A Cypriot expatriate with business interests in the U.S. was the sole bidder for the Limassol Old Port facilities, clinching the ten-year tender for an annual lease of 2.6 mln euros, 300,000 euros more than the minimum offer. The Cyprus Ports Authority had given out to tender the ground facilities of the old port in
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Etihad Airways and Alitalia announced that they have signed the transaction implementation agreement which will result in a €1,758 million investment to build a reinvigorated Alitalia as a competitive, sustainably profitable business. The recapitalised Italian national airline will now be able to invest in a comprehensive strategic business plan which will see new long-haul routes
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FBME Card Services (FBMECS) announced the redundancy of 70 of its 105 employees on Monday following the suspension of the company’s business since last Thursday. The company said staff “will receive their full entitlements from FBME in the August payroll plus in due course their compensation payment from the government.” Merchants have been left in
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Parliamentary parties, with the exception of the ruling Democratic Rally, said on Monday that the foreclosures legislation could not pass as it is and asked the government to renegotiate the bill with the Troika of international lenders. Earlier, at a joint session of the House Finance and Internal Affairs committees, Interior Minister Socratis Hasikos presented
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Herman van Rompuy and José Manuel Barroso look forward at continued support from newly-elected Turkish President Recep Tayyip ErdoÄŸan for a settlement in Cyprus and of the Kurdish issue. In a joint message, congratulating ErdoÄŸan on his election, the Presidents of the European Council and the European Commission note that Turkey is a key partner
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Government Spokesman Nicos Christodoulides has expressed the hope that Turkey will, at long last, contribute constructively to a peaceful solution to the Cyprus problem, Invited to comment on the election victory of Turkey’s Prime Minister Tayyip Erdogan in the nation’s first direct presidential elections, the spokesman told CNA that “the result of the elections in
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The trade deficit in the first five months of the year rose to €1.33 bln, compared to €1.22 bln in the same period of 2013, data released by the Statistical Service Cystat has shown. According to the data, total imports/arrivals in January – May amounted to €1,961.5 mln as compared to €1,898 mn in January-May
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Lebanon’s Energy Minister, Arthur Nazarian, announced on Friday that the deadline to submit bids in country’s first licensing round has been postponed from August 14, until “a maximum of six months from the date of the adoption” of the missing decrees, according to a news report. The tender has been repeatedly delayed due to the
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A court in Cyprus has rejected the injunction order sought by Tanzania-based FBME Bank to prevent the sale of its local branch operations by the resolution authority, that was appointed in order to protect the interest of depositors and customers. The Central Bank of Cyprus said on Friday that the bank’s administration was decided after
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. By George Mountis During the period 2006 to 2009, thousands of people took out loans denominated in foreign currencies, mostly Swiss francs and Japanese yen. All these borrowers are now up against the wall, financially speaking, chiefly due to the worsening of the exchange rate. Despite the borrowers steadily servicing their loans for years,
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