The market is still reeling from Friday’s Non-Farm Payrolls (NFP) data announcement where only 113,000 new jobs were created in January, much less than was forecast. The low number was partially attributed to the unseasonably cold weather of the past few months; however there was good news in the form of the unemployment rate that
More
Six members of the Kyperounta Cooperative bank were each fined €5,000 by the Limassol District Court on Monday for sacking the board’s secretary last year and apologised for their actions having expressed remorse. However, they also resigned as they were arrested last Thursday for contempt of court and released on Monday. The Co-op remained in
More
The island’s trade deficit narrowed by a quarter or about 1 bln euros in January-November, due mainly to a proportionate fall in imports linked to lack of consumer spending because of the crisis and a slight increase in exports. The Statistical Service of Cyprus, Cystat, said that total imports/arrivals in January-November 2013 amounted to €4,385.5
More
The centre-right Democratic Party (Diko) may have elected a new leadership on Sunday, but the battle for control of the island’s third biggest party seems not to have abated. The party’s recently elected president, Nicolas Papadopoulos, who has hinted at leaving the ruling coalition as a junior partner because of his objection to the joint
More
PrimeTel successfully managed to secure the license for a 3rd Mobile Network in Cyprus and evolves from Mobile Virtual Network Operator (MVNO) to Mobile Network Operator (MNO). This development enables the creation of a fourth generation network (4G) and the availability of new services at lower prices. Since May 2011 until today, more than 40.000
More
Etihad Airways, the national airline of the United Arab Emirates, will double its flights between Abu Dhabi and New York City, introducing a second daily service from Saturday, March 1. The second New York service will increase substantially the connections available via the Abu Dhabi Airport hub, with the schedule designed to link in both
More
Finance Minister Harris Georgiades and Central Bank Governor Panicos Demetriades are expected to have a meeting with the Troika heads of mission in Cyprus, on Monday. CNA sources say that an updated Memorandum of Agreement, which was handed over by the Troika to the Ministry of Finance, on Saturday, has been sent to the relevant
More
Cyprus President Nicos Anastasiades has urged the island’s political leadership, the media and civil society to work together to achieve a viable solution that will secure a modern, European state for all the citizens of the country. In a statement ahead of Tuesday’s meeting with Turkish Cypriot leader Dervis Eroglu at the United Nations Protected
More
The government plans to lease some of the commercial activities of the state-owned Cyprus Port Authority, Communications and Works Tasos Mitsopoulos said, adding that partners will be sought to invest in this area. "The state will remain the owner of the Ports Authority. What is under discussion is a lease agreement for a specific period
More
Non-performing loans (NPLs) in commercial banks and cooperative credit institutions accelerated to €26.25 bln by end-November 2013, according to figures released by the Cyprus Central Bank. Compared with September 2013 NPLs marked an increase of 4.0% or €1.01 bln. NPLs in commercial banks reached 39.11% of total loans which in absolute numbers corresponds to €20.29
More