Police investigators said on Friday they found “millions of euros” in the bank accounts of two leading suspects held on corruption charges related to the Paphos sewerage board (SAPA). Former Paphos Mayor Savvas Vergas, who resigned his office earlier in the week and paved the way for by-elections on January 11, appeared in court for
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President Nicos Anastasiades will remain in the intensive care unit at New York’s Mount Sinai Hospital for a few more days for observation after his successful operation to fix his heart mitral valve, his doctors said on Friday. Dr. Savvas Kadis who, together with Dr. Marinos Soteriou, accompanied the President to New York, was quoted
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New legislation to allow EU member states to restrict, or ban, the cultivation of crops containing genetically modified organisms (GMOs) on their own territory, even if it is allowed at EU level, were agreed by Parliament and Council delegations on Wednesday night. "The agreement reached last night on the directive, which goes into effect spring
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By Jameel Ahmad, Chief Market Analyst at FXTM Following some dovish comments from Mario Draghi two weeks ago when the European Central Bank (ECB) President teased the prospect of December being the month the ECB would introduce QE, euro bears were on high alert for Thursday’s interest rate decision announcement. Unfortunately for the bears, they
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The European Bank for Reconstruction and Development (EBRD) is underpinning its engagement in Cyprus with the opening of a Resident Office on the island that will oversee an investment of at least €600 mln over the next six years, to help revive the bailed-out economy. The office in Nicosia was opened on Thursday by Finance
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Hellenic Bank, the one-time conservative lender that escaped a painful bail-in by depositors and a government rescue, plans to restore trust and lure fresh customers, its new chief executive Bert Pijls told a banking conference on Thursday. Pijls, who was picked by the bank’s new board representing local and foreign strategic investors, said that the
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German companies that will be affected by the minimum wage as of 1 January 2015 are planning to increase their prices (26%), reduce bonuses (23%), reduce their payrolls (22%), reduce working hours (18%), and scale back their investment activity (16%), research showed on Thursday. A survey of 6,300 businesses conducted by the Ifo Institute showed
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Gradual, global economic recovery and declining unemployment rates will support the growth of both property and casualty (P&C) premiums and life insurance sales next year, with Moody's Investors Service maintaining its stable outlooks for both sectors globally for 2015. "We expect P&C premiums to keep pace with economic growth in advanced economies and to outpace
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The decline in bank deposits in Cyprus seems to have stabilised at an average rate of just under 5% in the past four months, far less than the 20% declines seen a year ago, but still a long way to go to convince savers to return. With the justification provided in previous months being that
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Tourism revenue continued on its downward path in September, with the latest monthly statistics suggesting earnings dropped a whopping 22.6% year-on-year by €80 mln, but year-to-date figures showed that the decrease was slower, at €42 mln compared to the same nine-month period last year. This follows an earlier trend that saw revenues drop by about
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