ING has confirmed its positive stance on Greek banks and initiate coverage on Cypriot banks with a positive stance. In Cyprus, ING prefer Bank of Cyprus to Marfin Popular Bank, although but they are quick to add that both will benefit from the expected growth in international banking business thanks to high oil prices and

Aspis Holdings Pcl (ASP.CY) issued a positive profit warning for its 2008 first half results on the back of increased contribution in profits from its associates, as well as gains from other investment activities. A year ago in1H07 ASP posted a net profit figure of EUR 12.2 mln, yielding an EPS of 0.1805. In another

EU foreign ministers agreed to ease the economic isolation of the Turkish-Cypriot controlled part of Cyprus, in a move designed to bolster efforts to reunify the island. The measures "aim at enhancing trade and economic integration on the island," the EU ministers said in a statement, adding that they would help "support" both Greek Cypriot

The Inland Revenue Department (IRD) announced that total tax revenue during the period January-May 2008 advanced by 1.1% year-on-year to EUR 651.6 mln from EUR 644.77 mln a year ago in the same period with the disappointing performance due to a sharp decline in revenue from property taxes as the property boom ended. Capital gains

The Cyprus economy will face increased difficulties in 2009, Minister of Finance Charilaos Stavrakis estimates. The Minister, who was briefing the House Finance Committee, said that 2009 would be a difficult year for the local economy. However, he stressed that Cyprus is in a better position in relation to most financial indicators by comparison to

The Cyprus Ministry of Commerce, Industry and Trade awarded the construction of the Paphos marina contract to the consortium made up of Cybarco, Francoudi & Stephanou, Leptos Group (via Pandora Investments PND.CY) and J&P Avax, J&P, Cads Holdings and Athena. Under the terms of the agreement, the marina will be managed by the joint venture

Cyprus’ trade deficit increased further during the first quarter of 2008 reaching 1.430,9 mln euro compared to 1.099,6 mln euro in January-March 2007, according to the statistical data released by the Statistical Service (CyStat). Total imports/arrivals in Cyprus (covering total imports from third countries and arrivals from other member states) in January-March 2008 amounted to

But households are still spending Economic growth in Cyprus slowed in the first quarter of 2008 but remained fairly buoyant considering the global credit crunch. Gross domestic product (GDP) rose in real terms (ie adjusted for inflation) by 4.0% over the first quarter of 2007, compared with growth of 4.3% in the fourth quarter of

The Cyprus based Aspis Holdings (ASP.CY) is to join international and Greek suitors seeking to acquire majority control of Agrotiki Insurance in a deal valued up to EUR 150 mln. Agrotiki Insurance, a member of the Agricultural Bank of Greece is one of the largest insurance companies in Greece, and one of the few already