The profit performance of the 21 public companies reporting their nine month results showed a mediocre performance, with total profits actually declining, if the spectacular results of Bank of Cyprus and Laiki Bank were to be excluded. The 21 CSE listed companies that announced their results reported a total of CYP 109.82 mln in net
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International Banking Units based in Cyprus (previously known as “offshore banks”) are rushing to buy Cyprus pounds in order to comply with a Central Bank of Cyprus directive ordering them to hold 2% of all their deposits as Minimum Reserve with the Central Bank from January 1, 2006. According to Financial Mirror calculations, the IBUs
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The situation that has ensued at Ledra Street in the capital with the Turkish occupation forces advancing into the UN-controlled buffer zone, will be debated this week at the United Nations, British High Commissioner Peter Millet said on Tuesday. Speaking after meeting Minister of Labour and Social Insurance Christos Taliadoros, Millet said Britain supports ‘UN
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Narrower gap of revenue versus growth Revenue from tourism reached CYP 120.5 mln in October 2005, 3.9% higher than in the same month of the previous year, according to the results of the Passenger Survey. This was higher than the average growth rate for the January-October period as a whole, when revenue rose year on
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The European Commission has published an online questionnaire on how individual legal professionals and law firms apply anti-money laundering obligations. The information gathered will be used for the preparation of a report on implementation of the second anti-money laundering Directive to be submitted to the European Parliament and the Council in 2006. Direct involvement of
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The Cyprus Securities and Exchange Commission decided to suspend the operation license of the Cypriot Investment Firm numbered IF 042/04, Inter P.I.D. Financial Services Ltd due to non compliance with the Legislation that governs its operation. The above suspension covers the period from December 2, 2005 to March 2, 2006 unless the Company complies with
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The five unions representing staff employed at Cyprus Airways agreed to new talks with management in an attempt to bridge the gap between the two sides regarding the level of cutbacks and cost savings that management is attempting to win in order to save the airline. CAIR Chairman Lazaros Savvides told reporters that talks would
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