The Board of Governors of the European Stability Mechanism (ESM) approved on Tuesday the updated Memorandum of Understanding (MoU) with Cyprus, following a positive assessment of the seventh review of Cyprus’s macroeconomic adjustment programme. The Luxembourg-based ESM is now expected to unlock the disbursement of €500 mln to Cyprus on Wednesday morning. “Cyprus has taken
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. The Risk Watch Column By Dr Alan Waring In August this year, two major explosions occurred at different chemical facilities in China. What do these tragic events tell us about how such man-made disasters occur and the state of risk reduction and control in major hazard industries anywhere in the world? Why do well
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The potential collapse of Transaero, Russia’s second biggest airline, will have a “minimal” impact on Cyprus, as only 30,000 are scheduled to arrive on the island until the end of the year, with 350,000 already carried this year, Transport Minister Marios Demetriades said on Friday. Trasaero is the primary carrier to Cyprus for BiblioGlobus, the
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. By George Theocharides Global markets have endured a tough summer, hit by a financial crisis that had its origins in China, but spread quickly to other parts of the world. Trillions of dollars have been wiped out in equity values and some feared another global recession. Should we really fear for the worst, or
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. By Oren Laurent President, Banc De Binary Emerging market currencies have come under increasing fire in recent days. The Fed decision to maintain short-term interest rates at their current level of 0% – 0.25% relieved market volatility to a degree, but this proved short-lived. All the gains that emerging market currencies racked up were
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Interest has recovered in the monthly issue of 6-year retail bonds, the government’s alternative financing method after the economy crashed two years ago, with €28.4 mln sold in the October series, having plunged to their lowest level in September series when interest rates were lowered substantially. The Public Debt Management Office of the Ministry of
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By Jameel Ahmad, Chief Market Analyst, FXTM After being dragged heavily lower by a wide combination of different weights to investor sentiment, global markets are looking positive and attempting to recover momentum. Gains have been seen throughout Tuesday’s European, US and the overnight Asian sessions and while this might encourage a positive mood from investors
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The European Bank for Reconstruction and Development (EBRD) has taken an equity stake in Hellenic Bank, the second largest commercial bank in Cyprus, investing €20 mln in newly-issued shares. This is the second major investment by the EU growth fund that has already pumped about €120 mln in Bank of Cyprus for a 5% stake
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Greek dairy giant Dodoni AE has established a Cyprus subsidiary, Dodoni Dairy Products (Cyprus) Ltd. that will start producing halloumi and anari cheese from spring 2016. The company is setting up a new production plant in Limassol Ypsonas area from where it will try to tap into the EUR 90 mln market by exporting the
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The weekly National Lottery, that contributes about €20 mln a year to state coffers, announced a jackpot of €200,000 in next Wednesday’s draw, as no winner was found for a third consecutive week for the €50,000 prize money. The Director of the National Lottery said that winner drawn for this week’s €150,000 was among the
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