According to data by the Statistical Office of the European Communities (EUROSTAT) the annual inflation in Cyprus was 4.4% in February. In addition, Eurostat gave data regarding the Euro area and EU27 GDP. Cyprus’ GDP reached 3.9% in the first three months of 2008. This figure records the highest increase of GDP among the Eurozone

Marfin Popular Bank (CPB.CY) has cut its 2008 profit outlook to 500-600 million euros, down from 600 million previously, its Vice Chairman Andreas Vgenopoulos told shareholders on Thursday. "With the assessment we have today, we believe the profitability of the bank will move in a broad range that will be between 500-600 million (euros)," Vgenopoulos

The 33rd Cyprus International Fair opens its gates 23 May – 1 June. The state fair will be inaugurated by President of the Republic of Cyprus Demetris Christofias. The inauguration ceremony on May 23 will be attended by Ministers, Members of the Parliament, foreign ambassadors, and other officials. President of the Cyprus International State Fair

Laser Investments Public Ltd. (LAS.CY) has secured majority control of the US-based Coffee Beanery Limited and at the same time secured the global franchise rights, giving it access to and control of 256 coffee franchises worldwide. Laser CEO Lambros Christophi said the deal is valued at USD 18 mln and refers to the acquisition of

Cyprus is world leader in solar thermal installations per capita, President of the House of Representatives Marios Karoyian has said. Addressing Wednesday an event on “Renewable Energy Sources – Present and Future” at the Parliament in the presence of Vice President of the European Parliament Mechtild Rothe, Karoyian noted Cyprus’ contribution to renewable energy sources.

The Cyprus government has begun supporting the vulnerable groups of the population, which are more affected by the increasing retail prices, said Finance Minister Charilaos Stavrakis, noting that this policy will continue for as long as the economy remains healthy. Stavrakis was speaking in Brussels on the sidelines of the meeting of the Economic and

The Cyprus Telecommunication Authority (CYTA) has been awarded the “Social Excellence Award” for promoting and implementing programmes that reconcile family and professional life. The prize was awarded to CYTA by the Development Partnership “Pandora” as part of the Community Initiative EQUAL. Stavros Kremmos, Chairman of the CYTA Board of Directors, received the prize from the

The mascot and the logo of the XIII Games of Small States of Europe (GSSE), which Cyprus will host next year, have been unveiled. The logo is a depiction of an ancient ship, found off Cyprus' northern coast in the mid 1960s, and the mascot is a white pigeon. Cyprus Olympic Committee (COC) President and

Bank of Cyprus BOC.CY (BOCY) said it was unscathed by the global credit crunch, but said it had no immediate plans to expand into new markets. The Bank, Cyprus's largest lender, posted a 55 percent increase in its 2007 group net profit to 485 million euros and restated its profit guidance for 2008 to 540