Bank of England policymakers calmed market expectations of early interest rate rises, saying that they wanted to avoid a marked economic slowdown which might pull the inflation rate below target. While several Monetary Policy Committee members told a parliamentary committee they had considered raising interest rates at their last meeting to keep inflation down, the
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Investments by members of the British Private Equity and Venture Capital Association (BVCA) rose by more than a third in 2007, a report by the trade body and PricewaterhouseCoopers LLP showed on Thursday. Total investment by member firms rose 37 percent to 29.9 billion pounds ($59.02 billion) last year. Allowing for an increase in BVCA
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A delegation of the Cyprus Chamber of Commerce and Industry (KEVE), headed by its president Manthos Mavrommatis, departed for Iran on Thursday. The delegation comprises businesspeople active in the construction and finance sectors, involved in general business activities between the two countries. The participation of the Cyprus Stock Exchange in the delegation is of special
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The economy of Cyprus is expected to grow between 3.5% to 3.7% in 2008, according to Finance Minister Charilaos Stavrakis. “Under the current circumstances, the rate of economic growth is considered satisfactory, consistently above the EU27 average,” he added. Speaking on Wednesday at an event organised by the Cyprus Branch of the Institute of Directors,
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The FIA World Motorsport Council confirmed in Paris on Wednesday morning that the Cyprus Rally will return to the World Rally Championship (WRC) circuit next year. The 2009 FIA Cyprus Rally will be Round 3 of the WRC calendar and will take place on March 13-15. Antonis Michaelides, former Trade Minister and Chairman of the
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Primetel Plc announced that its initial public offering (IPO) for 14,352,000 new shares held between 9 and 18 June 2008 at the price of EUR0.36 per share has been covered by 1.92 times. Specifically, the applications that have been received are for 27.6 million shares against 14,352,000 shares offered to three categories of investors (wide
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Left wing AKEL has decided to vote against the Lisbon Treaty a week before the debate at the House of Representatives Plenary which is expected to approve the Treaty. As Cyprus is set to ratify Lisbon treaty on 3rd July, the Movement of Ecologists-Environmentalists, which discussed the issue, has decided to abstain from the voting
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The Central Bank of Cyprus announced the results of the auction held on 23 June 2008, of up to EUR 100 mln 4.50% Government Registered Development Stock (GRDS) with maturity of 5 years. The total value of the bids submitted was EUR 11.39 mln. The competitive bids amounted to EUR 8.33 mln and the non-competitive
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The Ministry of Labour and Social Insurance is recommending new measures aimed at supporting the viability of the Social Insurance Fund (SIF) up to 2050. Some of the suggestions are as follows: Increase in the contribution of employers, employees and the State via a scaled increase of 1.3% in every five years in seven instalments
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Bank of Cyprus has changed its base rate from 4.5% in effect since April 24 to 5.0%, effective as of 23 June 2008. The decision was taken following an evaluation of the current economic conditions in the banking sector in Cyprus and overseas, the increasing inter-bank rate and the cost of money in the Cypriot
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