Restrictions on capital movement imposed by Lebanese banks have put pressure on an economy which has traditionally relied on foreign direct investment and remittance inflows from the diaspora while also affecting investment in Cyprus. As anti-corruption demonstrations have rocked Lebanon since mid-October, Lebanese banks have taken unofficial measures in an attempt to prevent bank runs
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Anti-Brexit campaigners in Britain are appealing to British expats in Cyprus to help save the UK. The campaigners – Proxy Voters Against Brexit – fear that Brexit will break up the UK, will harm Britain’s economy, will trigger years of further economic uncertainty and will threaten Cypriot and other business confidence in Britain. They are
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International credit rating agency Capital Intelligence has affirmed the long term and short-term ratings of Hellenic Bank at ‘BB-’ and ‘B’, respectively. The outlook is stable, indicating that the ratings are unlikely to change over the next 12 months in view of the bank’s large stock of Non-Performing Exposures (NPEs) and significantly impaired capital position
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High property prices in the real estate sector have begun to deflate as the 3rd quarter of 2019, paints an entirely different picture to what Cyprus has grown accustomed to over the past few years. While the first half of 2019 recorded a 25% increase over the corresponding period of 2018, Q3 2019 saw a
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Cypriot shareholders are involved in a litigation case at the High Court of Justice, in London involving payment of £1,320,000 compensation it did not receive following arbitration in a dispute with a UK betting company. Towerbridge Group Ltd (TBG), a company owned by Cypriot shareholders, registered in the British Virgin Islands with offices in Nicosia is the claimant, and the law
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City of Dreams Mediterranean, the first Integrated Casino Resort (ICR) in Cyprus and the biggest in Europe has started to rise, almost six months after construction. Since May, there has been significant progress with the all-important piling works completed and the ground works and sub-structure for the hotel also finished in September. Contractors Avax-Terna JV
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Greece’s Energean has signed a $1 bln Gas Sales and Purchase Agreement with Israel’s MRC Alon Tavor for the sale of approximately 0.5 billion cubic metres of gas a year, or up to 8 bcm over 15 years. Supply will commence at Israel’s Karish first gas and the contract term is for a period of
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A 43-year-old Cypriot driver arrested for navigating a vehicle with his legs has denied charges of reckless and dangerous driving, driving an unregistered truck without insurance. Earlier this month Cyprus Police identified the 43-year-old as the man who had posted a video stream of himself driving a car with his legs on the steering wheel
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A passenger travelling to Paphos from the USA was shocked to find that her lost luggage had been sent to Ercan (Tymbou) airport in the Turkish occupied north of Cyprus. Popular Greek Cypriot Actress Paola Hadjilambri was shocked to receive a call from Ercan airport to say that her luggage had found its way to
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The European People’s Party Congress (EPP) unanimously adopted an emergency resolution backing Cyprus problem negotiations and condemning Turkey’s illegal actions in Cypriot waters and the Eastern Mediterranean. In the resolution the EPP said it “supports a comprehensive, sustainable and viable settlement of the Cyprus problem, in accordance with the relevant UN Security Council Resolutions and
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