AB Insurance Cyprus Agency Ltd announced it has introduced used car warranties to Cyprus which are set to offer second hand car buyers a written contract that protects their purchase. Until now, used car buyers in Cyprus have been largely unprotected but the EU directive of 1999 that covers consumer rights will soon be implemented
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While a week may be a long time in politics, it can feel like an age in markets. Last week, equities were hammered as investors continued to fret about the ongoing effects of the sub-prime debacle in the US and the seeming reluctance of US policymakers to use TARP funds to purchase ‘toxic’ assets. So
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C.A.C Papantoniou Public Co Ltd (PAPA.CY) announced that Messrs. Charalambos, Antonis and Costas Papantoniou, major shareholders and Board members, have acquired via off-floor transactions 2,318,720 shares of C.A.C Papantoniou Public Company Limited against EUR1.60 each and intend to submit a bid seeking the remaining shares through a public offer. The shares were acquired from the
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Cyprus is an oasis of safety and its banks are healthy having no exposure to toxic debt and are well prepared to withstand the negative impact of a slowdown as a result of the global credit turmoil, said Marfin Popular Bank Vice-Chairman Andreas Vgenopoulos. Speaking at a press briefing in Nicosia, Vgenopoulos said the ratio
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Marfin Popular Bank has submitted a petition to the Cyprus Securities & Exchange Commission (CySEC) to lift the ban on insider trading during the closed period, which according to local regulations is the period ahead of announcement of results and until the date of the announcement. “These are exceptional times and it warrants exceptional action,”
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The European Commission approved on Wednesday proposals for an EU-wide fiscal stimulus package worth 200 billion euros ($260 billion) to revive the struggling economies of the 27-nation group, an EU source said. The proposal by EU Commission chief Jose Manuel Barroso was backed during a closed-door Commission meeting and amounts to 1.5 percent of the
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Chancellor Angela Merkel warned EU partners on Wednesday against competing to produce big stimulus packages for their economies and defended her plans for Germany as policies of "measure, middle ground and reason". The European Commission is to urge the bloc's 27 member states later on Wednesday to unite on a two-year programme to revive their
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Massive stimulus plans to drive the world out of recession took centre stage on Wednesday with the European Union considering a 200 billion euro boost and China announcing its biggest interest rate cut in 11 years. The moves came on the heels of an $800 billion credit market bailout from the U.S. Federal Reserve. Underlining
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OPEC ministers will debate a deep cut in oil supply when they meet this weekend in Cairo for urgent talks aimed at arresting a downward price spiral that sucked oil below $50 a barrel. They have downplayed the prospect of any decision until a policy-setting meeting in Algeria on Dec. 17, but OPEC needs to
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Not content with a temporary role as first consul, Nicolas Sarkozy wants to be emperor of Europe. That, at least, is the way it looks to many of his EU partners. The energetic French president has relished his term in the European Union's rotating presidency so much — playing fireman during the Georgia war and
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