The National Bank of Greece in Cyprus has decided to take legal action against bank employees union ETYK over the two-week strike that has paralysed the bank. Ethniki Cyprus will sue ETYK as well as four employees from the bank’s IT Department who walked off the job. The decision to take the matter to court

The CSE Main Market Index closed the week at 4859.79, 7.5% higher than the previous week’s close of 4518.83, mainly driven by the performance of the heavy-weight banking sector stocks. Open attachment to see full report.

Cyprus recorded a budget surplus in the first quarter, with total revenue rising by 24.3% to CYP 938.4 mln  and total expenditure rising by 15.5% to CYP 890.0 mln. This led to a surplus of CYP 48.4 mln, compared with a deficit of CYP 15.6 mln  in the corresponding quarter of the previous year. The

Figures for April show that Easter brought no reprieve for the Cyprus tourism industry, as arrivals dropped year on year by 8.3% to 189,310. The biggest market, the UK, continues to be the main problem. Arrivals from the UK fell by a huge 17.9% to 93,201. Britons, now expecting perhaps a fifth interest-rate within less

Eutelsat Communications announced that its HotBird 2 satellite has been redeployed to 9 degrees East. Rebranded Eurobird 9, the satellite’s entry into service marks the opening of a new video neighbourhood, which is adjacent to Eutelsat’s premium HotBird position. Reception of channels from both locations is possible with off-the-shelf dual-feed domestic dishes.The repositioning of Eurobird

Motorola, Inc. has invited the world to experience the evolution of the RAZR brand as it unveiled RAZR(2), the ultimate iconic feature phone. Available July 2007 in several markets, the next-generation device packs cutting-edge features such as CrystalTalk technology, up to 2GB of on-board memory, Web browsing, real-time point-to-point video and ultra-fast menu navigation, all

Mellon Transaction Solutions (MTS), member of Mellon Group of Companies of Greece and a leading provider of processing services in Serbia since 2001, announced that the migration of its processing operations to the new facilities have been successfully completed with no interruption to business, becoming the most technologically advanced, certified processing center in Serbia. The

— Advances up 21%, deposits surge 21% to CYP 20 bln   Cypriots have gone on a massive borrowing spree encouraged by easy and flexible loan products from the commercial banks with the majority snapping up property, which in the process has fuelled prices ever higher. The revelation by the island’s two largest banks, Bank

Austrian Airlines will add three extra night-flights to the existing daily services to Vienna this summer. The ten weekly flights from Larnaca to Vienna are the most ever in the airline’s 30-year presence on the island. The new night flights will start on June 3 with the new Airbus A321s. To mark the occasion, Austrian