Laiki Bank top managers were sent a powerful warning to perform and adapt to the new culture of serving shareholder interest, or pack up and go home. The stark warning was given by Andreas Vgenopoulos, Vice-Chairman and CEO of Marfin Financial Group, who during a press briefing in Nicosia said that, “from now on, its
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Internet giants Microsoft and Yahoo have released experimental software to link their separate Instant Messenger systems, according to elentronicnews.net . If the new beta software, which allows interoperability between the two formally exclusive IM systems, is successful, it could create an online community of 350 mln users. This means the two internet giants will control
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The Bank of Cyprus Group has reached an agreement to sell to Andreas Georghiou and to the Group of Photos Photiades Ltd the shares it holds in Universal Life Insurance Public Co. Ltd. for CYP 7.8 mln in cash. The total consideration for the shares of the Company held by the Group and related funds,
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Elena Ambrosiadou, who set up one of London’s most successful hedge fund groups, Ikos Partners, has decided to relocate to Cyprus. According to a Sunday Times report, Ambrosiadou, 47, who has an estimated wealth of GBP 200 mln, is quitting London because she believes Cyprus offers a better environment in which to grow the business.
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As it seeks a dividend policy CYTA, the state-owned telecom operator, reported a sharp decline in net profits for 2005 to CYP 18.31 mln compared to CYP 30.8 mln in 2004 following a massive rise in costs and as the Authority increased its contributions to the staff provident fund to cover the shortfall. Total revenue
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Investors longing for the days of 1999 when they would buy shares and pay later will be overjoyed to hear that their beloved system of trading on “thin air” will be back from the very first day when the common trading platform is launched. The current system imposed by the SEC obliging local investors to
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