Dmitry Rybolovlev, the fertilizer tycoon and single largest shareholder in the Bank of Cyprus, is locked in a bitter divorce battle with his estranged wife Elena who is suing over his $88 mln purchase of a Manhattan penthouse from former Citigroup boss Sanford Weill. Rybolovlev, worth an estimated $9 bln and the world's 100th richest
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* THE FINANCIAL MIRROR CONSENSUS FORECASTS * Economic conditions will be worse in 2012 than in 2011, according to all of the eight panellists on the quarterly Financial Mirror Consensus Forecast, but there is also consensus that things ought to get better by 2013. The panel, launched not long after the Mari explosion when there
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Triple Five, the Canadian finance, transport and retail group owned by the Ghermezian Iranian Jewish family, wants to invest in Cyprus, initially by buying about 500 mln euros worth of government bonds and later to establish a bank, a subsidiary of Vancouver-based Peoples Trust. Nader Ghermezian, chairman of the group that owns the two biggest
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Asian shares eased on Thursday on renewed concerns about Chinese growth, but a brighter global economic outlook underpinned the dollar and kept investor risk appetite intact, reducing the appeal of safe-haven government debts. The dollar touched a fresh 11-month high against the yen above 84 yen and hit a two-month high against a basket of
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Greece's Alpha Bank will propose pulling out of a planned merger with Eurobank because of the impact of the country's bond swap deal on the banks, the lender said on Wednesday. On November 15, the shareholders of both banks had approved the merger of the two lenders to create the country's largest bank which would
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…Yet the real difficulty is the lack of political will to implement a strategic plan …Yet the real difficulty is the lack of political will to implement a strategic plan ELENA AMBROSIADOU The crisis in Greece is very serious. In the short term there will be little or no investment, with negative growth. Why? Because
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. By Dr. Andrestinos N. Papadopoulos, Ambassador a.h. The visit of the Israeli Prime Minister Benjamin Netanyahu to Cyprus was the jewel in the crown of the bilateral relations between Cyprus and Israel and an indirect answer to Turkish threats against Cyprus in connection with its sovereign rights in the Exclusive Economic Zone of the
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. After several attempts, failed starts, stalling and jump-starts, the one-stop-shop concept (you know, the one ministers promised us several years ago) is finally getting its lift-off from the Cyprus launch station. Or so, we hope… Empty promises in the past have cost Cyprus millions in lost revenues, as simple procedures such as registering a
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Moody’s Investor Service has downgraded the three leading Cyprus bank ratings following Tuesday’s cut to ‘junk’ of the Cyprus sovereign ratings, despite the banks’ efforts to raise fresh funds to meet strict European demands for capital adequacy. The rating agency lowered Bank of Cyprus by two notches from Ba2 to B1 with a negative outlook,
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In mid autumn the government will have completed the evaluation to choose the company that will join the venture to create a Modern Oil Terminal and Storage at Vasiliko area. The Minister of Commerce, Industry and Tourism, Praxoulla Antoniadou Kyriakou, appeared Tuesday before the House Commerce Committee to provide an update on the issue concerning
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