Hellenic Bank (HB.CY) posted a 6% drop in first quarter net attributable profit to EUR 22.98 mln compared to EUR 24.35 mln in 1Q 07 on the back of sharply higher provisions as the Bank prepares itself for a worsening outlook in the Cyprus property market. Net interest income rose 8% to EUR52.27 mln. Total
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China's CBMI Construction Co Ltd was awarded one of the largest contracts ever signed between an EU member state involved in the cement industry and the largest deal ever assigned to a Chinese contracting firm by a Cypriot company. Vassiliko Cement Works Pcl (VCW.CY) awared the EUR 83.8 mln contract for the construction of a
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In 2004 around 100 million Europeans (22% of the total population) had less than 60% of the EU median income of around 8000 euro per year for a single person or 22 euro a day, according to the Social Situation Report 2007 report issued Thursday by the European Commission. According to the Report, these amounts
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A slump in Cyprus property prices led to a dramatic decline in revenue for the government, with receipts from capital gains taxes on mostly property deals tumbling 17% YoY in the first four months of 2008, while income from property taxes fell 25% YoY. Capital gains taxes in the period from January till April 2008
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Phinikas Ammochostou Plc (CONF.CY) announced that it’s Prospectus for the issue Rights and warrants has been approved by the Securities and Exchange Commission and has secured permission for its publication on May 21, 2008. According to the decision of the Board of Directors dated October 10, 2007, the Company will proceed with the issue of
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SFS Group Public Company Ltd (SFS) is forecasting that 2008 profit will increase to EUR 31 mln from EUR 30.3 mln reported for 2007 with significant improvements recorded in most areas of activity. During 2008, the Group is deploying significant resources in its fund raising effort of EUR400m during 2008 in which it will participate
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Standard & Poor's Ratings Services said that the National Bank of the Ukraine's decision to not intervene in the exchange rate market and permit the hryvnia to appreciate by just under 11% in nominal terms versus the U.S. dollar shows a redoubled willingness to use monetary policy to fight inflation. Liberalizing the exchange rate regime
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The Cabinet approved a set of measures regarding the Social Insurance Fund (SIF) aiming to support the viability of the Fund up to 2050. Acting Government Spokesman Titos Christofides speaking after the Cabinet meeting chaired by President Demetris Christofias said that the Cabinet authorised Labour Minister to present the measures to the social partners, employers
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Derivative products based on component stocks of the Cyprus Stock Exchange (CSE) will be ready to be introduced before the end of 2008, said CSE Chairman Georgos Koufaris. Presenting CSE’s financial results for 2007, Koufaris told the Financial Mirror that the training of CSE members has been completed and after the passage of the relevant
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The Board of Directors of Aspis Holdings Public Company Ltd decided to proceed with the acquisition of shares of A.L. Prochoice Group Public Ltd. Specifically, Aspis Holdings proceeded with an off-floor purchase of 7,414,904 shares of A.L Prochoice Group by the Company and 8,750,000 by A.L Prochoice Ventures Ltd. Also, Aspis Holdings acquired on floor
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