Pension obligations continue to represent significant financial risk for certain banks and will continue to require proactive risk management for many years to come, Standard & Poor’s Ratings Services noted in a report entitled “Defined-Benefit Pension Obligations: Massive Reductions In Deficits For Western European Banks Mask Underlying Risk.” “Even though favorable market conditions during 2006
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Moody’s Investors Service has assigned Baa3/Prime-3 long-term and short-term foreign currency deposit ratings and a D+ bank financial strength rating (BFSR) to Raiffeisenbank (Bulgaria) EAD. The BFSR translates into a Baseline Credit Assessment of Ba1. At the same time, Moody’s has assigned Global Local Currency (GLC) deposit ratings of Baa1/Prime-2 to the Sofia-based bank with
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The Cyprus House of Representatives has unanimously approved an amendment sent back to the House by President Tassos Papadopoulos, placing a maximum cap of CYP 10.000 or EUR 17.000 as stamp duty on transactions over CYP 5 mln or EUR 8.5 mln. Papadopoulos said the amended Company Law wasn’t compatible with the relative EU directive,
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Retail sales growth accelerated in May, according to provisional data, rising by 5.5% year on year in volume terms, according to provisional data from the Statistical Service. Revised data for April reported that the turnover volume index of retail trade in April 2007 reached 125.9, which was 3.2% higher than the same period of 2006,
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The number of ships on the Cyprus register rose for the first time in seven years in 2006, increasing to 1,828 from 1,802 in 2005. The number of ships on the Cyprus register had been in steady decline since 1999 after EU-mandated improvements in quality and regulation pushed out low-quality operators. The same report showed
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The Government of the Republic of Cyprus considers the decision of the puppet regime in the Turkish occupied areas of the island to imprison Turkish Cypriots selling their properties in the Government-controlled areas of the Republic as being in the context of the regime’s efforts to create a negative climate regarding the Cyprus problem. Government
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The Government and political parties have honoured the memory of the first President of the Republic of Cyprus, Archbishop Makarios III, with statements on the 30th anniversary of his death. Government Spokesman Vassilis Palmas said ”the memorials of the great are not held with words but with oaths and insistence in the struggle they began,”
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Muskita Aluminium Industries Plc (MAI) reported a highly satisfactory 25.5% increase in net profit to EUR 6 mln in the first half of 2007 compared to EUR 4.78 mln in the first half of 2006 and total profit of EUR 9.4 mln for the whole of 2006. The satisfactory performance was delivered on the back
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SFS Group Plc (SFS) decided to submit a public offer seeking to acquire a minimum 50% up to a maximum 100% of the share capital of Triena Investments Pcl (TINT; TINC; TCAP) in cash. The consideration price for TINT and TINC is set to equal a 5% discount on their NAV’s as at 31 August
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This autumn, Trust will introduce the Trust 5.1 Surround USB Headset HS-6400 (www.trust.com/15365) which, thanks to 6 integrated surround sound speakers, produces an unequalled ‘true 5.1 surround’ sound. Gaming has never been so lifelike and you will think you are actually part of a film. The integrated 5.1 surround sound card means that it is
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