The House of Representatives approved the Draft Law regarding the establishment, operation and supervision of Pension Funds. Under the new Law, the Pension Funds are subject to investment rules and regulations requiring them to seek professional investment advice, and additionally to substantially diversify their asset classes by including financial instruments listed on regulated stock markets.

Athena Cyprus Investment Pcl (ATH) declared a 1.25 cent interim dividend or 2.16 euro cents on the back of a sharp jump in 9M profits. Based on the current price of 0.47 euros on the CSE, the dividend yield as calculated by the Financial Mirror amounts to 4.5%. The interim of 2.16 euros is close

Athena Investment Fund Pcl (ATH) reported a spectacular increase in the first nine month profits, which allowed the company to declare a 1.25c or 2.16 euro interim dividend for a fantastic 4.5% yield, but the bumper profits also meant that the company was obliged to pay CYP1 mln in fees to its fund managers, Hellenic

Turkey, Ukraine, Moldova and Norway were admitted to the Energy Community as Observers at the Ministerial meeting of the organisation that took place in Skopje today. Commissioner Piebalgs declared “The European Union’s voice is clear: we will act to bring our relations with key countries onto a legal basis so as to reinforce our common

Offsetting a poor year    Arrivals of tourists in Cyprus fell for the third consecutive month in October, falling by 3.2% year on year to reach 283,049, compared with 292,273 in October 2005. A decrease of 4.0% was recorded in tourist arrivals from the United Kingdom (159,205 in October 2006 compared to 165,809 in October

According to the latest data from the Statistical Service, construction materials prices in the period January-October 2006 rose by 5.15% over the corresponding period of the previous year. The price index of construction materials for October alone reached 133.25 units (base year 2000=100.00), recording an increase of 0.65% over the previous month. The breakdown of

Cyprus hoteliers keen to ‘go orange’   Stelios Haji-Ioannou, the serial entrepreneur and easyGroup chairman, has set his sights on opening his first low-cost easyHotel franchise property in Cyprus some time next year and is sending the company’s chief executive to sign up potential partners on Monday. Three such hotels are presently operational in London

By David Rumsey Managing Director 3D Global Financial Services   Recent statements by the Minister for Labour and Social Insurance, Antonis Vassiliou, underline why it is a good idea to back up your state and Provident Fund pensions with your own private arrangements. Mr Vassiliou said on October 25 that the only options for ensuring