Bank of Cyprus is pondering whether to split its operations and have a ‘bad bank’ to handle the non-performing loans or to opt for an asset management company, similar to mortgage lender Northern Rock that collapsed in 2008 due to heavy borrowing and uncontrolled securitisation. This is why HSBC has been called in to advise

Standard and Poor’s and Fitch have raised their sovereign credit ratings for Cyprus by one notch, following a similar move a month ago by Moody’s. S&P raised its long-term sovereign credit ratings to ‘B’ from ‘B-’, affirming its short-term sovereign credit ratings at ‘B’, saying the positive outlook incorporates the possibility that it could again

Deutsche Bank officials have told Cyprus they would be interested to lead a financing consortium if the LNG terminal proves to be viable, news reports said on Friday. The bankers met with Cyprus Energy Minister Yiorgos Lakkotrypis on Thursday to discuss the funding options over the construction of a natural gas liquefaction terminal to be

The top two floors of executive offices of Limassol’s landmark commercial property, aptly named The Oval, have been sold to an unnamed buyer, just two weeks after the official launch by President Nicos Anastasiades. The property’s developer, Cybarco, started the groundbreaking work on the site of the 25 mln euro project last month with engineers

House prices, as measured by the House Price Index (HPI), fell by 1.4% in the euro area and by 0.1% in the EU28 during the fourth quarter of 2013 compared with the same quarter of the previous year, according to data published by Eurostat. Among the EU member states, the largest annual falls in house

Louis Cruises won a total of three awards at the annual Greek Tourism Awards 2014 – one gold and two bronze. The ‘Gold Award’ was in the category of Contribution to Local and Social development, being the only cruise company based in Greece, as every day for six months, four of the ships reach Greek

State-controlled Cyprus Airways is on the right path after a year of austerity programmes, currently breaking even and is now ready to attract new investors, local or foreign, the airline’s chairman said. Speaking on CyBC radio on Thursday morning, Tony Antoniou said he was optimistic that the airline would make a turnaround, but needed new

 * Foreign funds investigating FDI prospects in Cyprus * The first in a series of potential investors will be in Cyprus this week on a fact-finding mission to investigate the merits of investments in the public and private sector, as promoted by President Nicos Anastasiades during his recent tour of the Middle East. But market