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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President of the Cyprus Shipping Chamber has been re-elected to the European Community Shipowners’ Associations (ECSA) Board of Directors, which met last week in Oslo. ECSA comprises the national shipowners’ associations of the European Union. At the meeting the President and the Director General of the Cyprus Shipping Chamber, Dirk Fry and Thomas Kazakos represented
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The Board of Directors of Bank of Cyprus (BOCY) approved the listing of 7,186,618 new ordinary shares, which resulted from the Bank’s Dividend Reinvestment Plan. The listing of additional shares will increase the number of issued shares to 573,409,701. EPS dilution stands at 1.3%.
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Hellenic Bank (HB.CY) announced that the shares that will result from its dividend reinvestment will be offered at a 12% discount on the average closing price of the share between 9 June 2008 and 13 June 2008, (i.e. the first five business days that the share traded ex-dividend). This stands at EUR 2.36.
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Deutsche Bank AG has initiated coverage on Marfin Investment Group (MIG) with a price target of EUR 7.10 per share. In its report dated 18 June, 2008, DB says MIG disposed of its banking assets in 2007 and raised EUR5.2bln through the largest ever Greek equity offering to focus on investments in the SEE region.
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The World Bank sharply raised its forecast for China's inflation, saying it expects consumer prices to rise 7.0 percent this year, up from 4.6 percent projected in February. The bank also nudged up its projection for gross domestic product growth in 2008 to 9.8 percent from 9.6 percent, because new data revealed a stronger service
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Switzerland's central bank is demanding UBS and Credit Suisse build a bigger financial cushion to save a repeat of the subprime mortgage disaster that spoilt the country's reputation as an unshakeable powerhouse. If the influential central bank gets its way, UBS and Credit Suisse will have to hoard more capital than their anglo-saxon rivals and
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The leaders of the Greek and Turkish communities in Cyprus will meet this month and in July to assess whether direct peace talks can start soon, Cypriot President Demetris Christofias said on Thursday. "We want to pass to this phase of our common efforts but we must not work for the sake only of these
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Woodland Designs Plc (WOOD.CY) informed the investing public that the results for the first half of 2008 are expected to show improvement compared to the corresponding results of 2007. The improvement is attributable to the increase in wholesale sales and the receipt of a dividend from its stake in Attica Department Stores SA.
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The Extraordinary General Meeting of Laser Investment Group Plc held on June 17, 2008 approved a proposal authorising the Board of Directors to proceed with the strengthening of the Company’s capital base by EUR10 mln with the issue and allocation of up to 10 mln new shares of nominal value EUR0.06 each at the price
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