S&P sees rising risk of Cypriot default
LONDON (Reuters) – Cyprus faces a “material and rising risk” of defaulting on its sovereign debt, especially if the eurozone and International Monetary Fund do not come up with aid, rating agency Standard & Poor’s said yesterday. Crippled by its exposure to Greece, Cyprus needs 17 billion euros from the eurozone to recapitalize its banks and to finance the government over the next three years. S&P’s comments come as the island gears up for a runoff presidential election on Sunday pitting a conservative in
Listed toy and homeware retailer Jumbo said yesterday its group sales had grown 0.8 percent to 295.39 million euros in the July-December 2012 period. However it added that group profits had dropped 2.29 percent to 56.45 million euros on an annual basis. The sales increase is attributed to the rise in turnover in Bulgaria.