It’s been a busy week for the Bank of Cyprus, the island’s main lender bailed out by depositors and foreign investors in 2014, that has lowered its debt, disposed of its last major non-core asset and is on track for a listing on the London Stock Exchange. A premium listing on the LSE
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. The peaceful end to the hijack could not have come at a better time for Cyprus and the tourism industry, as we approach the holiday season with an increase in the number of vacationers this year. The rise in tourist arrivals is partly expected due to trouble in the region (attacks in Turkey)
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. By Oren Laurent President, Banc De Binary Following Janet Yellen’s decision to leave interest rates unchanged, the USD has plunged against a basket of currencies. Where to next for the beleaguered dollar? The Performance of the USD Moving Forward? The USD has plunged by 4.1% in Q1 2016. This marks the currency’s largest quarterly
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Hellenic Bank Group posted net profit of EUR 13 mln for 2015, marking a turnaround from a loss of EUR 118.6 mln in 2014. Releasing its final audited results for 2015, the bank said it posted profits despite recognising additional provisions of EUR 71m, recommended by the regulatory authorities. “Auditors confirm that the
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Greece is the main trading partner for Cyprus with 11% of trade volume, followed by Ireland (10%) and the UK (7%), according to statistical data released by Eurostat. In general for 2015, the United States (EUR 619 bln, or 18% of total EU trade in goods) and China (EUR 521 bln, or 15%) continued
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Unemployment dropped to 15% in 2015, compared to 16.1% a year earlier, according to the Statistical Service. Based on the results of the Labour Force Survey, average unemployment reached 63,736 people, of which 32,870 where men and 30,866 were women. For the fourth quarter of 2015, the number of employed persons amounted to 361,448
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The changes to sanctions on Iran and what they mean for the business community were analysed during a dinner organised in Nicosia by the Cyprus Chamber of Commerce and Industry and the American Chamber of Commerce in Cyprus, in the presence of Minister of Commerce, Industry, Tourism and Energy, Yiorgos Lakkotrypis and the US Ambassador
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Cyprus exited from its three-year bailout rescue programme at midnight on Thursday, March 31, but it will still have to repay the principal on ESM loans from 2025 to 2031. Cyprus used up only EUR 6.3 bln from the ESM, plus EUR 1 bln from the IMF, out of a EUR 10 bln envelope
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Revenue from tourism has increases for the seventh consecutive month in January, according to the latest figures released by the Statistical Service. On the basis of the results of the Passenger Survey, revenue from tourism reached EUR 29.1 mln in January compared to EUR 28.4 mln in the corresponding month of the previous year, an
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Cyprus-based carrier Cobalt has signed agreements for three Airbus A320 aircraft, the first of which will arrive within a few days, in time for the airline’s launch to European and Middle Eastern destinations by the end of May. Already, the private-owned company has hired 20 Cypriot pilots, mostly former Cyprus Airways personnel, and has
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