. Corporate Governance: Cyprus’ Disastrous Experiment By Petros Florides Cyprus has found itself on the brink of economic collapse due mainly to decades of bad governance in both the public and private sectors. But this did not happen in a void. Only as recently as 2004, Cyprus satisfied the European Union’s demanding conditions of membership
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The wrecked Costa Concordia cruise ship could be upright again, nearly two years after the liner capsized and killed at least 30 people off the Italian coast, but Salvage engineers pushed back the start of an operation on Monday to lift the wrecked Costa Concordia liner upright after an overnight storm interrupted preparations. Franco Gabrielli,
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The Central Bank of Cyprus and its Governor Panicos Demetriades have come under harsh criticism from political parties for the delay to approve two of the new board members elected by shareholders last Tuesday. The central bank had rejected two members, one of six Russians elected to the board by lawyers and proxies, and Adonis
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Angela Merkel's allies swept to victory in a state election in Bavaria on Sunday, regaining the absolute assembly majority they lost in 2008 and providing a show of conservative strength for the chancellor a week before Germany goes to the polls. The Christian Social Union (CSU), sister party of Merkel's Christian Democrats (CDU), won 49
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Asia's new mega-casinos are driving sales and innovation in advanced surveillance technology, from chips with built-in radio transmitters to high-definition, multi-lens, digital cameras that can scan huge gaming floors and catch the deftest sleight of hand. Security solution providers such as German-Australian joint venture Dallmeier International, California-based Pelco, a unit of Schneider Electric PA, and
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Lawrence Summers, a former top economic aide to President Barack Obama and a Treasury secretary under President Bill Clinton, withdrew his name from consideration to succeed Ben Bernanke as Federal Reserve chairman on Sunday. Widely regarded as a brilliant economist and a shrewd and decisive policy-maker, Summers was considered to be the front-runner to replace
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The U.S. dollar slid while bonds and shares rallied in Asia on Monday after news Lawrence Summers had dropped from the race to head the Federal Reserve promised to prolong the lifetime of super-easy money. Further whetting risk appetite was signs of progress on Syria, all of which helped Australian shares to a five-year peak
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Eurozone Finance Ministers endorsed on Friday the disbursement of the next tranche of financial assistance of €1.5 bln to Cyprus, expected by the end of September. In a statement on Cyprus, the Eurogroup said it “welcomes the conclusion of the Troika’s first review mission that the adjustment programme for Cyprus is on track”. The Cypriot
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The Board of Governors of the European Stability Mechanism (ESM) approved in Vilnius on Friday the updated Memorandum of Understanding for Cyprus, which clears the way for the disbursement of €1.5 billion, the second tranche of the Cypriot financial assistance programme. In a press release the ESM said that this disbursement is expected to be
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Cyprus recorded the largest decrease in employment both quarterly and annually, in the second quarter of 2013, according to data released Friday by Eurostat. The number of persons employed also decreased in the euro area and remained stable in the EU27. According to Eurostat data, compared with the same quarter of the previous year, employment
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