Moody’s Investors Service said the Mongolian banking sector has over the last ten years or so developed towards a modern basis. “Moreover, after the occurrence of several banking crises in the 1990s, the regulatory environment has improved and the system has been crisis-free since then,” said Cherry Huang, a Moody’s VP/Senior Analyst in a new
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The roots of the current credit crisis are extremely deep and quite strongly entrenched, Moody’s Investors Service said in a new report. In addition, given that the global financial system has become exponentially more complex in recent years, it is unlikely that simple solutions can be found to address these fundamental issues without materially reducing
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Greek Foreign Minister Dora Bakoyianni will visit Cyprus to participate in the fifth Informal Conference of Foreign Ministers of the EU Mediterranean member-states. The Conference will take place in Paphos between 17 and 18 January 2008. The Foreign Ministers of Portugal, Spain, France, Italy, Malta, Romania, Bulgaria and Slovenia are expected to participate. The first
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Cyprus former Foreign Minister Alecos Michaelides passed away Sunday morning at Paphos Hospital. Michaelides was born in 1933. He studied Economics in the UK. In 1997, he was elected President of the House of Representatives (1977-1981). In 1993, Michaelides was appointed Minister of Foreign Affairs. He served as a Foreign Minister until 1997.
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AHI, the American Hellenic Institute in a letter to US President George Bush, in view of his talks with his Turkish counterpart Abdullah Gul on January 8, calls on Mr Bush to request the removal of the Turkish troops occupying the northern part of Cyprus. The letter, signed by AHI President Gene Rossides and AHI’s
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AB Vassilopoulos agreed to acquire the discount store chain Plus Hellas for EUR 69.5mln, according to Greek press reports. Plus Hellas, a subsidiary of the German group Tengelmann, operates 33 stores, with a significant presence in north Greece where the company also owns a distribution center. The acquisition is expected to be completed in the
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Finansbank, the Turkish bank owned by the National Bank of Greece aims to increase the number of its branches by 85 to 485 in 2008 and increase the number of its employees by 1,100, according to Turkish press sources quoting the General Manager. Finansbank also plans to increase its market share in total loans to
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Moody’s Investors Service upgraded the foreign and local currency government bond ratings of Cyprus to Aa3 from A1. The outlook on these ratings was changed to stable from positive. Following Cyprus’ entry in the Eurozone on 1 January 2008, the country ceilings for debt and bank deposits were withdrawn and replaced with the Eurozone’s regional
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As of January 1,2008 Ms Klimentini Diakomanoli – Papadaki is Acting Head of Representation after Themis Themistocleous resigned from his post to become the Managing Director of the Cyprus Broadcasting Corporation. Ms Diakomanoli – Papadaki is a permanent Commission official and has a legal background. Her previous posts in the European Commission include Directorate General of
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Cyprus Airways Public Limited announced the signing of an agreement on January 4, 2008 with Swissport G.A.P Vassilopoulos (Cyprus) Ltd for a joint venture in ground handling at Larnaca and Paphos airports. Cyprus Airways and Swissport-GAP have submitted a proposal to Hermes Airports for the undertaking of the relevant licenses.
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