Athos Diamond Centre Pcl (AD.CY) is reported to be close to acquiring the International Merchandising Centre (IMC) of Andreas Kaisis located at the entrance of Nicosia, with a Board decision expected soon to ratify and seal the deal. Informed sources told the Financial Mirror that AD, which is 68% owned by Aspis Holdings Pcl (ASP.CY)
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New Deputy Attorney General Akis Papasavvas assured on Tuesday that he would do everything possible to meet the expectations and safeguard the rights of the people of Cyprus. President of the Republic Demetris Christofias, before whom Papasavvas was sworn in at a ceremony at the Presidential Palace, said the new Deputy Attorney General was taking
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The European Commission has decided to send Cyprus an official request for information on its national legislation restricting the activities of estate agents. The Law adopted in July 2007, after an initial letter of formal notice was sent in July 2006 concerning the provisions of Law 273/2004, does in fact pose certain conditions upon the
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The Board of Directors of Aspis Holdings Pcl (ASP.CY) decided to propose to the Company’s EGM to be held on 30 May 2008 the issue and allocation of new shares in the form of rights. Each existing share will correspond to 1 right, whilst for every 4 rights each holder is entitled to buy one
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Despite efforts by the Central Bank to contain and limit the rate of growth of loans in Cyprus, the rate of loan growth to non-monetary financial institutions (MFIs) in March 2008 reached 31.9% Year-on-Year as total loans reached a new record of EUR 43.32 bln. This compares to EUR 32.8 bln loans given in March
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Economic sentiment in the Eurozone continues to slip, increasing the likelihood of credit deterioration, according to an article published today by Standard & Poor's. The report, titled "Europe Credit Comment: Declining Confidence Compounds Risks To Credit Quality," says that a sluggish economic outlook, tight lending conditions, a strong euro, and elevated oil, food, and commodity
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So far, the market has focused on write-downs related to mortgage securities and other structured credit products. Given that UBS analysts estimate total losses for banks and brokers to reach about USD 296bln, the 241bln of write-downs so far announced leads us to expect only limited further write-downs over the coming quarters. However, this does
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The Board of Directors of Bank of Cyprus has decided to proceed with the issue of convertible bonds amounting to EUR 566.2 mln at 6% for the first two years and with a conversion price of EUR 10.50 per share from September 2010 until March 2013 as part of its efforts to further strengthen its
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Royal Dutch Shell Plc beat all forecasts with a 12% rise in first-quarter current cost of supply net income, helped by record oil prices which broke $100 a barrel in the period. Excluding non-operating items, which amounted to a net charge of $77 mln, the CCS result, which strips out the impact of changes in
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