative comments.

The newspaper also refers to the 24-hour strike of the Lukoil gas station owners.

Other headlines:

- Unemployment almost at 8%

- Profits of €5.7m for HB in Q1

- Strike in KEO

- Cyprus a geopolitical player due to natural gas

The “Economy” inset of newspaper “Haravgi” reports that Fitch downgraded the Cypriot bonds by three notches from AA- to A-.

“Haravgi” also reports that the annual harmonized inflation in the euro area in May fell to 2.7%.

Other headlines:

- Unemployment at 7.6%

- New offer from CAIR

- Impressive gains in the CSE

- P. Pavlou returns to Shacolas Group

The “Economy” inset of newspaper “Alithia” refers to Eurostat’s data on unemployment in May. According to the report, unemployment in Cyprus in April reached 7.6% from 7.3% in March and 6.4% in April 2010, recording an increase of 18.8% in the past year.

Elsewhere the newspaper highlights that the Industrial Producer Price Index in January – April rose 4.2%.

Other headlines:

- No worries for bonds – Marfin Popular Bank

- Three-month profits of €1.3m - HB

- Air transport up, sea transport down

- Big gains in the CSE