Central Bank Governor Panicos Demetriades has stressed that a Memorandum of Understanding, the basis of an international bail-out for Cyprus, must be implemented in full. Demetriades was addressing on Monday the Parliamentary Committee on Financial and Budgetary Affairs during the presentation of the 2014 budget. He assured MPs that the Central Bank’s primary objective is
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Finance Minister Charis Georgiades stressed Monday the need for proper management of the 10 billion euro loan agreement with the Troika (IMF, EC, ECB) to avert a new Memorandum. He also said that restrictions on bank transactions, imposed after Eurogroup`s decision on Cyprus in March, will be gradually lifted by Spring 2014, except from the
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The Natural Gas Public Company (DEFA) has announced that it has been unable to agree terms for a short term supply of gas (Intermediate Solution) at Vasilikos Power Station in Cyprus with any of the respondents to the Request for Proposals (RFP). According to a DEFA press release, its Board of Directors decided at a
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Figures released on Tuesday, October 15th in the eurozone indicated that Germany is showing signs of revival and debt issues in Southern Europe are finally reaching a patch of stability. The ZEW Economic Sentiment Survey for Germany was released at 52.8 in October, up from September's 49.6 and higher than expectations which didn't see it
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China Mobile Ltd missed expectations on Monday with a nearly 9% drop in third-quarter net profit as social messaging applications ate into the company's traditional revenue streams. The applications send messages using a subscriber's data plan, thus depriving telecom operators of the ability to charge for SMS messages. Third-quarter net profit fell to 28.37 bln
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Merlin Entertainments, whose attractions include the Madame Tussauds waxworks and Legoland theme parks, plans to sell at least 20% of its shares in a stock market debut in London next month. Stronger equity markets have helped to support a pick-up in new London listings after several years of drought. Moreover, strong public demand for shares
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The Polish zloty eased on Monday to lead central European currencies down a touch, with regional assets backing away from recent multi-week highs a day before long-delayed U.S. jobs data. Many investors are betting that after the disruption of the U.S. political standoff over debt, the Federal Reserve will put off winding back the supply
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The Cyprus banking sector will see more losses next year due to a further deterioration of the economy, but an adequate capitalisation this year will help absorb these losses and the sector will see a gradual recovery, the island’s centralbanker told a parliamentary hearing on Monday. Central Bank Governor Panicos Demetriades said in a statement
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Greece's budget deficit was smaller by 1% of GDP last year than earlier thought, the European Union's statistics office Eurostat revised data showed, while Ireland's gap was bigger than originally reported in April. Deficit in debt-troubled Greece, on route to exit six years of recession next year and reach primary surplus this year, was 9.0%
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Finance Minister Haris Georgiades has said that the government is committed to make all necessary decisions aiming at the recovery of the island`s economy. “We have to dare and implement the (Troika rescue) programme. We have to make decisions bearing in mind that the results will not come as fast as we would like them
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