A Larnaca-based Cypriot dealer who let his mother run a £300,000 drug ring from the UK has been jailed for eight years after being extradited. George Pikounis, 29, set up a crack cocaine and heroin supply line from London to Plymouth and then moved to Pyla, outside of Larnaca, where he controlled the business by
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The transition of the Cyprus Co-operative Bank’s operations and transfer of its healthy assets to Hellenic Bank has established the new entity as the island’s ‘leading retail and SME bank’, a company announcement said on Tuesday. Hellenic released a video showing CCB card-holders being offered free transactions on the first day of the integration, with
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Cyprus and India have pledged to up their game in the bilateral promotion of shipping, tourism and investment. India's president Ram Nath Kovind invited Cyprus to invest in his country to take advantage of growing investment opportunities. Speaking to parliament on Monday, he declared India open for business. Earlier Kovind held talks in Nicosia with
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Moody’s has welcomed Bank of Cyprus’ deal to sell a portfolio of loans with a gross book value of €2.8 bln to Apollo Global Management LLC, a global alternative investment manager but risks remain. The loans are predominantly nonperforming exposures (NPEs) in the bank’s corporate and small and midsize enterprise portfolio totalling €2.7 bln and
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By Hussein Sayed, Chief Market Strategist, FXTM Asian equities were mixed on Tuesday as U.S. markets were closed for Labour Day on Monday and investors continued to price in a further escalation of trade tensions between the U.S. and China. When broad tariffs on steel and aluminium were first imposed in March, it was
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PrimeTel has announced its participation in the first 5G test platform in the European Union, which will also actively contribute to the digital reconfiguration of the telecom landscape in Cyprus. The “5Genesis” project is a pilot platform which is to test out the bloc’s readiness to implement 5G technology in the European Union. The programme
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The landmark Berengaria hotel located in Prodromos is going under the hammer with a reserve price of EUR2.36 mln, putting an end to hopes the historic property can be revived as a classic-style mountain resort. It is expected that the new buyer of the Berengaria, if the Bank of Cyprus (BOC) auction goes according to
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Cyprus Interior Minister Constantinos Petrides is concerned over the increasing trend in the flow of migrants to Cyprus, calling for a holistic solution to people smuggling in the EU. Nicosia warned that Cyprus has reached its limits with regard to the number of migrants it can easily cope with. “Indeed, there is an alarmingly increasing
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. There was a mass protest in Nicosia this week by school teachers unhappy that the government wants to initiate reforms in education which they don’t like. Like most public rows in Cyprus, there is a lot of background noise and agitated voices claiming the world has done them a great wrong. Then the mood
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. After David Cameron messed up on the matter of Brexit, we follow closely the reactions of businesses and individuals regarding whether Cyprus will possibly benefit or lose from such an event regarding the real estate market. It is most unfortunate that the U.K. will leave the E.U. and we feel that we are losing
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