Greece's largest lender National Bank will seek shareholder approval on December 22 for an issue of preferred shares to the state, raising up to 1.0 bln euros to boost its liquidity and capital adequacy, an official at the bank said on Tuesday. The group is making use of a law introduced in 2008 to help
More
A number of reservations raised by the reinsurers in London seem to have been lifted and the Electricity Authority of Cyprus should receive its first payment of 10 mln euros towards repair costs for the damaged units at Vassiliko that were partly or fully destroyed in the July 11 blast that plunged the island into
More
Dynamic Works, a leading provider in Web, Intranet, Extranet, CRM (Customer Relationship Management) and business management solutions across an ever growing range of industry segments, announced that it has been formally awarded the ISO 27001:2005 by one of the top certification bodies in the world, NQA. This means the company has been independently certified and
More
The turnout in Sunday's elections for mayors and municipal councillors is expected to be lower than in previous polls, as many are disappointed from the island’s political leadership. In all, 546,000 people are registered to vote, of whom 12,343 are EU citizens, permanent residents of Cyprus. All parties have put forward candidates and some alliances
More
Bank of Cyprus said on Monday it had completed the issue of 1 bln euros in three-year covered bonds paying an interest of 3 month Euribor plus 1.25%. The bonds were launched off a covered bond programme worth up to 5 bln euros, the bank said in a statement. The three-year duration can be extended
More
The government hopes to raise over 400 mln euros from back taxes, Finance Minister Kikis Kazamias said on Saturday, of which 167.5 mln are due from last year, 165 mln from the past 2-5 years and the remaining 90 mln date back six or more years. He also said that the state has sued people
More
New advisory group needed Cyprus losing its grip as a financial centre New advisory group needed BY ANDREAS NEOCLEOUS I have written on a number of occasions to express my concerns at a decline in Cyprus's relative competitiveness as an international financial centre. A host of competing jurisdictions, including Ireland, Luxembourg, Malta, the Channel Islands
More
. The business climate in most of the economy is quite depressing, with few sectors doing well, generating income or even profits, as some are trying hard to maintain staff, let alone hire new people. The biggest problem of all is the lack of growth and the subsequent absence of any spending desire of most
More
. By Shavasb Bohdjalian The EU Summit accord according to which 26 member states except for Britain will pursue stricter budget rules have failed to impress financial markets. The lack of specifics is probably the reason why markets are not impressed, because as usual there is almost no mention of policies aimed at boosting growth,
More
– Paul Allen set to invest hundreds of millions of dollars – Ultimate target manned space travel – First flight targeted 2015 Microsoft Corp co-founder Paul Allen is planning to build a spaceship that could replace the Space Shuttle and put paying passengers into orbit this decade. Lifelong space enthusiast Allen is hoping to launch
More