Bank of Cyprus announces that the issue of up to EUR645.327.822 Convertible Capital Securities has been oversubscribed with total subscriptions amounting to EUR 659 mln. Subscriptions were received from Eligible Shareholders (with priority right on the basis of EUR 11 Convertible Capital Securities for every 10 shares held as at 12 May 2009) as well
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President of the Cyprus Chamber of Commerce and Industry (KEVE) Manthos Mavrommatis has announced that the Cyprus-Russia Business Association and the Ministry of Commerce, Industry and Tourism are organising a mission to Moscow and Sotsi from June 16 to 20. Mavrommatis told a press conference that 25 companies would be participating in the delegation, mainly
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Falling U.S. inventories drove oil to a seven-month high above $71 a barrel on Wednesday, while dollar weakness and sentiment the economy has begun to stabilise also spurred industrial metals higher. The U.S. currency's pullback helped gold get back above $960 an ounce, with future inflationary concerns also factored into the price. Copper hit a
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Russia will reduce the share of U.S. treasuries in its forex reserves, the world's third-largest, a senior central bank official said on Wednesday, driving the dollar broadly lower. Russia holds about 30 percent of the reserves, worth $404.2 billion, in treasuries. Central bank First Deputy Chairman Alexei Ulyukayev said it would buy bonds issued by
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British industrial output rose for the first time in over a year in April after a jump in oil and pharmaceuticals production, raising the prospect that the economy could already be out of recession. But policymakers have urged caution on getting carried away with expectations of a strong recovery, especially because banks remain reluctant to
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The European Commission adopted two communications analysing the EU's work on justice and internal affairs in recent years and setting out its priorities for the future. Ordinary citizens should be at the heart of the future Stockholm Programme, to be debated by the European Parliament and adopted by the European Council before the end of
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Eurobank EFG has become the fifth largest bank in Cyprus based on Central Bank data according to the Bank’s General Manager in Cyprus, Michalis Louis. Speaking at a press conference to mark the Bank’s second anniversary in Cyprus, Louis and Eurobank EFG Group CEO Nikolaos Nanopoulos said the Group intends to expand the number of
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Consumer spending through use of plastic money fell 4% year-on-year to EUR 142.8 mln in May 2009 according to the credit card clearing consortium, JCC Payments Systems. (Full report available in print edition of Financial Mirror and also available online to subscribers in PDF format)
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VAT receipts, which constitute the biggest component of indirect taxes fell 6.5% to EUR 716 mln in the first five months of the year, a clear indication of a weakening private consumption demand forcing overall indirect tax receipts to decline by 17.8% year-on-year. (Full report available in print edition of Financial Mirror and also available
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British interest rates could stay low for some time and it is still not clear whether the pick-up in the economy will prove durable, Bank of England policymaker Kate Barker was quoted as saying on Wednesday. "Our present view is that we think rates could stay low for quite some time," she was quoted as
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