A U.S government plan to shore up mortgage finance firms Fannie Mae and Freddie Mac helped calm markets on Monday but did little to allay fears about the health of the U.S. financial system. The U.S. Treasury and Federal Reserve plan, announced on Sunday evening, called for measures to lend money and buy equity if
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By Maria Koniotou Euro- Mediterranean Heads of States and Government decided to launch “The Barcelona Process: Union for the Mediterranean” with a view to take advantage of the opportunities offered by an enhanced framework of multilateral cooperation. Cyprus was represented at the Summit by its President Demetris Christofias. A Joint Declaration issued at the end
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By Jessica Hall and Martinne Geller PHILADELPHIA/NEW YORK, July 14 (Reuters) – U.S. brewer Anheuser-Busch Cos Inc accepted a sweetened $50 billion takeover bid from Belgium-based InBev NV, creating the world's largest beer maker. InBev, which makes Stella Artois and Beck's, agreed to pay $70 per share for the maker of Budweiser, up from its
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The U.S. dollar rose and government bond prices fell on Monday after Washington proposed an emergency plan to rescue the top U.S. mortgage finance companies, offering to buy their shares if necessary. Asian stock markets largely fell, althouh shares in China and Japan rose, as some investors took the bailout as a sign that the
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Cypriot Banks and the Bank Employees Trade Union (ETYK) reached a preliminary agreement regarding the Collective Agreement for 2008-2010 providing for a 2.0% annual wage increase for 2008, 2009 and 2010. Press reports also stipulate that the COLA wage adjustments as well as the annual salary employee increases are not included in the above adjustments
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Ocean Tankers Plc (OCT) issued a positive profit warning for its 1H08 results on the back of an increase in the Company’s fleet. A year ago in 1H07 OCT posted a net profit figure of EUR 942.000. According to Management the improved profitability is mainly attributed to the full exploitation of 11 tankers during the
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Options Cassoulides Public Co Ltd (OPT) announced that its subsidiary is expanding into the Far East. The Company’s subsidiary, Choice Pharma Ltd based in London has now expanded into Taipei, Taiwan. In April 2008, Choice Pharma Asia Pacific proceeded with the establishment of a company under the name Choice Pharma Asia Pacific Ltd, based in
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The Board of Directors of Bank of Cyprus decided to revise the interest rate of the Convertible Bond issue 2013/2018 from 6.5% to 7,5% fixed for the first two interest periods (that is until 30 June 2009) and floating interest rate thereafter, which will be set at the beginning of each six-monthly period and will
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Cyprus – A future Economic Slowdown The downturn in Cypriot share prices toward the start of the year was a direct result of the uncertainty caused by the financial sub-prime crisis that hit the banking industry in the US. Since the banking industry is closely associated with investment, the atmosphere of doom there quickly had
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China Mobile Communications Corporation has entered into a frame agreement with Nokia Siemens Networks for its network expansion project. Under the contract Nokia Siemens Networks will design, build, maintain and optimize the radio and core network for China Mobile in key provinces and cities across China. The solution supplied by Nokia Siemens Networks will help
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