EU and US accounting bodies have formally agreed to converge accounting standards, following the signing of a Memorandum of Understanding between the United States Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The memorandum outlines a programme for convergence between US Generally Accepted Accounting Practices (GAAP) and International Financial Reporting Standards

Travellers entering the EU from third countries will be allowed to import duty free goods up to a monetary thresold of EUR 500 (ppreviously EUR 175) for air travel and EUR 200 for other travel, following a decision by the European Commission. The proposals aims to avoid inconvenience in declaring goods of relatively limited value

Bank of Cyprus Public Co. Ltd. reported a spectacular 88% year-on-year increase in net profit for 2005 to CYP 72 mln, beating market expectations which had earlier forecast profits ranging from CYP 68-70 mln. BOC Chairman Vasilis Rologis said the reorganisation of the Group’s activities in Cyprus, combined with the cost containment and income enhancement

The Board of Directors of Bank of Cyprus Public Co. Ltd. decided to propose at the Shareholders’ Annual General Meeting to be held on Tuesday, 30 May 2006, the distribution of a dividend of 7 cent per share compared to 4 cent paid for 2004. The recommended ex-dividend date is Friday, 2 June 2006. Transactions

Bank of Cyprus Public Co. Ltd. has become the first major financial institution in Cyprus to issue a forecast for its expected profits for the year, as well as outline a three-year strategic development plan. Group CEO Andreas Eliades announced during the presentation of the Group 2005 results, that based on the Group financial results

…Earnings stage massive rebound …CSE market cap hits CYP 4.6 bln Share prices on the CSE staged a spectacular rally following an equally spectacular performance by the Bank of Cyprus shares, which powered ahead to fresh highs, not seen in five years on the back of bumper profits that led UBS to up its target