Former Paphos Mayor Savvas Vergas and the Director of the Paphos Sewerage Board, Eftychios Malekkides, were handed down prison sentences of six years each on Wednesday on conspiracy charges and bribery related to the town’s much-delayed sewerage network. Both were found guilty on conspiracy to commit a crime and accepting bribes from private contractors, as
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Baker Tilly International has reported annual revenues of US$3.6 bln for the financial year ending June 30, 2014, a year-on-year increase of 5%, maintaining its ranking as the world’s eighth largest accounting and business advisory network. “To be recording our fourth consecutive year of revenue growth when the market remains as competitive and challenging as
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Tourist arrivals in Cyprus increased by 2.8% year-on-year in January, from 40,675 to 41,799, with Israeli and German tourists taking the lead, but steady streams from the U.K., Greece and Russia were on the decline, with the Tourism Minister talking of challenges ahead in 2015. According to data released by the statistical service Cystat, tourist
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Cypriots seem to be overcoming their worries abouthe the economic crisis and credit crunch that hit in 2013, with trips abroad up by 11% in January compared to the same month in 2014. Οn the basis of the results of the Passengers Survey, 81,205 residents of Cyprus returned from a trip abroad in January 2015
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The credit profile of French container shipping company CMA CGM S.A. (CMA, B2 positive) is more robust than that of German competitor Hapag-Lloyd AG (HL, B2 negative) on account of its higher profitability, bigger market share and more diverse geographic presence, Moody's Investors Service said in an Issuer In-Depth report. However, HL's financial and liquidity
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. Confidence is returning to the banking sector, Central Bank chief Chrystalla Georghadji told an elite group of investors last week, with a number of large scale and infrastructure projects the highlight of the conference organised by the Cyprus Investment Promotion Agency. Some of the speakers also included the Finance Minister, who elaborated on what
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. By Oren Laurent President, Banc De Binary The Islamic State has been on our radar and been grabbing headlines for long enough. Yet, if we thought that their influence was subsiding and growing old, they’ve proven us wrong. Different factions of the terrorist group, notorious for their gruesome killings, have stirred violence across the
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By Jameel Ahmad, Chief Market Analyst at FXTM After metals such as gold and silver recorded unexpected gains towards the latter end of last week, there are some indications the bullish momentum is beginning to slow. Since smashing its way to $17.40, silver appears to be at risk to dropping back below $17 after pulling
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Two service vehicles belonging to the Bank of Cyprus were burnt in an arson attack before dawn on Tuesday outside the home of the bank’s CEO John Hourican. One of the two cars was totally destroyed and the second was partly destroyed on the side, a police report said. The arson took place at 3.10am
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. Marcuard's Market update by GaveKal Dragonomics China is in for a rough year. The economy is in its most fragile state since 1998, at the nadir of the Asian financial crisis. Gross domestic product grew at an annualised rate of just 6.1% in the last quarter of 2014, and most key indicators suggest that
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