Total has recommitted its interest to explore in Block 11 of the Cyprus exclusive economic zone, weeks after Italy’s ENI made the biggest offshore gasfield discovery in adjacent Egyptian waters. Having initially abandoned its exploration rights in Block 10 after failing to locate any sufficient drilling targets, the French energy giant has now shown keen
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Hellenic Bank staff will be offered a tax free redundancy package as part of the voluntary retirement plan announced last Friday. Eligible for the package are all staff with at least one year’s of service. The payout will not exceed 80% of gross salaries which would be paid to any staff member from the date
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Moody’s has upgraded RCB Bank Ltd’s deposit ratings from Caa1 to B3, elevating it to the highest rated bank in Cyprus reflecting the bank’s new capital structure, diversification of its earnings, capitalisation and immunity from non-performing loans. The bank said that the Moody’s upgrade also referred to the expansion of operations to six branches in
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Salamis Lines recently purchased the 700 TEU capacity Alasa container ship to expand its fleet, complementing the Alios Ro/Ro operating the Haifa-Limassol-Lavrio route. The Alasa will operate the Limassol-Haifa-Piraeus route, with both vessels calling on Limassol twice a week. “There is demand and the traffic to all three ports is not only limited to these
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. It is not to so much John Hourican’s decision to reconsider his resignation that is important, as much as the air of stability that now seems to blow over the Bank of Cyprus, dispelling the dark clouds hanging over it. A sense of numbness had descended at the island’s biggest lender ever since the
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. Marcuard's Market update by GaveKal Dragonomics Francois Hollande has rightly made it clear that France is at war. And wars cost a lot of money, as keeping an army in the field and airplanes in the air is expensive. There is a reason for the military adage “amateurs talk strategy; professionals talk logistics”. Moreover,
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. By Oren Laurent President, Banc De Binary Leading into the final week of November, the US economy showed plenty of bullishness. The S&P 500 experienced its strongest week of the year after anxiety about Fed interest-rate hikes abated. By last Friday, investor sentiment calmed after officials from the Federal Reserve intimated that the economy
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. Last week’s double attacks in Beirut and Paris were, perhaps, the wake-up call needed to get the West truly interested in the turbulent Middle East. On the one hand, the French President declared an all-out war on ISIS, on the other hand, large-scale bombardments will simply exacerbate the refugee crisis, straining the European Union’s
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Hellenic Bank, the island’s third biggest lender that avoided a state bailout, posted a profit of €6.2 mln in the third quarter, compared to a second-quarter loss of €11.8 mln and a €29.2 mln loss in the year-earlier quarter, based on adequate capital and increased income from “prudent investments in bonds.” According to the financial
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By Lukman Otunuga, Research Analyst, FXTM Investor focus shifted away from the economic calendar on Tuesday with attention diverted towards the growing diplomatic crisis after a Russian jet was downed by Turkey near the Syrian border. Although the equity markets have not been heavily affected due to the recent geopolitical developments, there is some anxiety
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