After negotiations that lasted 12 hours Europe’s Finance Ministers, during the ECOFIN meeting agreed on one of the main pillars of the future banking union – the single resolution mechanism (SRM) regulation. The SRM will consist of a resolution authority (board) and a single resolution fund. Its aim is to ensure the orderly resolution of
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The Cyprus is in the process of improving cooperation and information sharing with Russia in order to meet the new standards, said Ambassador of Cyprus in Moscow Yiorgos Casoulides. Speaking during a seminar held on 17 December in Moscow by Ernst & Young, Kasoulides said that he is in contact with the competent authorities in
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Wizz Air, the largest low-cost airline in Central and Eastern Europe*, today announced new routes from Larnaca (Cyprus) from April 2014. The new routes, which are part of a long term development plan for the destination Cyprus and of which already a route to Donetsk has been announced earlier, will be operated on one of
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Germany's new Foreign Minister Frank-Walter Steinmeier yesterday (17 December) criticised both Russia and the EU in their tug of war regarding Ukraine. In the meantime, Ukrainian President Viktor Yanukovich obtained massive Russian economic assistance, while the opposition accused him of pawning entire sectors of the country’s economy to Moscow. Steimeier, a Social Democrat (SPD), has
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Italy has raised concerns with other European governments over a UK proposal for ‘traffic light’ food labels across the 28-country bloc, saying the scheme to warn consumers of high fat or salt content could damage the reputation of the Mediterranean diet. The Italian government told European agriculture ministers during a meeting in Brussels on Monday
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The Cooperative Central Bank will appoint its new CEO in the next ten days, President of the Committee of the CCB Nicolas Hadjiyiannis told CNA. The Cooperative Credit Institutions have been nationalized by 99% following a 1.5 billion capital injection it received by the state, which last March agreed with the Troika (EC, ECB and
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Bank of Cyprus said a deterioration in its loan book in the third quarter and the cost of staff redundancies has pushed the Core Tier 1 liquidity ratio down 3 bips from 10.5% in Q2 to 10.2% in Q3. Furthermore, the loss after tax attributable for the nine months to September 30 totalled €1.947 bln,
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* Block 12 may have 1.49bln barrels of crude * Noble Energy expects the first natural gas to be produced from its Block 12 concession in the first half of 2019, despite the second downward adjustment of the estimate of resources from 5.2 trln cubic feet (tcf) to 4.1 tcf. But the good news is
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. By Dr. Jim Leontiades Cyprus International Institute of Management www.ciim.ac.cy Have you ever wondered why so many small countries rely on banking as their primary industry? A partial list of these would include: Monaco, Malta, Luxembourg, Cayman Islands, Bahamas, Bermuda, Guernsey, Liechtenstein, Isle of Man, Jersey, British Virgin Islands. All of these have a
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. By Oren Laurent President, Banc De Binary Last week, the Republic of Ireland made history when it became the first bailed-out Eurozone country to officially cut ties with the “troika” and exit its financial rescue programme, in a move that the Finance Minister described as a “milestone” and a mark of reclaiming sovereignty. On
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