The four main business organizations of Cyprus, Greece and Turkey in joint statement they call on the two communities in Cyprus to continue the negotiations in good faith with the aim to achieve a comprehensive and viable solution of the Cyprus problem. The four organizations, namely the Cyprus Employers & Industrialists Federation (OEB), the Turkish
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Company registrations with the Cyprus Registrar of Companies fell by a whopping 50% to 1.296 in February 2009 compared to 2.574 a year ago in the same month. During the first two months of the year, company registrations fell 52.4% to 2.372 from 4.983 in the same period in 2008. Reports indicate that the bulk
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The government of Cyprus will intensify its efforts to reach the best possible results in tourism, amidst the world economic crisis, Minister of Commerce, Industry and Tourism, Antonis Paschalides, said. Speaking at a press conference on the sidelines of the ITB Berlin Travel Trade Show, the Minister referred to the German market, expressing certainty that
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The efforts made by the government aim to make Cyprus an ideal place for foreign investments which will have a positive effect on the overall Cypriot economy, Government spokesman Stephanos Stephanou has said. Stephanou was speaking after Thursday’s Council of Ministers meeting. He was asked to comment on the investment projects the Executive Vice Chairman
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Hellenic Bank Public Company Ltd announced that has raised EUR 90 mln through the issue of bonds maturing 2019. The issue was dispersed to investors with a minimum sum of investment of EUR50,000. The Bonds were issued on March 11, 2009 and have 10-year duration. The interest will be payable on a three-month basis and
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Moody's Investors Service has cut the outlook on Bank Hapoalim’s A1 long-term domestic and foreign currency deposit ratings, A1 senior and A2 subordinated debt ratings to negative from stable. The outlook on the C- bank financial strength ratings (BFSR) remains stable. The outlook changes have been prompted by Moody's growing concerns over Hapoalim's intrinsic financial
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Greek Prime Minister Kostas Karamanlis has stressed that Turkey’s path towards the EU and the full normalisation of its relations with Greece depend on the solution of the Cyprus problem. Speaking before the Greek Parliament, Karamanlis described 2009 as an important year for efforts to reach a Cyprus solution and he called on all who
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The world economy will shrink 1-2 percent this year, World Bank President Robert Zoellick forecast, as a slew of European and U.S. data pointed to declines in demand, production and employment on Thursday. U.S. jobless claims rose to a worse-than-expected 654,000 in the week to March 7, and the four-week average rose to 650,000, its
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Economic gloom returned to financial markets with a vengeance on Thursday with warnings about further declines in demand and production hitting equities and boosting bonds. Japan's yen rose strongly as investors began repatriating money towards the end of the business year. World Bank President Robert Zoellick told Britain's Daily Mail newspaper that the global economy
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The yen rallied broadly on Thursday, rising more than one percent against the dollar and euro, as Japanese investors repatriated funds and short-term speculators bought yen. Japanese investors typically bring home funds to window dress their books ahead of the end of the business year in March. "The yen has been the biggest mover, and
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