Cyprus tourism hit

NICOSIA: The Cyprus tourism sector recorded a 1.5 per cent fall in arrivals in June but the overall number so far this year has exceeded one million for the first time in a decade. Official data showed that 336,967 tourists arrived on the bailout holiday island last month, down from 342,221 in June 2014. This was mainly due to a 24 per cent fall in arrivals from Russia — the island’s second largest market after Britain. The fall from Russia was offset by a 10 per cent spike in visitors from Britain and a 5.5 per cent jump in Swedish holidaymakers.


HONG KONG: A Chinese state-owned rail company is planning a $2 billion listing on Hong Kong’s stock exchange, a report said on Friday, in what will be the first major initial public offering by a Chinese company since the nation’s stock market meltdown. China Railway Signal and Communication Corp (CRSC), a provider of railway signalling products and services, hopes to list on the city’s stock exchange in mid-August. The company, in its prospectus to the Hong Kong stock exchange, said it is the largest rail transportation control system solution provider in the world in terms of revenue.

UK interest rates

LONDON: Bank of England (BoE) Governor Mark Carney has indicated that Britain’s record-low interest rates could start to rise at the turn of the year. The BoE chief, speaking at Lincoln Cathedral late Thursday, said he expected the key rate to climb over next three years from its current level of 0.50 per cent — where it has stood for more than six years to stimulate growth after global financial crisis. Carney cautioned that rates would rise slowly before reaching a level that is about half as high as its historical average of five per cent. Britain is edging towards lifting rates because of strength of its economy, which was the fastest growing of G-7 richest nations last year, he added.

AB Volvo earnings

COPENHAGEN: Sweden’s AB Volvo has posted second-quarter net income of 5.2 billion kronor, up from 2.5 billion kronor a year earlier as it delivered more vehicles in Europe and North America and benefited from a decline in Swedish currency. Revenue soared 17 per cent to 84.8 billion kronor, mainly attributable to positive currency effects.