The euro gained sharply on Thursday morning after a better-than-expected Ifo report, which raised speculation that the ECB will continue euro rates while the Fed is on pause following weak US housing data. The euro traded at $1.2825 from $1.2750. The euro bought 149.30 yen compared with 148.54. The euro seems locked in a tight

…deposits surge higher Cypriots continued to prefer loans in foreign currency at the expense of local currency which carried a higher rate, according to the July Monetary Survey of the Central Bank of Cyprus. Total loans until end of July 2006 jumped by CYP 31 mln to CYP 10.78 bln, with the bulk of increase

Atlantic Insurance Pcl (ATL) reported a 62.5% YoY increase in first half profit to CYP 1.35 mln compared to CYP 835k a year ago and CYP 1.68 mln for the whole of 2005, lifting its EPS to 3.47 cent from 2.14 cent previously. The improved results were attributed to an increase in operating profit by

International Banking Units (IBUs) based in Cyprus saw a $119 mln decline in advances to customers to $6.58 bln until June 2006, according to the Monetary Survey of the Cyprus Central Bank, but investments booked through the IBUs mainly into Russia and other east European countries continued to rise. Total investments were up $195 mln

— Six more ready for review A ministerial committee has decided to award a license for the operation of a new golf course in the Ayia Napa area to a consortium of local hoteliers. This will be the first course in the south eastern coastal area. Three courses already operate in the Paphos District (Aphrodite

Cyprus Airways (CAIR) pilots decided Tuesday to call off their strike measures set for August 25 and 26. Polis Economou, the Chairman of the Pancyprian Union of Pilots (PASIPY) told CNA that the measures are called off, since the company has responded positively to three demands raised by the pilots during a meeting held on