The Cooperative Central Bank announced net profits of €15 mln for the first quarter of the year and profits of €196 mln before provisions for impairment of loans and advances for 2013, according to preliminary results. This follows a €1.5 bln government bailout and subsequent nationalisation as part of the wider economic adjustment programme imposed

Public spending for beneficiaries of the Operational Fisheries Programme (OPF) 2007-2013 reached €33.4 mln by mid June, amounting to an implementation rate of 92.4%, the programme’s monitoring committee announced. The OPF’s total budget, approved by the European Commission on December 2013, stands at €36.15 mln, with 54,6% co-financed by the European Fisheries Fund. In his

Total deposits in May at all monetary financial institutions (MFIs) saw a net increase of €307.4 mln, continuing from a net increase of €264.7 mln in April, the Central Bank of Cyrpus said in its monthly statistics report. The annual growth rate stood at -7.4% as compared with -10.3% in April, while the outstanding amount

Shakespeare’s Globe is coming to Cyprus for only one performance, “Hamlet”, on July 5, at one of Cyprus most spectacular ancient amphitheatres, Kourion. The Hamlet “Globe to Globe” tour opened at Shakespeare’s Globe on April 23, the 450th anniversary of Shakespeare’s birth. The Globe’s most ambitious tour yet, the two-year tour of Hamlet, is set

The government has welcomed Friday’s upgrade by the Dominion Bond Rating Service (DBRS) of Cyprus’ long-term foreign and local currency issuer ratings from CCC to B (low). Government spokesman Nikos Christodoulides said that “the upgrade reflects DBRS’ view that near-term default risks have eased considerably with the authorities’ strong implementation of their macroeconomic adjustment programme,”

The Cyprus government has condemned the inhumane abuse of a stray dog by hotel employees, saying this is a disgrace to society and pointing out that innocent animals must be protected and not ill treated. The government also announced plans to introduce training programmes to make people sensitive towards animals with a view to cultivate

The International Monetary Fund is set to decide on Monday over the disbursement of an 86 mln euros tranche to Cyprus. The Fund’s Executive Board will discuss the fourth review of the Cyprus economic performance under a three-year programme agreed between the Cypriot authorities and the Troika of international lenders, that is the IMF, the

The near-term outlook for Cyprus remains grim as a result of last year’s near-meltdown of the financial sector and an aggressive austerity programme, but GDP is expected to contract by 4.3% this year, and for growth to resume only in 2016, according to the Summer 2014 EY Eurozone Forecast (EEF). The survey said that the

Bank of Cyprus, the island’s former finance giant that has been brought to its knees by a painful bailout plan following years of bad management, edged closer to returning to normalcy when it was announced it would get a state cash injection of €950mln next week. But the lender, that announced €31 mln in first

Drugs abuse killed 154 people in Cyprus between 2004 and 2014, Justice and Public Order Minister Ionas Nicolaou said in a message on the occasion of the International Day Against Drugs. The Minister called for joint action to address the problem noting that unfortunately the use of drugs continues to rise, destroying the lives of