The Cooperative Credit Societies maintained their gains in climbing the overall deposit market share, lifting their total share by 2.9% to 21.3% by end of October through a policy of paying top rates, which according to records exceeds 4% on 1-year euro deposits. Hellenic Bank and EFG Eurobank gained 0.4% and 0.9% YoY, respectively, whilst
More
4 new post offices in 2010 After a year of grueling negotiations and bargaining rates, Cyprus Post has started offering MoneyGram money transfers in all its 50 locations, entering the remittance business valued at EUR 280 mln a year. Postal Director Andreas Gregoriou said that five district post offices already operate in afternoons and Saturdays
More
The three major banks were mostly responsible for the 47.4% fall in profitability recorded by the 11 companies listed in the Main Market of the Cyprus Stock Exchange (CSE) during the first nine months of the year. The combined profits of the 11 stocks declined to EUR 428.86 mln in the first nine months of
More
Global share markets fell on Tuesday with bank stocks hit by fears of exposure to Dubai debt while the euro slid after a ratings agency downgraded Greece's credit rating. Investors took refuge in some of the safer government bonds including U.S. Treasuries and the euro zone's benchmark German Bunds, helping drive bond yields lower. Wall
More
Fitch Ratings cut Greece's debt to BBB+ on Tuesday with a negative outlook, the latest blow to the troubled euro zone country, driving its bonds, banking shares and the euro itself lower. The cut was the first time in 10 years a major ratings agency has put Greece below an A grade, citing fiscal deterioration
More
Investor confidence in Dubai took a fresh knock on Tuesday as its leaders dithered over a rescue for debt-laden company Dubai World and ratings agency Moody's slapped a downgrade on government-related debt. "You can usually take the view that no news is good news, but in Dubai's case it's quite the opposite — investors need
More
Cyprus building permits bounced in September, as the number of building permits authorised by the municipal authorities and the district administration offices during September 2009 rose by 53.8% over the year earlier to 775. In the previous month, permits had declined by 28.6% over the year earlier. The total value of permits in September reached
More
Global share markets were becalmed on Tuesday and the dollar struggled after Federal Reserve Chairman Ben Bernanke gave a cautious assessment of the world's biggest economy, driving investors towards government debt. European Central Bank President Jean-Claude Trichet was similarly cautious, saying the euro zone economy faced a bumpy road to recovery and the prospect of
More
Japan's government agreed on a $81 billion stimulus package on Tuesday, aimed at preventing the economy from tipping back into recession as deflation persists and a strong yen threatens exports. Economists said the 7.2 trillion yen plan, equal to about 1.5 percent of gross domestic product, would not provide a significant lift to an economy
More
Stock index futures pointed to a mixed open on Wall Street on Tuesday, with futures for the S&P 500 up 0.21 percent, Dow Jones futures down 0.07 percent and Nasdaq 100 futures down 0.13 percent at 0933 GMT (4:33 a.m. EST). FedEx Corp (FDX.N) will be in the spotlight after saying late on Monday that
More