The Central Bank of Cyprus began the process for the selection of an independent auditing firm, which will carry out an independent evaluation of the implementation of the anti-money laundering legal framework in Cypriot financial institutions. Reliable sources told  that the troika and Cyprus Finance Ministry reached an agreement on the mandate of the auditing firm,

Pope Francis, the former Cardinal Jorge Mario Bergoglio of Argentina, delivered his first blessing to a huge crowd in St Peter's Square on Wednesday night, asking for the prayers of "all men and women of good will" to help him lead the Catholic Church. Francis, speaking Italian with a slight Latin American accent, joked with

Francis I, the first Latin American pope and formerly Argentina's Jorge Bergoglio is a moderate known for his strong negotiating skills as well as a readiness to challenge powerful interests. He is a modest man from a middle class family who is content to travel by bus. Described by his biographer as a balancing force, Bergoglio,

White smoke poured from the roof of the Sistine Chapel on Wednesday evening and the bells of St. Peter's Basilica pealed, signalling that cardinals had chosen a new pope to lead the troubled Roman Catholic Church after only five ballots. The decision by 115 cardinal electors came sooner than many expected because of the large number

Russian bank deposits in Cyprus, the root cause of Germany’s resentment to bail out the island’s economy, are estimated at about 32 bln dollars, half of which are deposited with Russian subsidiary banks in Cyprus, according to Moody’s. “Russian banks' operations in Cyprus could incur moderate credit losses if those banks have material exposures to

 * 12 EU members to lose 1 seat each, Germany gives up 3 * With Croatia joining the European Union this year, it will be entitled to 12 seats in the European Parliament which will result in some member states losing EP seats in order to make room and comply with the 751-seat limit set

Cyprus President Nicos Anastasiades suggested everybody to be patient concerning developments in the economy, noting that “hard work brings good results”. In a brief statement, while exiting the Presidential Palace, in Nicosia, the President of the Republic responded to the press, by saying that “it needs to have patience and you will see that hard

The government is working non-stop in order to successfully conclude negotiations for a rescue package, Government Spokesman Christos Stylianides said, ahead of a European Council and a Eurozone leaders Summit. In a written statement issued here, on W e d n e s d a y, Stylianides stresses that the government will not negotiate publically

The growth and profitability of services sector companies, the backbone of the Cyprus economy, is directly related to the international development of their business and promotion in different markets, which is why the Cyprus International Institute of Management (CIIM) is presenting a seminar on this subject at its Nicosia premises on March 20 and 21.