Online gaming giant Wargaming.net, one of Hellenic Bank’s three major shareholders, has trimmed its stake in the lender from 26.2% to 24.8%, according to a stock exchange filing. The announcement said that Wargaming sold 49,213,490 ordinary shares to an unspecified buyer, but remains the second biggest investor after New York-based fund Third Point. Local investment
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The Chartered Institute of Arbitrators, Cyprus Branch, is marking the international organisation’s centenary with the third Alternative Dispute Resolution (ADR) conference to be held in Nicosia next week. “ADR Prospects in the new Century, The Future” will discuss and explore the elements that are needed to expand its prospects in the new century, explained CIArb
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A week after securing “eligible asset” investment grade for Eurosystem credit operations, Fitch Ratings has upgraded Bank of Cyprus mortgage covered bonds to ‘B’ from ‘B-’. The rating action follows the restructuring to a conditional pass-through (CPT) from a soft bullet liability structure on eptember 29, the rating agency said, adding that the outlook is
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By Lukman Otunuga, Research Analyst, FXTM Global sentiment was dealt a blow this week as soft economic data from China renewed the concerns about its slowing pace of growth. Following a mild decline in global equities, escalating expectations that further monetary policy from China may be impending has translated to Asian equities venturing into green
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The positive economic and tax benefits to Cyprus from tourism is estimated at €84 per visitor per night, according to a study by PwC and The Travel Foundation, adding that these far outweigh the negative environmental (-€4) and social (- €0.2) costs. Nevertheless, the study said that these figures concern only one year (2013) and
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By Lukman Otunuga, Research Analyst, FXTM The already vulnerable Dollar received multiple sharp blows on Wednesday as an array of unimpressive economic data releases from the U.S. rapidly decreased the expectations of a rate hike in 2015. Other than the positive unemployment claims last week, US economic data in October has been nothing but disappointing,
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* Banks to face 250 mln in losses if forced to convert loans to Euros * Parliament told the Central Bank of Cyprus and the commercial banks that they have ten days to come up with a solution that would allow the conversion of Swiss franc loans into euros, otherwise they would adopt legislation of
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Moody’s Investors Service has changed the outlook on Portugal’s banking system to ‘stable’ from the ‘negative’ issued in 2008, reflecting the rating agency’s view that improving operating conditions in Portugal will benefit the country’s banking system. "The country’s modest economic recovery will help stabilise Portuguese banks’ credit fundamentals, and improving operating conditions are translating into
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. Marcuard's Market update by GaveKal Dragonomics Volkswagen’s stock price has rebounded more than 20% since its early October low, but there remains uncertainty about the firm’s future. Since news of the diesel polluting scandal broke, $30 bln has been wiped off VW’s market value, and you do not need to be conspiratorial to see
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. By Oren Laurent President, Banc De Binary President Vladimir Putin is at it again, this time in Syria. The Russian military has filled the vacuum left by the U.S. and is expanding its operations against opponents of Syria’s ruler, Bashar al-Assad. The Russians have purportedly initiated operations against ISIS, but there is evidence to
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