Negotiations between Cyprus and Brussels on the implementation of a European Council decision to grant Cyprus extra support so that it may deal with the economic crisis are at a final stage. EU sources in Brussels noted that the extra funding will be derived from the new Multiannual Financial Framework whilst the Commission intends to
More
With the historic Bank of Cyprus shareholders’ meeting a few hours away, two of the 49 candidates seeking a board seat have withdrawn, while a major law firm has expressed its intention to use proxies representing just over 8% of the share capital to vote for local or foreign board members. The bank announced that
More
BMW Group reported its highest ever sales in August with a total of 139,648 vehicles delivered worldwide, up 14.8% over the same month last year. Worldwide sales year-to-date also reached an all-time high with 1,246,528 vehicles sold, an increase of 7.7% over the same period in 2012. "For the very first time, we sold over
More
Azadea Group, the Middle East operator of clothing and restaurant franchises, has acquired the rights to distribute the Gap brand in Cyprus and will open a new Gap store in My Mall Limassol in November. The company embarked on a recruitment campaign last month to hire prospective staff at the first store, replacing the old
More
A French landscape painting stored in an attic and kept from public view for a century because it was considered a fake is the work of Dutch master Vincent Van Gogh, a museum said on Monday citing new research. "Sunset at Montmajour", which shows twisted holly oaks and a distant ruin bathed in the light
More
Asian stocks rose to three-month highs on Tuesday in the face of fresh evidence suggesting China could be emerging from an economic slowdown while receding fears of a U.S. military strike against Syria kept oil prices under pressure. European stocks were seen tracking gains in Asia with financial spreadbetters expecting Germany's DAX to open up
More
U.S. President Barack Obama said on Monday he saw a possible breakthrough in the crisis with Syria after Russia proposed that its ally Damascus hand over its chemical weapons for destruction, which could avert planned U.S. military strikes. But Obama remained skeptical and pushed ahead to persuade a reluctant and divided Congress to back potential
More
Whilst UK economic recovery gains momentum through strong construction and manufacturing data In the US last week, a medley of financial data was created through various news revolving around the US economy. The ISM Non-Manufacturing PMI jumped to 58.6 points in August, defeating concerns of a drop to 55.2. The unexpected surprise was a solid
More
The project of reopening the Theological School of Halki reached a milestone last week when a team from the Neapolis University of Paphos, who had undertaken the landscaping of the school gardens, gave a presentation of the completed structure at a ceremony attended by Ecumenical Patriarch Bartholomew. Prior to the presentation, the team from Cyprus,
More
Production test which will show the quality or the reservoir in block 12 will resume in the coming days, President of the Cyprus National Hydrocarbons Company Charles Ellinas (CNHC) has said. Last Thursday the Cypriot Energy Ministry announced that the production test could not be completed due to "mechanical complications." "Repairs are being made for
More