The International Monetary Fund (IMF) supports the Cypriot authorities’ target to adopt the euro on January 1, 2008. The statement was made at the end of the preliminary conclusions of an IMF mission visit to Cyprus, which underlined that robust economic activity has been safeguarded by prudent economic policies, with the reduction in the fiscal
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The Cyprus Securities & Exchange Commission has issued a warning that the European American Prosperity Trust (EAPT), which in its web site (http://www.eaptrust.com) says it maintains an office in Cyprus and offers trust asset management services has not been vetted by it. The Cyprus SEC states that the company does not have a license from
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UBS, Deutsche Bank and JP Morgan have all revised higher their price targets on the shares of Bank of Cyprus Pcl (BOCY), which following the release of better-than-expected 9M results and an interim dividend of 12 euro cents has rallied by more than 10% to current levels of EUR 9.80 per share. UBS has revised
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At least four Cyprus Airways flights were reportedly delayed by up to 40 minutes Monday, when the new European Commission regulation limiting liquids on passengers’ hand luggage was imposed at the island’s two main airports. A CyBC radio report claimed that the four flights were delayed because of the long queues created after passport control
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 EU economic and monetary affairs commissioner Joaquin Almunia said Cyprus and Malta will be ready to join the euro zone by 2008 on the basis of their economic performance. “According to the commission’s autumn forecasts published today, the two countries will meet the criteria for inflation, debt and deficits,” Almunia said at a news conference.
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Marfin Financial Group announced that as of November 3, 2006, its stake in Laiki Bank has increased to 54.232.852 shares for a 15.17% stake in the Bank following the purchase of 3.081.882 shares from the CSE. Marfin FG has permission from the Central Bank of Cyprus to lift its stake in Laiki Bank to 19.99%,
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The Board of Directos of Laiki Bank Pcl (CPB) unanimously elected Andreas Vgenopoulos as the new CEO of the Group. The Board also unanimously elected two Deputy CEOs. They are Christos Styllianides for the operations of the Group in Cyprus and Eleftherio Chiladakis for operations outside of Cyprus. The Board also appointed Chiladakis as a
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Oracle announced that it would provide the same enterprise class support for Linux as it provides for its database, middleware and applications products. Oracle starts with Red Hat Linux, removes Red Hat trademarks, and then adds Linux bug fixes. Currently, Red Hat only provides bug fixes for the latest version of its software. This often
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The Greek Orthodox Church of Cyprus chose its new primate Sunday by the electoral assemblyof 131 clerics and lay representatives after Saturday’s process ended in a walk-out by thesupporters of the previous front-runner for the throne.Bishop Chrysostomos of Paphos, acting as ‘locum tenens’ ever since the throne was vacated in September following the incapacitating illness
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The new head of the Greek Orthodox Church of Cyprus will be elected Sunday by the electoral assembly of 131 clerics and lay representatives after Saturday’s process ended in a walk-out by the supporters of the front-runner for the throne. Bishop Chrysostomos of Paphos, acting as ‘locum tenens’ ever since the throne was vacated in
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