* Pumped 100 mln since 1999 in Crete, Paros, Santorini * BY ANGELA KOMODROMOU The Leptos Group, one of the leading Cyprus property developers, plans to invest some 600 mln euros in two new ventures in Crete – the 500 mln euro Costa Nopia resort and the 100 mln euro Canea Corniche residential project in
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. As unpatriotic as it may sound, the Cypriot banks must decide very fast what they should do with their operations in Greece, where all three are exposed to the tune of 20 bln euros, most of which morphing now into non-performing loans. Whatever the choice, the outcome must be clear – in order for
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. BY PHILISA AUGUSTI Recently, I was asked what I would change about my profession or its procedures if I had the chance. The answer for me as a professional was easy. It would be the implementation of a fully-automated, functional, multiple listing service that would be approved and managed by the Real Estate Board
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. BY SHAVASB BOHDJALIAN In view of the steady deterioration in state finances and with banks struggling to raise the required capital buffers until end of June, it seems more and more likely that Cyprus will have no other choice but to enter the EU support mechanism. Politicians dread the prospect of entry into the
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The fragile state of British consumer spending could be laid bare next week with bellwether retailer Marks & Spencer expected to post its first decline in annual profit for three years. Analysts expect Britain's biggest clothing retailer, which also sells homewares and upmarket foods, to report on Tuesday a profit before tax and one-off items
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**Was it the Easter effect? ** Tourism arrivals fell by 5.7% over the year earlier in April, to 189,648 in April 2012 compared with 199,762 in April 2011. There was a fall of 12.5% in arrivals from the United Kingdom to 70,864 in April 2012 compared with 80,998 in April 2011 and a 6.7% drop
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The government cut its budget deficit in half in the first quarter of 2012, thanks to both an increase in revenue and a reduction in expenditure. Revenue rose in January-March by 9.5% over the year earlier to EUR 1,756.0 mln, while expenditure fell by 0.6% to EUR 1,904.0 mln. The resulting deficit shrank to EUR
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European shares weakened on Friday, set for their biggest weekly decline since November, after Spanish banks were downgraded by Moody's overnight and Fitch cut its debt rating for Greece. The FTSEurofirst 300 was down 0.8 percent at 973.96 by 0837 GMT, its fifth straight day of declines, taking its weekly loss to 4.8 percent. "European
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The European Commission and the European Central Bank are working on an emergency scenario in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht said in an interview published on Friday. The comments would appear to be the first time that an EU official has confirmed the existence of contingencies
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An earthquake with a preliminary magnitude of 4.8 hit eastern Japan on Friday, shaking buildings in the capital Tokyo. There were no immediate reports of damage or injuries, and no tsunami warnings were issued. On March 11 last year Japan's northeast coast was devastated by a magnitude 9 earthquake, the strongest recorded in the country,
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