A Cyprus Central Bank report probing into the sale of securities involving the two largest banks of the island, Bank of Cyprus (BoC) and Cyprus Popular Bank (Laiki) has been completed, Central Bank Governor Panicos Demetriades said on Tuesday. Demetriades, who was addressing the Parliamentary Committee on Institutions, said that the results were sent to
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More info asked of another 6 Cyprus Central Bank Governor Panicos Demetriades said on Tuesday that ten of the new members of the Bank of Cyprus (BoC) Board of Directors have been approved while another six members have been asked to provide more information. In an interview with CNA, which will be published on Friday,
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“Invest in Cyprus; Invest in Us”, is the new logo heading an action plan by Cyprus Investment Promotion Agency (CIPA), presented, on Tuesday. In statements he made during a presentation of the action plan, which aims to restore Cyprus’ credibility as an investment destination, CIPA Director General Charis Papacharalambous said that the number of prospective
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Market Update by FXTM What can only be called a slight mishap occurred last week in the US, when unemployment claims dropped to a six year low of 292K, bewildering analysts nationwide who expected the figure to stay the same or even increase slightly. Though the news were first received with excitement, it soon came
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Facebook and Twitter became widely accessible to Iranian users on Monday for the first time since 2009, when the services were blocked in the midst of widespread protests against former president Mahmoud Ahmadinejad, according to reports emerging from the country. Reporters in Tehran for the New York Times and the Washington Post both said on
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Wrecked cruise liner to be towed away for scrap Salvage crews completed raising the wrecked Costa Concordia cruise liner on Tuesday, officials said after a 19-hour long operation on the Italian island of Giglio ended in the early hours of the morning. One of the most complex and expensive maritime salvage operations ever attempted saw
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Search-and-rescue teams bolstered by National Guard troops fanned out across Colorado's flood-stricken landscape on Monday, as a week of torrential rains blamed for eight deaths and the destruction of at least 1,600 homes finally gave way to sunny skies. Much of the evacuation effort was focused on remote foothill and canyon communities in north-central Colorado,
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Emergency Liquidity Assistance (ELA) from Cyprus Central Bank dropped by 1.25 billion Euros, according to Cyprus Central Bank’s data released on Monday. This is the first time the ELA falls below 10 billion Euros since last January and this is attributed to the increase of European Central Bank (ECB) funding to Cyprus’ Banks. According to
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The IMF announced Monday that it has approved the disbursement of €84.7 million in financial help to Cyprus. The announcement said that the Executive Board of the International Monetary Fund (IMF) completed the first review of Cyprus’ performance under the economic program supported by a three-year, €1 billion, Extended Fund Facility (EFF) arrangement. The completion
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The Cypriot authorities have made commendable progress in implementing near-term stabilization policies and they remain committed to taking further steps to restore financial stability and the sustainability of public finances to support long-run growth, IMF Chief Christine Lagarde said Monday. She however pointed out that risks to the rescue program remain substantial, leaving no room
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