* GGB haircut raised from 60% to 74%; 237 mln in unsold rights must go by June * Bank of Cyprus adjusted higher its losses for 2011, with the final audited results announced Tuesday showing total losses of 1.37 bln euros, up from 1.01 bln announced in the unaudited results end-February. It said that the
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Hellenic Bank shareholders have approved a capital increase plan through a rights issue worth 66 mln euros during an extraordinary meeting held in Nicosia on Tuesday. One right will be issued for every existing share at 43c each and for every two rights, shareholders will receive three bonus shares. Unexercised rights will be offered to
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. The pro-labour government is facing a dilemma, once again. It is having a hard time fending off criticism about its inability to help the low-income households and the working class, while at the same time it needs to find ways to cut back on excessive spending. But shifting funds around within the Budget is
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MEP Eleni Theocharous and the European People's Party are hosting an event to mark the publication of the journal Eurodialogue: "Turkey on the European Doorstep" on Friday, April 27 at 7:30pm at the University of Cyprus, "Anastasios G. Leventis" lecture theatre. The event will be addressed by MEP Eleni Theocharous, the President of DHSY Nicos
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After the success of its first seminar on forex trading in Limassol, Alpari Financial Services will present its second seminar, this time in Nicosia. The seminar will take place at the Hilton Cyprus on Thursday at 6.30pm and participants will receive forex trading guidance from Senior Market Analyst Maria Pittashi. The seminar will cover topics
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The Institute of Certified Public Accountants of Cyprus (ICPAC) and the Institute of Chartered Accountants in England and Wales (ICAEW), together with Laiki Bank and the Cyprus Investment Promotion Agency are organising a conference in London on “Cyprus – a tried and tested jurisdiction”. Business professionals, investment bankers, lawyers and anyone interested in finding out
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U.S. authorities reported the country's first case of mad cow disease in six years on Tuesday, swiftly assuring consumers and global importers that there was no danger of meat from the California dairy cow entering the food chain. Despite assurances from Agriculture Secretary Tom Vilsack that the finding posed "no risk to the food supply
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Apple Inc's quarterly profit almost doubled, blowing past Wall Street estimates after a jump in iPhone sales, particularly in the greater China region, and soothing fears that the iPhone was past its best days for sharp growth. Shares in Apple, the world's most valuable technology company, shot 7 percent higher after the bell, recouping some
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The Bank of Cyprus announced that its losses after tax amounted to 1.371 bln euros for 2011, following the impairment of Greek Government Bonds by 74%, according to the Bank’s final audited financial results announced on Tuesday. Losses are increased by 360 mln compared to the 1,011 bln the Bank announced two months ago in
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The government remains committed to the target it has set to bring its deficit down to 2.5% in 2012, a Ministry of Finance Press release, issued here today, reads. Commenting on figures released Monday by Eurostat on the economy for 2011, the Finance Ministry underlines that the government remains committed to a balanced budget based
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