…And see the benefits in productivity Innovation, as we are constantly being told, is the key to competitiveness, and according to recent research by the Statistical Service Cystat, around half the companies in Cyprus have got the message. According to the Innovation Survey among enterprises with 10 or more employees, 46.1% of enterprises had some

The Inland Revenue Department (IRD) reported a 30% increase in revenue to CYP 305 mln during the first half of 2006 on the back of higher receipts from PAYEE contributions, up 21% year-on-year to CYP 102.6 mln while income tax receipts from self employed increased by 28% to CYP 9.4 mln. Revenue from Special Contribution

Options Cassoulides Pcl (OPT), which has recently received the green-light from the CSE to shift from the Parallel to the Main Market issued its first half results, posting a net profit of 907.000, up by 6.5% compared to a net profit of 852.000 a year ago in the same period. EPS were recorded at 2.0

The Cyprus Popular Bank Public Company Ltd announced the resignation of Michael R. Erotokritos from the position of Group Managing Director and Member of the Board of Directors of the Bank. Theophilos Theophilou also resigned from the Board of Directors. The Board of Directors appointed as new Members Neoklis Lysandrou and Rena Rouvitha Panou. Neoklis

Credit Agricole, the French banking giant has improved its takeover bid offer price seeking minimum 40% control of Emporiki Bank of Greece to 25 euros per share from 23.5 euros previously. The other terms of the CA bid remain the same as stated in its prospectus. The new improved offer values the CA bid at

Piraeus Bank is reported to be seeking a way out of its 8.2% stake in the capital of Bank of Cyprus, acquired at a cost in excess of EUR 400 mln and which has tied up about 20% of its capital in one investment. For Piraeus, it seems that any investment in Cyprus is turning

Russia and Gulf offset weak EU market Tourism arrivals recorded their second consecutive monthly fall in June, dropping by 0.9% year on year to 280,164, having fallen by 0.2% year on year in May, as strong Russian and Gulf markets were not enough to offset weakness in the EU. Arrivals from the UK, which supplies

…revises full-yr profit target to CYP 160 mln Bank of Cyprus Pcl first half profit surged 172% year-on-year to CYP 85 mln, beating by a wide margin the estimates made by analysts forecasting gains of CYP 75 mln, and also the Financial Mirror estimates of CYP 78-85 mln. Bank of Cyprus also lifted its year-end