President of the Greek Parliament, Phillipos Petsalnikos, begins today a series of meetings in the framework of his official visit to Cyprus. The Greek official will hold in the morning a meeting with his Cypriot counterpart, President of the House of Representatives, Marios Garoyian. Later on, he will be received by President of the Republic
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Asian stocks rose on Monday as investors counted on the start of the U.S. earnings season this week to show firms were reaping strong profits and that the world's economic recovery was not losing steam. Investors largely shrugged off the chance that Japan, the world's No. 2 economy, may be trapped in a policy gridlock
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The trade deficit widened in the first four months of the year, rising to EUR 1,680.7 mln in January-April 2010 compared with EUR 1,526.1 mln in the corresponding period of 2009. Total imports/arrivals in January-April 2010 amounted to EUR 2,025.3 mln compared with EUR 1,836.6 mln in January-April 2009. Total imports include those from third
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Tourism arrivals rose for the second straight month in June, giving hope that the worst of the downturn in the tourism sector might be over. According to the passengers’ survey carried out by the Statistical Service, arrivals of tourists rose by 5.5% over the year earlier to reach 275,280 in June 2010 compared with 260,931
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High borrowing costs forced Greece to scrap plans to auction one-year paper next week to roll over maturities but the overborrowed country will go ahead and sell six-month T-bills, its debt agency said on Friday. Greece wanted to roll over 2.16 billion euros of six-month and one-year T-bills, its first return to market borrowing since
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European Central Bank President Jean-Claude Trichet dismissed warnings that drastic and simultaneous spending cuts planned by euro zone governments could send the 16-country bloc back into recession. U.S. policymakers have called for continued stimulus to keep momentum in the global recovery, while many economists and academics have raised fears that austerity measures on the cards
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Jennifer Lopez, American singer and actress has cancelled a concert that she had agreed to stage this month in the Turkish occupied areas of the Republic of Cyprus, after a strong reaction against her planes. The celebrity had been invited to celebrate her 41st birthday , in return for taking part in a one-off concert
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Further to the announcement dated 28 June 2010 the Board of Directors of the Bank of Cyprus Group (“BoC”, the “Bank”, or the “Group”) has decided to increase its capital through a rights issue (“the Rights Issue”) of up to €345 mn to strengthen the capital base of the Bank. Theodoros Aristodemou, Chairman of Bank
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The Cypriot parliament on Thursday voted down a government bill to raise corporate tax by one percentage point to 11 percent, saying it could damage the island's fragile economic recovery. The tax plan was rejected by a majority vote in Cyprus' 56-member parliament with a show of hands. Only MPs from the Communist AKEL, the
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Bank of Cyprus (BOCY) said it would proceed with a 2-for-7 rights issue at 2 euros a share to raise 345 million euros and boost its equity capital. The cash call, which will be completed by October, will strengthen the lender's capital adequacy ratio by 1.3 percentage points. The bank's Tier 1 ratio stood at
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