Almunia speech on euro changeover in Cyprus

By Joaquin Almunia Member of the European Commission, responsible for Economic and Monetary Affairs     Address at the “EMU Governance and Euro Changeover” Conference Nicosia, 30 November 2006   Ladies and

EU agrees its new financial rules

A final agreement was reached to reform the management of the EU budget and to simplify access to EU funding. The new rules, based on a Commission proposal, were agreed by the

Sterling breaks above $1.95

Sterling broke through the $1.95 level for the first time in two years nearing its December 2004 high of $1.9550, beyond which the way will be open for an assault on the

German shipping group to buy Cyprus bank

The Central Bank of Cyprus (CBC) approved the acquisition of Universal Savings Bank Pcl (USB) by Schoeller Holdings Ltd and Path Holdings Ltd., the German based shipping groups based in Limassol. Schoeller

Louis 9M profits surge

Louis Pcl released its 9M06 financial results posting an 18% YoY increase in revenue to CYP 152.6 mln (EUR 265.2 mln). Despite the hike in oil prices, EBITDAR was recorded at CYP

CYP weakens vs. EUR

The Cyprus pound continued to slide against the euro, ending Tuesday trading at 0.5780 or 1.7300 in contrast to 0.5744 a month ago and this year’s high of 0.5721 or 1.7480. Seasonal

Wineries violated competition rules

The Commission for the Protection of Competition (CPC) has ruled that four local wineries,  ETKO, KEO, LOEL and SODAP violated competition rules as regards price fixing on the supply of 187 ml