As from 1st November, 2007, the Central Bank of Cyprus ceased to be the regulatory authority for the following financial services companies (investment advisors).  AMESTY LTD AQUILA FINANCIAL SERVICES COMPANY  ATI ASSOCIATES (CYPRUS) LTD BARBICAN FINANCIAL SERVICES LTD   CARATFIN LIMITED CONSTANT FINANCIAL SERVICES (OVERSEAS) LTD DAVENPORT CHADWICK & CO LTD DEVERE & PARTNERS LTD ELITE
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The Bank of Cyprus completed on 20 December 2007 the issue of Capital Securities 12/2007 amounting to CYP74mln or EUR126.44 mln, which are counted as Tier 1 Capital for capital adequacy purposes. The Capital Securities were allocated to professional investors (as defined in Law 114(Ι)/2005), and to persons who invested at least EUR50.000 each. Bank
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Overall gain 23.6%, dividend yield 3.5% – Market cap at €20.5 bln, 33% more than GDP  Cyprus equities ended 2007 on a positive mood, racking up solid gains of 23.6% compared to 2006, for one of the best performances in Europe, which combined with the average dividend yield of 3.5%, raises the total gains
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Cyprus joined the euro-zone on New Years day becoming the 14th European Union member state to adopt the common currency, with most of the conversion going well despite minor difficulties in some shops and smaller bank branches running out of new notes and coins. The introduction of the euro was a landmark in the history
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Gold firmed on Thursday, nearing a record high above $861 an ounce hit the previous day, and dealers said the precious metal might test new peaks in coming weeks as oil’s leap to $100 a barrel ignited inflation fears. Gold soared more than 30 percent in 2007, its biggest annual gain since 1979. The metal’s
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The European Central Bank has welcomed the introduction of the euro by Cyprus and Malta on January 1st, 2008. ”The euro has been introduced in Cyprus and Malta. The number of EU Member States that use the single European currency has now increased to 15. The European Central Bank (ECB) welcomes this further enlargement of
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With all the talk in 2007 being about climate change, global warming and carbon credits, the main topic of discussion in 2008 will be efficiencies in energy production, management and consumption. Energy saving is no longer a matter that concerns only a handful of green geeks or school children collecting cans to be recycled. It
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By Patrick Elston  The fevered speculation as to which organisation is to be the next target for a foreign takeover has not left the Cyprus Insurance Market completely unscathed in this respect. Whilst the ownership of your Insurer may be of considerable interest there are other aspects of the specific insurance covers of industrial
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The PEO trade union has estimated that the cost of living allowance (COLA) adjustment will amount to 2.56% while on basic wages, the adjustment will be 9.45%, following the publication of the inflation numbers for December, which saw year-on-year inflation as measured by changes in the CPI jump 3.91%. Based on the estimate, the total
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Cyprus and Malta adopted the euro on 1 January. All available evidence suggests that the changeover operation is proceeding very smoothly and without any noteworthy incidents. On 2 January, a significant number of cash transactions were already carried out in euro in both countries, and around 40% of citizens had only or mostly euro cash
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