The Convergence Reports examine whether Malta and Cyprus satisfy the conditions for adopting the single currency, namely: the economic criteria (price stability, sound public finances, exchange rate stability and convergence in long-term interest rates) compatibility of national legislation with Economic and Monetary Union rules (independence of the national bank) Article 122(2) of the European Union
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JP Morgan has increased its price target on Bank of Cyprus shares to EUR 18 per share from EUR 14 previously following a spectacular increase in profitability by the Bank in the first quarter and amid increasingly bullish prospects for the future. JP Morgan is now topping the list of analyst forecasts on Bank of
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The euro will strengthen macroeconomic stability in Cyprus, ensuring low inflation and low interest rates that are a pre-condition for long-term economic prosperity. The single currency brings stable prices for citizens and more opportunities for businesses. Moreover, being part of the single currency and the euro area also engenders further trade opportunities in the global
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Cyprus equities surged to a record closing high for the year on the day when the European Commission formally backed Cyprus’ application to join the eurozone, but stocks busted through previous highs as Bank of Cyprus shares roared a massive 5.6% following new price upgrades from international investment firms. The CSE Main index closed at
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The government is set to invite tenders to bid for the construction of a land terminal in Cyprus to provide the country with natural gas, in an effort to meet its obligations to the European Union, which it joined in May 2004.Speaking after a ministerial committee meeting on the matter, the Minister of Commerce, Industry
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Cyprus Council of Ministers approved on Wednesday a set of measures aiming at boosting economic cooperation between Greek and Turkish Cypriots, Government Spokesman Vasilis Palmas announced.Palmas did not give further details, noting that Finance Minister Michalis Sarris will present the measures in depth in a press conference this week.For three years now the government provides
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For the first time ever in Q1 2007 now ended, bwin Interactive Entertainment AG has achieve the goal it had pursued since 2004 of becoming the Number One world-wide, in terms of both the number of active customers and gross and net gaming revenues. At the same time the reorientation of the company’s strategy announced
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Ericsson has signed a contract to deploy and integrate its latest microwave transmission solution, MINI-LINK TN, for leading Bulgarian mobile operator Mobiltel, helping the operator reduce both capital and operational expenditure. The contract involves design, deployment and integration of the transmission network as well as support services for MINI-LINK TN software and hardware. The microwave
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Marfin Egnatia expect consolidation trends to continue in ATHEX amid the release of Q1:07 results, despite a supportive relative valuation. With a prospective PE (07e) premium compared to the FTSE Eurofirst 300 of 8%, which is below the 3-year historical average, Greek equities have the fundamental support to outperform European equities. Â
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Egyptian Minister of International Cooperation Fayza Abu al Naga said that Cyprus and Egypt have been discussing ways to export natural gas to Cyprus in a compressed form instead of its costlier liquefied form. Speaking after a meeting in Nicosia with Minister of Foreign Affairs George Lillikas, Abu al Naga said experts on both sides
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