Asian stocks edged lower on Thursday after an early rally fizzled and investors found few incentives to make long-term bets with economic and corporate profit prospects worsening. Major European stock markets were expected to open as much as 0.8 percent higher, according to financial bookmakers, after the pan-European FTSEurofirst 300 index fell for four consecutive
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President of the Republic Demetris Christofias said on Wednesday that, despite any obstacles, educational reform will become a reality during his term in office. The President was speaking at an event to award the Yiannos Kranidiotis Pioneering Creation Prize for 2008 to Nicos Themelis for his auctorial work, organised by the Organisation to Modernise Society
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Cyprus Airways will be cancelling their two flights from Larnaca to Athens via Paphos and their flight from Athens to Larnaca via Paphos, as of March 30, 2009. In a press release, Cyprus Airways says these flights will be direct from Larnaca to Athens and from Athens to Larnaca. The decision was taken after examining
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Bank of Cyprus Board has decided to proceed with the issue of convertible capital securities up to EUR 645 mln in an effort to further strengthen its capital. According to the Group’s audited financial statements as at 31 December 2008, the Capital Adequacy ratio (per Basel II requirements) stood at 11.2% and Tier 1 ratio
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Bank of Cyprus has cut the final dividend proposed for 2008 to 12 euro cent per share in an effort to save cash and allow it to increase its capital adequacy ratio much faster, a policy decision which is in line with a similar approach adopted by most global banks. The total of the proposed
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Air traffic at Larnaca airport marked an increase of 10,3% for aircrafts and of 10,1% for passengers in November 2008, compared to the same month of 2007, according to the statistics of the Civil Aviation Department of the Cyprus Ministry of Communications and Works. According to an official press release, issued here today by the
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Britain's Treasury and top banks were hammering out final details of a plan to limit lenders' losses on about 500 billion pounds ($728 billion) of risky assets, which the government said should help prevent full nationalisation. Britain has pledged to unveil the scheme this week and is expected to announce terms for part-nationalised Royal Bank
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Two new pan-EU bodies should be set up to monitor risks and better coordinate supervision of financial institutions in Europe, a report to the European Commission is to recommend on Wednesday, according to a draft. Coming after the worst financial crisis in decades revealed flaws in Europe's current patchwork of national watchdogs, the draft, seen
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World stocks rose on Wednesday from the previous day's six-year lows but gains were capped by the threat of future sovereign ratings downgrades, a prospect that also boosted bonds and the dollar. Wall Street looked set for a negative start. Standard & Poor's told Reuters it expects more sovereign ratings downgrades than upgrades this year
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Plunging exports drove Japan's trade deficit to a record high in January and caused a sharp contraction in Germany as EU plans took shape to bolster financial supervision blamed for exacerbating the global crisis. Car exports from the world's second largest economy fell by two-thirds from a year earlier, as Japan's overall exports fell by
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