PrimeTel is to proceed with its Initial Public Offering (IPO) with a view to list in the Alternative Market of the Cyprus Stock Exchange with the cash to be raised from the issue to be used to finance the Group’s expansion drive. The IPO of Cyprus’ alternative telecommunications provider is to commence on June 9

Cypriot Minister of Finance Charilaos Stavrakis said on Tuesday that the government will protect Cyprus Airways and Eurocypria, adding that the government is examining all options. In statements at the House of Representatives, Stavrakis said 2008 will be a difficult year for both air carriers due mainly to the rise in fuel prices, adding that

The European Commission has approved, following a recommendation by Health Commissioner Androulla Vassiliou, the allocation of 185,000 euro to Cyprus to cover part of the cost for the eradication of Foot and Mouth Disease in Cyprus. A Foot and Mouth Disease outbreak occurred in Cyprus in 2007 and the Commission decided, with the consent of

Bank of Cyprus completed the acquisition of the Ukrainian bank AvtoZAZbank on May 26, 2008, having obtained the relevant approvals from the supervisory authorities in Cyprus and Ukraine. Bank of Cyprus will therefore dynamically commence to provide banking services in Ukraine. The Bank of Cyprus Group expansion is in line with its strategic plan in

Bank of Cyprus announced that Michalis Sarris has resigned from his position as member of the Board of Directors of the Bank. The Board of Directors will examine the issue at its upcoming scheduled meeting on 28 May 2008, in line with the Articles of Association of the Bank. Sarris, a former finance minister was

Bank of Cyprus denies media reports that it is involved in talks and or deliberations for the merger or acquisition of Hellenic Bank.

Minister of Communications and Works Nicos Nicolaides said that the plan to install the new speed camera system could be implemented six to eight months from the day the Council of Ministers gives the go ahead. Nicolaides said his Ministry would bring the issue before the Council of Ministers once again and that, according to

QVT Fund LP, a major shareholder of A. Zorbas & Sons Pcl (ZRP.CY), on 22 May 2008 acquired 4,310 ZRP shares, increasing its participation in the share capital of ZRP to 10.01%. Last week, QVT had also revealed that its stake in Orphanides Pcl (ORF.CY) had increased to just above 10% stake.

The Minister of Finance Charilaos Stavrakis said here today that the government is examining the possibility of returning to the citizens revenue which might result from new indirect taxation, in line with European Union decisions. Speaking at a press conference on corporate government, the Minister referred to the new taxes, which as anticipated the EU

President of the Republic of Cyprus Demetris Christofias and Turkish Cypriot leader Mehmet Ali Talat have reaffirmed their commitment to a bizonal bicommunal federation. A joint statement, read out to the media by the UN Secretary General’s Special Representative to Cyprus Taye-Brook Zerihoun, at whose residence the leaders of the two communities met, says that