Asian markets suffered a glancing blow on Thursday after the U.S. Federal Reserve's latest policy outlook was deemed less dovish than some had wagered on, lifting both bond yields and the dollar. The damage was mostly superficial with MSCI's index of Asia-Pacific shares outside Japan off just 0.6 percent. Shares in Shanghai lost 0.6 percent,
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Reopening the ghost town of Varosha, whenever that occurs, presents a unique opportunity to learn from the mistakes of the past and rebuild for a better future. Yet it comes with significant risks. Without careful planning, it could become just another unsustainable holiday complex in an already crowded Mediterranean tourism market, while cementing Famagusta as
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Cyprus needs a new national banking strategy and stronger foundations to ensure further financial stability, an independent commission told the island’s president, just seven months after the sector reached the point of meltdown and sought an international bailout. President Nicos Anastasiades said he is committed to applying the suggestions of the four members of the
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International businesses continue to use Cyprus as their base, despite a €10 billion bailout agreement that featured a haircut on uninsured deposits in a bid to recapitalise the island’s largest banks, auditors said on Wednesday. A delegation of the Institute of Certified Public Accountants of Cyprus (ICPAC) met with technocrats of the Troika of international
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The economic sentiment in Cyprus improved in October, according to the European Business and Consumer Survey, published on Wednesday by the University of Cyprus. The Economic Sentiment Indicator reached 83.3 units in October compared to 82.6 units in September while in April it had reached its lowest point at 64.4 units. Since April, the indicator
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* CEO Hourican to deal with McKinsey plan for split, NPLs * The Bank of Cyprus shares that resulted from the bail-in by depositors who are now the new shareholders of the Group, will be re-instated on the Cyprus Stock Exchange on January 31, 2014, only if the 9-month results for 2013 have been submitted
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Airports operator Hermes impounded a Cyprus Airways Airbus at Larnaca on Wednesday morning due to a 4 mln euro debt that the troubled state-controlled carrier has amassed with the company. But Cyprus Airways was quick to respond with its chairman saying that despite the action, the airline’s flight operations continue smoothly and without any problems.
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Portugal’s BCP Millennium placed its 4.6% stake in Piraeus Bank via an accelerated book building process with the 235.3 mln shares and warrants offered at a 8.5% discount from Monday’s close of 1.64 euros, valuing the deal at 494 mln euros. BCP had already invested EUR 400 mln in Piraeus’ recent capital increase as part
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Russia has denied reports that its intelligence services spied on hundreds of foreign delegates at a Group of 20 summit in St Petersburg in September using gifts such as teddy bears, diaries and free USB keys. Quoting a report from the European Council's security office to Italian intelligence services, Italy's Corriere della Sera daily has
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Angela Merkel's top foreign affairs and intelligence advisers will quiz officials in Washington on Wednesday over the activities of U.S. spies in Germany, including allegations they tapped the German chancellor's phone. The visit is one of a series of trips by high-ranking German and European Union officials to the United States this week after revelations
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