Minister of Agriculture, Natural Resources and the Environment Fotis Fotiou announced here Thursday short and long term measures to save water as the island faces a huge drought problem resulting with water in dams decreasing.The Minister also called on citizens to support the government’s efforts to save water, adding that over-consumption will, from now on,
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Marfin Popular Bank has submitted a takeover bid seeking a minimum 35% to maximum 100% of the share capital of Bank of Cyprus through a share swap, offering 1.241 shares for every 1 BOCY share, with both stocks having the same 50 cent nominal value.Based on the closing prices prevailing on Thursday, the last day
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Cyprus Central Bank Monetary Policy Committee (MPC) in its fist meeting for 2007 decided to maintain Cyprus‘ official interest rates, that is the minimum bid rate on the main refinancing operations, the interest rate on the marginal lending facility and the interest rate on the overnight deposit facility at 4,50%, 4,50% and 2,50%, respectively. Central
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Cyprus Central Bank Governor Christodoulos Christodoulou said here today that the situation in the banking sector ”creates confusion in a very sensitive sector of our fiscal system.”His comments come after a public offer by Greek Piraeus Bank to acquire a minimum 40 percent of Marfin Popular Bank and Marfin’s announced intention to make a public
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The Board of Directors of Bank of Cyprus Pcl (BOCY) unanimously rejected the intention by Marfin Popular Bank to submit a takeover bid seeking minimum 35% control of the bank through a share exchange of 1.241 MPB shares with 1 BOCY share. Based on the closing prices prevailing on Thursday, the last day before the
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The World Bank’s investment arbitration center has appointed the three members of the tribunal that will decide the US$10 billion expropriation case brought by Cypriot investment firm Libananco Holdings Company Ltd. against the Republic of Turkey. This is likely to be the largest claim ever brought at the World Bank’s International Centre for Settlement of
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The trade deficit in Cyprus swelled by 17.3% to CYP 2,124.8 mln in January-October 2006 compared to CYP 1,811.8 mln in January-October 2005. The figures came with the announcement by the Statistical Service of Cyprus that it had published the monthly report “Intra-Extra E.U Trade Statistics (Summarised Data)” for October 2006. The main developments in
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The Board of Directors of Marfin Financial Group decided to proceed with Greece’s largest capital increase, by calling up EUR 5 bln in new capital, which will be used for new takerovers and expansion of operations. The Board also decided to change the name to Marfin Investment Group and focus on buy-out and equity investments
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SFS Group Pcl (SFS), the uniquely diversified conglomerate active in financial services, investments and asset holdings has big plans to set up a new venture capital fund to take advantage of opportunities still available for investments in the south eastern European region. SFS Group Vice-Chairman and CFO, Philip Larkos, told the Financial Mirror that the
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Cyprus, Britain and France will be the property hotspots of 2007, while emerging destinations, such as Bulgaria and Croatia, are expected to cool, according to property specialist Assetz. The Cyprus property market is expected to perform well, rising by a minimum of 10%, Assetz predicts, adding that the Cypriot property market is also poised to
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