Commercial Value SA, the insurance company at the centre of investigations by the Greek regulatory authorities, which led to the suspension of the titles of Aspis Pronia in Athens and Aspis Holdings and Leda Investments in Cyprus is confident that it will complete its EUR 90 mln capital shortfall by early September. Aspis Holdings CEO
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Nissan Motor Co posted a much-worse-than-expected 46 percent drop in quarterly operating profit on Friday due to a severe downturn in the U.S. market, but stuck to its annual forecasts, counting on a weaker yen. Nissan, controlled by Renault SA, is already forecasting its lowest operating profit in seven years due to a weaker dollar,
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Muskita Aluminium Industries Plc (MAI.CY) issued reported a mild 3.3% increase in net profit during the first half of 2008, leading Sharelink Securities & Financial Services to decrease its price target on the shares, eventhough the profitability forecast for the whole year issued by SFS is higher. MAI revenue marginally increased 0.8% to EUR34.4mln with
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Ocean Tankers Holdings Pcl (OCT.CY) announced that its founder and Executive Chairman Michael Ioannides disposed 28.13 mln rights to ship owners and institutional investors, with the amount received to be used for the exercise of the balance of rights remained in his possession.
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Total loans given to non monetary financial institutions in Cyprus by end of June 2008 surged by 31.6% year-on-year to EUR 46.7 bln and 3% month-on-month from May 2008, according to the June 2008 Monetary Survey of the Central Bank of Cyprus. Total loans to domestic residents were up 23.4% YoY and 2.8% MoM at
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By Rhys Jones LONDON, August 1 (Reuters) – British Airways's profit collapsed in the first quarter as high oil prices, an economic slowdown and weak consumer confidence combined in what the airline called the worst trading conditions it had ever experienced. The British carrier reduced its annual revenue target to 3 percent from 4 percent
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By Jane Baird Britain should clearly define "prime" borrowers to help revive the moribund market for securities backed by home loans, a Schroders fund manager told Reuters. A government-sponsored report by James Crosby, former head of HBOS, warned that wholesale mortgage funding would probably remain tight through 2010. Chris Ames, asset-backed securities portfolio manager at
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LONDON, Aug 1 (Reuters) – British manufacturing activity fell for a third straight month in July and at the sharpest rate in almost a decade as firms struggled with record price pressures and a slump in orders, a survey showed on Friday. The Chartered Institute of Purchasing and Supply/Markit purchasing managers' index fell to 44.3
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World stocks fell on Friday as investors focused on the latest U.S. jobs data due later in the day while the dollar strengthened slightly. Euro zone government bonds traded in a narrow range. The U.S. July employment report is due at 1230 GMT. Economists polled by Reuters expect it to show that companies shed 75,000
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At home, the mood on the Cyprus stock exchange continued to be affected by negative market sentiments and preparations for the summer holidays, despite the end-of-month colossal convertible bond issue by the Bank of Cyprus. On the last day of July the CSE All Share Index closed at 2943 points, a loss of 4.02% for
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