* Dec. 16 stock re-listing to go ahead, despite crisis in Greece * Perhaps influenced from the daily jingles and happy tunes as the island gears up to Christmas, the Bank of Cyprus CEO’s upbeat comments for next year may have sounded like music to the ears of many who have grown accustomed to dreary
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US Vice President Joe Biden visited President Nicos Anastasiades in hospital on Wednesday, the Cypriot leader’s first meeting ever since he underwent a mitral valve corrective surgery at New York’s Mt Sinai hospital last week. Anastasiades said that the meeting was not simply a courtesy call, but “a visit of interest, about which I will
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By Jameel Ahmad, Chief Market Analyst at FXTM In comparison with Tuesday’s frantic profit-taking, the financial markets were calmer on Wednesday. That was of course until OPEC unexpectedly announced it sees less demand for its own oil next year. The bears snapped up this news as soon as they could and instantly dragged the oil
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* AIBC has 25 members with EUR 14 bln in assets * Kirill Zimarin, Chief Executive Officer of RCB Bank Ltd., was re-elected president of the Association of International Banks in Cyprus fro another two years at the association’s 12th annual general meeting on Wednesday, a post he has held since 2008. Zimarin joined RCB
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The Ifo Institute expects the German economy to gain impetus in 2015 with output increasing by 1.5% next year. According to its researchers, the recovery will be strongly boosted by consumption, which is expected to grow by 1.7% in 2015, following a 1.1% increase in 2014. "Falling oil prices and the slump in the euro
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. Talking (and even preaching) about corruption and meritocracy seems to be the new fad and a wonderful way to deflect people’s attention away from the real troubles we face. The fact that money laundering, corruption and fraud has reached the amazing levels we hear about on a daily basis should not surprise us, as
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DBRS, Inc. has confirmed the long-term foreign and local currency issuer ratings for the Republic of Cyprus at B (low), with the short-term foreign and local currency issuer ratings confirmed at R-5 and the trend on all ratings remaining ‘stable’. The rating agency said that “near-term default risks remain contained due to strong implementation of
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. Marcuard's Market update by GaveKal Dragonomics We’ve read plenty of bullish statements recently saying that the decline in oil prices amounts to a massive tax cut; “a phenomenon that’s making everybody better off,” as US Federal Reserve vice chairman Stanley Fischer declared last week. But as Frederic Bastiat wrote, in economics you have what
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Financial stability is improving in most European banking systems, but rising bail-in risks and weak profits pose challenges, according to Moody's Investors Service. The rating agency said that new EU-wide regulation has enforced higher capital levels, which, through de-risking and better asset-liability matching will improve bank performance, longer term. However, weak macroeconomic conditions weigh on
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* But sufficient to cover 2015 external debt needs * Absent a further substantial fall in oil prices, the Russian central bank's foreign exchange reserves (FXRs) are sufficient to cover the country's external debt obligations in 2015, Moody's Investors Service reported. According to official data, the Bank of Russia (CBR)'s FXRs (as of 1 December
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