The Cyprus Securities & Exchange Commission (CySEC) granted an exception to Cyfield Development Co from the obligation to launch a mandatory takeover bid for the acquisition of the share capital of Nemesis Development Public Co Ltd (NEM). As a result, Cyfield will be obliged to transfer 616,890 shares of Nemesis to independent buyers by 30
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The European Commission started infringement proceedings against 10 member states, among them Cyprus, for failing to comply with the EU's air quality standard for dangerous airborne particles, known as PM10. The 10 states are: Cyprus, Estonia, Germany, Italy, Poland, Portugal, Slovenia, Spain, Sweden and UK. According to an official statement, the Commission's action follows the
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Turkey is wielding the scepter of human rights violations for 2008 among the 47 member-states of the Council of Europe, with 257 convictions against it, followed by Russia with 233 convictions, Romania with 189, Poland with 129 and Ukraine with 110. These figures were presented on Thursday by the President of the European Court of
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– Japan sank deeper into recession with industrial output tumbling and inflation slipping to almost zero, while U.S. data later on Friday was also expected to mirror the worsening financial crisis. Japan's industrial production fell a record 9.6 percent in December, with companies forced to cut output as demand for their cars, electronics and machinery
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Japanese stocks fell on Friday and the yen and U.S. dollar rose as investors retreated to safety with job losses and collapsing manufacturing deepening a global recession while Washington scrambled to salvage banks. Major European stocks were expected to open down as much as 0.7 percent, according to financial bookmakers, ahead of euro zone unemployment
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President of the Republic Demetris Christofias has called a broad meeting for Friday to discuss the economy, with the participation of ministers and other officials. The meeting will focus on accelerating the implementation of the government's development plan and examine new possible measures proposed by many organisations. Minister of Finance Charilaos Stavrakis expressed hope on
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The European Commission has sent a reasoned opinion to twenty EU member states, including Cyprus and Greece, who have failed to communicate their transposition of the Energy Services Directive. The Directive aims at strengthening and improving energy end-use efficiency by providing a framework for incentives and energy services. According to a press release, issued Thursday
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The Cyprus Securities and Exchange Commission announced that it has suspended the authorisation of ‘Sharelink Securities and Financial Services Ltd’ as there are suspicions for an alleged violation of safeguarding of clients’ financial assets, organization requirements, continuous obligations, conflicts of interest and conduct of business obligations when providing services to clients. The above Commission’s suspicions
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Just over EUR 1 billion will be needed from bilateral donors to help fund a solution to the Cyprus problem, according to new research by the renowned team of “three ladies”, Praxoula Antoniadou-Kyriacou, Özlem OÄ?uz and Fiona Mullen. The report, entitled, “The Day After II: Reconstructing a Reunited Cyprus”, was published on January 29th 2009
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Cyprus could not be exempted from the across the board deterioration of the economic outlook, but its economy is doing relatively better than most other economies in the European Union, Governor of the Central Bank of Cyprus (CBC) Athanasios Orphanides said in a speech during a dinner of the Institute of Certified Public Accountants on
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