Cyprus wants to boost its role as a regional maritime transport hub, building bridges between Europe and its bridges, as the government speeds up plans to privatise its two main commercial ports. Communications and Works Minister Marios Demetriades said at a conference organised by the Cyprus Ports Authority and the Public Works Department that “the
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Crude oil prices were stuck at week-long levels with Brent trading at just above $48 a barrel in Asian markets, as OPEC and other producers refused to cut output and U.S. stockpiles were at record highs. Brent, at $48.65 a barrel, was near its lowest level in six years, as global crude prices tumbled by
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Bank of Cyprus, the island’s premier lender that underwent two waves of capital raising and has changed owners several times, said it cannot compensated holders of capital securities who saw €600 mln worth of their investments disappear as part of the banking sector’s controversial bailout in 2013. A further 47.5% of unsecured deposits over €100,000
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While the drop in oil prices will likely cause Abu Dhabi's (Aa2 stable) economic growth to slow in 2015 and put an end to four consecutive years of double-digit fiscal surpluses, the emirate's sizeable stock of foreign assets will help cushion the impact of lower oil revenues in the coming years, Moody's Investors Service said
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Sales of petroleum products dropped 3.8% last year, compared to the previous year, while stocks of petroleum products at the end of 2014 were down 4.5% compared to the end of 2013, the statistical service Cystat reported. The overall drop was attributed to the high cost of fuel that prompted consumers and professionals alike to
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Germany’s economic upturn is prompting a growing number of firms to look for additional staff, according to the Ifo Institut that showed its monthly Employment Barometer rose to 108.2 index points in January from 106.6 points in December, and a hairline above the 108.1 points in the index last February. The monthly index has now
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The state-owned Electricity Authority of Cyprus (EAC) plans to provide low-income and struggling families with lower-capacity supply to help households manage their outstanding bills better, with the total owed estimated at €16 mln. EAC boss Stelios Stylianou told members of parliament earlier this week that households facing difficulties paying off their debt to the Authority
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Dro.Me.A. Racing runners’ club made an impact at the events of the Pokka Coffee Half-Marathon, which took place in Pervolia – Larnaca. In addition to the mass participation by runners from the club, many achieved distinctions in their respective categories in the half-marathon, 5-km and the children’s 1-km and 2-km races. In the half-marathon race
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* New money laundering directive to fight tax crime and terrorist financing * The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a "legitimate interest", such as journalists, under a European Parliament/Council deal endorsed by the Economic and Monetary
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Cypriot investment firms lost 42.5 mln euros after the Swiss National Bank decision to remove its cap on the Swiss franc's exchange rate with the euro, causing a surge in the Swiss currency. Demetra Kaloyirou, Chairman of the Cyprus Securities and Exchange Commission that regulates more than 180 investment firms and fund managers, said that
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