The share price of Universal Bank (USB) rallied 2.9% on Friday to 70 cent per share after Universal Life Public Co. confirmed a Financial Mirror report that it had reached a deal to sell its controlling stake in USB to a German shipping group. UL announced that it had reached a deal with Schoeller Holdings

Businesses in Cyprus appear to have been the main contributors to the state budget in 2005, as a sharp rise in both defence tax (the “special contribution for defense” [sic]) and corporate tax lined government coffers. Total revenue came in at CYP 667.2 mln, according to the Inland Revenue Department, recording a rise of 11.7%

In one of the biggest sales of a website name, Sex.com has changed hands for 12 mln dollars, its new owners said. The group of Boston-based investors said they plan to use the instantly recognizable name to create “a market-leading adult entertainment destination by offering compelling, next-generation web interaction experiences.” The site was owned by