The unemployment rate in Cyprus dropped sharply in the first quarter of 2007 compared with the same period of 2006, according to the quarterly Labour Force Survey. The number of unemployed reached 18,808 (males 8,933 and females 9,875) in the first quarter of 2007, compared with 21,993 in the first quarter of 2006. The unemployment
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Cyprus tennis star Marcos Baghdatis, ranked 16th in the world beat Argentina’s  David Nalbandian in the third round of the Wimbledon tournament qualifying game on Monday. Winning in three straight sets of 6-2, 7-5, 6-0, Baghdatis will now qualify to the fourth round of the tournament and improve his world rankings. He’ll face the Russian
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PSA Peugeot Citroen and Chinese carmaker Hafei have signed a memorandum of understanding to start a feasibility study of a 50-50 joint venture that will manufacture small people movers of under 10 passengers capacity for the Chinese market. The vehicles will be produced by Hafei’s plant in Shenzhen. The signing of the MOU demonstrates the
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Moody’s Investors Service announced the first sovereign ratings ever assigned to the Republic of Albania – a Ba1 country ceiling for foreign-currency bonds and an issuer rating of B1 for the debt obligations of the government. The ceiling is based on the B1 government bond rating and Moody’s assessment of a low likelihood of a
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New franchise operator looks to Europe  With commercial property prices rising steadily in tandem with the spending power of Cypriot consumers, the ‘franchise wars’ has now moved to the beverages sector with coffee companies popping up all over the island. The latest newcomer is the U.S. family-owned Coffee Beanery that has opened its first
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Dr Alan Waring, a Cyprus resident and regular contributor to the Financial Mirror through his ‘Risk Watch’ column, has been appointed an Adjunct Professor at the Centre for Corporate Governance and Financial Policy at the Hong Kong Baptist University Business School. Recognized internationally as a consultant in enterprise and corporate risk management, Dr Waring advises
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EMED Mining Public Limited announced the appointment of Dr Michael Price to the board of directors. Dr Price is former joint global head of mining finance for Barclays Capital with extensive experience in financing of mining projects. He has worked with governments, mining companies and financial institutions around the world; Cyprus-based EMED has also appointed
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Eurofreight Logistics Ltd. has won the innovation award services from the Cyprus Employers & Industrial Federation (OEV). This top distinction represents the collective efforts of the people of the Eurofreight. Having created state of the art warehouse facilities in Larnaca, Eurofreight provides supply chain solutions (third party logistics) to large multinationals and local companies, which
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Alumni satisfied with deal, but remain cautious  The New York-based Armenian General Benevolent Union (AGBU) has offered temporary use of the Melkonian school’s abandoned premises in Nicosia to the Aglandjia Gymnasium for a year, with an option to renew the free lease for a further year. In an agreement that was signed last Wednesday
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Biggest puzzle The biggest puzzle in the CSE is why SFS, with a p/e of 4.6 times on 2007 forecasted profits of EUR 17.2 mln is not moving higher from its current price of EUR 1.70 per share. Logically, it should be trading at least double its current price just to take its p/e ratio
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