With his renewed vow to close the detention camp for foreign terrorism suspects at Guantanamo Bay, U.S. President Barack Obama has effectively assigned himself a list of possible ways to take the prison's population down from 166 to zero. Some would be more easily achieved than others. In pledging to look again at an unfulfilled
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Moody's has downgraded the global-scale insurance financial strength rating (IFSR) of OJSC IC Allianz (Allianz Russia) from Baa1 to Baa2, but maintained a stable outlook, following continued pressures in underwriting profitability. At YE 2012, Allianz Russia's combined ratio continued to be relatively high at 103.2% (YE 2011: 101.7%) and gross premiums written decreased by 7%
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Bank of Cyprus announced it was cutting deposit and lending rates from May 1, while it also said that it would extend the grace period for bank charges to 75 days to June 30. Greek-owned Alpha Bank Cyprus also announced it was extending the period for rate-free charges and possessions by 60 days to June
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Bank of Cyprus finally has a chairman and board of directors ending more than a month of uncertainty after the bank’s previous administration was sacked over an excessive exposure to the Greek market and an administrator was appointed to undertake a recapitalisation plan. Former central bank executive Sophoclis Michaelides has been appointed at BOCY’s new
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All possibilities regarding the future of Natural Gas Public Company (DEFA) and the State Hydrocarbons Company (KRETYK) will be examined within the framework of the overall effort to modernize the state, said Energy, Commerce and Industry Minister Giorgos Lakotripis. Answering questions on the future of the two companies, Lakotripis, said “together with President Anastasiades, we
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The Cyprus Stock Exchange (CSE) Council announced that it has accepted the listing in the Emerging Companies Market of 25 mln shares of “Global Digital Services Plc” at a price of EUR0.01. Eurivex Ltd, an EU investment firm regulated by Cyprus Securities and Exchange Commission (CySEC) is acting as the Nominated Advisor for the company
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What makes a leader? What does it take to lead a business in the context of a changing economic landscape? What should businesses expect of those leading them into the uncertainties of tomorrow? As part of its 16th Annual Global CEO Survey, PwC recently asked 1,400 CEOs from around the world which leaders they most
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. Volatility is expected in the market this week with the European Central Bank (ECB) expected to cut interest rates by 25 bps on Thursday and the US likely to commit to further monetary stimulus. An interest rate cut from the ECB is part of a long term strategy to heal the Eurozone’s woes and
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National Bank of Greece CEO Alexandros Tourkolias said he was confident that the bank will cover the 10% of private investors’ participation in a forthcoming share capital increase plan. The NBG board received EGM approval to proceed with the EUR 9.76 bln share capital increase via the contribution of EUR 1.17 bln in cash and
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. Marcuard's Market update by GaveKal Research What are European investors hoping for? Or, to put the question more forcefully (and give away our conclusion) what have they been smoking? The European economy is going from bad to worse. While economic and financial indicators from around the world have recently been disappointing, the US news
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