A mini-poll conducted on the FinancialMirror.com website has found that nearly a third of the visitors to the site would invest in real estate bargains in Cyprus. An equal number of 32% of those polled said that amid the present financial crisis they would invest in real estate in the U.K., while just under a
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The Electricity Authority of Cyprus has signed an exclusive agreement to sell all the output of its desalination unit at Vassiliko power station, when the unit comes on-line in 2011, to the government’s Water Development Department. The desalination plant, with a production capacity of 50,000 tonnes a day, will pump the refined water straight into
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New company registrations fell by a whopping 50% to 1,296 in February 2009 compared to 2,574 in the same month a year ago. This saw the total registrations in the first two months of the year fall 52.4% to 2,372 from 4,983 in the same period in 2008. All registrations reached 24,453 last year. Reports
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Avis Rent A Car (Cyprus) won an award based on the high level of customer satisfaction during the annual conference of Traveljigsaw, the international car-hire services agency, held recently in Morocco. Traveljigsaw has rapidly grown into one of the largest car-hire agencies worldwide, serving more than 4,000 locations, in partnership with car-rental companies. The award
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. Finance Minister Charilaos Stavrakis has declared that from the start of the global financial crisis, the Christofias administration has introduced various packages totaling EUR 470 mln to boost the economy, with the main emphasis laid on the tourism, construction and banking sectors. To help tourism, the government has increased the CTO’s advertising budget, reduced
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By Daryl Loo Orchard Street Investment Management is planning to spend millions of pounds to buy majority stakes in properties with troubled mortgages, seeking hefty returns through restructuring deals with banks. The property fund manager wants to commit an initial 60 million pounds ($85 million) from clients — either before or after the properties are
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The global recession threatens to wipe out a decade of progress in Africa, boosting poverty and political tension, although the crisis is not of the continent's making, the head of the African Development Bank said on Friday. AfDB President Donald Kaberuka urged the forthcoming G20 summit to look at the broader impact of the crisis
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European Union leaders agreed on Friday to provide 75 billion euros ($103 billion) in new loans to the International Monetary Fund as part of a G20 effort to boost the lender's firepower for fighting global recession. The leaders also agreed at a two-day summit to double a crisis fund for struggling EU member states to
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The Board of Directors of Marfin Popular Bank Public Co Ltd during its meeting on March 19 approved the issue of Capital Securities up to the amount of EUR 250 mln, or EUR 1.000 nominal value, in one or more series. The rights and claims of the Capital Securities' holders will be subordinated and will
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Euro zone countries have agreed a rescue plan to prevent members of the currency bloc going bankrupt and will probably use it, with Ireland and Greece the top candidates for aid, a senior German lawmaker said. "There is a plan," said Otto Bernhardt, a member of Chancellor Angela Merkel's Christian Democrats (CDU) who chairs the
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