The International Accounting Standards Board (IASB) has recently issued guidance clarifying the extent to which pension scheme surpluses may be recognised as a balance sheet asset where there is a statutory or contractual obligation to pay minimum contributions to the scheme. In addition, the guidance also adds the possibility of needing to recognise an additional
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By Stavroula Kousiappa Tourism is undoubtedly one of the strongest, fastest growing and most competitive industries globally. Countries that traditionally used to be among the most favorite destinations for tourists are now confronted with the increasing competition coming especially from regions with nearly no background in the industry. In this competitive field Cyprus tries to
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The Employers and Industrialists Federation, OEV, has submitted a package of proposals to the national Industrial Development Council, headed ex-officio by the Minister of Commerce, Industry and Tourism, that aims to revive what little’s left of the island’s manufacturing sector. The Council, it seems, is currently considering a strategic plan to look at the viability
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Total advances and loans by all Cyprus banks galloped up at a 26% pace reaching CYP 13.62 bln (EUR 23.2 bln) at the end of June, according to figures released by the Central Bank of Cyprus. Total advances increased CYP 1.94 bln in the first six months of 2007 to CYP 13.6 bln with the
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Top Kinisis Travel subsidiary, Kinisis Aviation, is general sales agent for Continental Airlines that started direct flights from New York to Athens last month. The direct connection from Athens will open up a new network of 120 destinations to North, Central and South America, said Jim Summerford, Continental’s Vice President for Europe, Middle East and
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Moody’s Investor Service has revised higher the credit rating of Cyprus on foreign currency from “A2 Positive†to “A1 Positiveâ€. According to a statement issued by the Ministry of Finance, Moody’s also upgraded credit rating of Cyprus as regards domestic currency to ‘A1 Positive’ from ‘A2 Positive’, which was its previous evaluation. The Ministry of
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Bids for two multi-million infrastructure projects, a motorway on the north-west of the island and further development of Larnaca port and its marina, were opened by the Ministry of Communications and Works. Minister Maria Malahtou-Pampalli said the 31 km Paphos-to-Polis Chrysochou motorway is expected to be completed in just over four years, at an estimated
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Personal in Paraguay has awarded Ericsson a contract to expand, modernize and upgrade its GSM network with mobile softswitch, to efficiently increase coverage and capacity nationwide. Ericsson’s Mobile Softswitch Solution will upgrade and expand Personal network in Paraguay in the most cost-efficient way and will allow the operator to introduce high-quality services quickly. Ericsson will
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Panasonic has announced the Middle East launch of its latest addition to the Lumix family of high-performance digital cameras – the DMC-FX100. The camera combines a superb, 28mm wide-angle Leica DC lens that features a 3.6x optical zoom (equivalent to 28-100mm on a 35mm film camera) with f/2.8 brightness and 1/1.72-inch large CCD to be
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Mellon Romania S.A., provider of value added services and advanced technological solutions to financial institutions and other big organizations in Romania, announced today its nomination in 4 categories during the 2nd Annual Contact Center World Awards, ‘Best of the Best in EMEA’. Competing with some of the biggest in-house and outsourced contact centers in the
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