The European Commission has chosen the annual Innovation Award of the Employers and Industrialists Federation (OEV) as a tool of ‘good practice’ to promote creativity and innovation in Europe. The awards initiative will also be posted on EC websites as examples of ‘good practice’ to be followed in other European countries. The annual Innovation Awards,
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Banks and Cooperatives have pledged to accelerate efforts to reduce interest rates in Cyprus after the government said it will inject an additional liquidity of EUR1 bln in the banking system. Banks and Coops accuse each other of keeping high rates and for siphoning deposits to meet their funding requirements, which is blamed as the
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A powerful rally led by banking shares helped the Cyprus Stock Exchange General Index wipe out all of its losses in 2009 and move into the black, in tandem with rising global equity markets, which are at 2-month highs. The CSE General index closed Tuesday at 1102.56 points, recovering from the 37.2% loss since March
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Moody's Investors Service has downgraded the long-term global local and foreign currency deposit ratings of AB Ukio Bankas (Ukio Bankas) to B2 from Ba3 and its bank financial strength rating (BFSR) to E+ from D-. The outlook on the long-term ratings is negative and the outlook on the BFSR is stable. Moody's multi-notch downgrade was
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Moody's Investors Service has downgraded the long-term local and foreign currency deposit ratings of Bank Evropeyskiy (BE) to Caa2 from B3 and placed the ratings on review for possible further downgrade. BE's bank financial strength rating (BFSR) was also downgraded to E from E+. The long-term national scale rating (NSR) was downgraded to B3.ua from
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Moody's Investors Service has changed to negative from stable the outlook on the Baseline Credit Assessment (BCA) of the Croatian Bank for Reconstruction and Development (HBOR). The outlook on the bank's A3 issuer rating and A3 backed unsecured debt rating was also changed to negative from stable. Moody's noted that although HBOR'S fundamentals remain healthy,
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PandaLabs, Panda Security’s malware detection and analysis laboratory, has detected a black hat SEO attack (Search Engine Optimization) using the name of the Ford car manufacturer as bait to distribute malware on the Internet. Specifically, PandaLabs has discovered 1.2 malicious results in searches related to the Ford Motor Co. which point to these malicious pages.
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Moody's Investors Service has changed the Finnish banking system outlook to ‘negative’ from ‘stable’, reflecting that the severely contracting economy will likely contribute to a cyclical weakening in banks' credit fundamentals, according to a new Moody's Special Comment. Moody's expects the weakening economic environment in Finland to continue to have an adverse effect on the
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Cyprus Gourmet Review Wine: Greeks for all seasons Xenophon and Sally Lambrou have been running their wine business in Ioanni Polemi Street, just off Archbishop Makarios Avenue in Limassol for 15 years. They are both very gregarious souls, seldom lost for a word, but the fact that they are one of the longest-established specialist wine
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. Who will lead us out of the financial crisis? DR. JIM LEONTIADES CIIM, The Cyprus Business School Even before the current financial crisis, the position of the United States as the world’s "engine of economic growth" was seen to be a thing of the past. The American economy with its chronic deficits was already
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