Industrial output recorded a sudden surge in August, rising by 7.5% compared with August 2004, after two consecutive months of decline. All categories of industry (manufacturing, electricity, gas & water, and mining & quarrying) recorded an increase. One reason for the increase in this traditionally quiet month could be catch-up after the truckers’ strike in
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The House of Representatives unanimously approved amendments to the Company’s Law with regards to the way the International Accounting Standards are applied while in the case of companies not applying the standards, the law now states they need to follow the 78/660/EU and 83/349/EU Directives. The House vote brings Cyprus in line with EU directive
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Cyprus Airways (CAIR) have until Thursday, November 3 to submit their rescue plan to the EU in order to safeguard the future of the airline, at a time when the major unions representing the majority of staff say they are opposed to the restructuring plan. The pilots union, PASIPY and the biggest union, CYNIKA are
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A daring Greek Cypriot politician, whose parliamentary immunity has been lifted in an investigation into his huge collection of antiquities, stole a Turkish flag Tuesday from a military post in the buffer zone. European Parliament member Marios Matsakis sneaked past a U.N.-controlled line near Lourounjina east of the capital Nicosia and removed a Turkish flag
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…Nine month profits hit CYP 50 mln, up 66% …New targets for 2006-08 will be set in Jan Bank of Cyprus Public Co. Ltd. is on track to lift its 2005 profits to CYP 70-73 mln, following an impressive growth in profits during the third quarter ending September 30. BOC reported that the first nine
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The European Central Bank meets on Thursday amid rising expectations that, even if it does not raise rates, its language will indicate that a rate-rise is coming before the end of the year. The ECB has kept the main interest rate unchanged at 2% for over two years. IT is currently 125 basis points (1.25%)
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Capital inflows and deposits from offshore companies helped boost revenues recorded by the Cyprus Inland Revenue Department by 8.9% year on year in January-September, with revenues reaching CYP 450.2 mln compared with CYP 413.3 mln in the same period of 2004. The increase in revenue is reportedly largely the result of offshore company activity, which
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Kuwaiti mobile giant MTC, which operates in 18 countries in the Middle East and North Africa, is eyeing the Saudi and Egyptian market for further expansion after the company reported a profit of 136.4 mln Kuwaiti dinars (466.6 mln U.S. dollars ) for the first nine months of the year. Revenues were KD 396.2 mln
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