Cyprus Airways has announced a reduction in the fare for the three-weekly flights to Bucharest, with the return ticket selling for CYP 110 (EUR 188) plus taxes and airport charges. The national carrier also announced that fare reductions are greater in Business class, with a cut of CYP 30-45 (EUR 51-77) for regular passengers and
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The Commission has published its second evaluation report on the state of transposition of the Framework Decision of 13 June 2002 on the European arrest warrant and the surrender procedures between Member States for the years 2005, 2006 and 2007. The report highlights the high rate of recourse to this instrument and identifies Member States’ good practices
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What is the European arrest warrant? The Framework Decision adopted by the Council on 13 June 2002 on the European arrest warrant and the surrender procedures between Member States (hereinafter called “the Framework Decisionâ€) set up a new instrument for surrendering wanted persons, thereby breaking with the traditional extradition procedure. Unlike the latter, the European
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If consistent, risk focused, and sufficiently detailed, the supplementary information that banks will need to provide beginning next year to meet Pillar 3 disclosure requirements under the Basel II accord should promote greater market discipline, Standard & Poor’s Ratings Services said in a report just published, titled “Greater Basel II Pillar 3 Disclosure Would Enhance
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Standard & Poor’s Ratings Services said it affirmed its ‘BBB/A-3’ foreign currency and ‘BBB+/A-2’ local currency sovereign credit ratings on the Republic of Croatia. The outlook is stable. “The ratings on Croatia are supported by its strong record of reform and structural economic improvement over the past few years, by the policy anchor provided by
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The European Commission adopted today a proposal to launch the new generation of the Erasmus Mundus programme for the period 2009-13. Erasmus Mundus started in 2004 to promote European higher education as a centre of excellence in the world. In the first three academic years (2004-2006), more than 2,300 students have participated in the programme
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During the last AGM of the Cyprus International Banks Association, its President, Marios Paraskevas, the Head of Operational Assurance at Barclays Bank PLC, Cyprus, announced some initiatives for the benefit of the association’s members. In particular, a training committee headed by Thierry Gigant, the Managing Director of BNP Paribas Cyprus, was set up. The first
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Euro zone GDP growth grew 0.7% in the first quarter from the fourth quarter, and was up 3.1% year-on-year, EU statistics office Eurostat said. The figures show an upward revision to provisional figures reported on June 1. Eurostat previously put first quarter growth at 0.6% quarter-on-quarter and 3.0% year-on-year. Exports were revised to 0.8% from
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Fitch Ratings announced that Cyprus‘s Long-term foreign currency Issuer Default Rating (“FCIDR”) has been upgraded to ‘AA-‘ (AA minus) from ‘A+’. Fitch also revised Cyprus‘ local currency IDR to ‘AA-‘ from ‘AA’. Fitch has changed the LT IDR Outlook for Cyprus to Stable from Positive, and its Country Ceiling is upgraded to ‘AAA’ from’ AA+’.
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The Cyprus Securities and Exchange Commission approved the Public Offer document made by Cyprus Trading Corporation (CTC) seeking to acquire a minimum 50% plus one share and a maximum 100% of the share capital of Woolworth (Cyprus) Properties Public Ltd (FWW) at a cash consideration price of EUR 1.45 per share. The acceptance period has
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