Further job cuts are expected at the troubled Cyprus Airways (CAIR) as part of the new strategic plan to be submitted to the government next week, the airline’s vice president Frixos Savvides said Tuesday. The national carrier, which announced net losses of CYP 20.4 mln for the first half of this year, laid off 200

Oil production for the Organisation of Petroleum Exporting Countries fell below 30 mln barrels per day in August, after output declines in Iraq and Iran dented group output which remains close to capacity, with the exception of Saudi Arabia. The Middle East Economic Survey reported Monday that total OPEC output fell in August by 115,000

Retail sales volume slipped in May, rising by just 1.3% compared with the same month of 2004, after a strong increase of 12.3% in April. In terms of value, retail sales rose by just 0.5% year on year, compared with an 11.8% increase in April. Seasonal reasons, such as Orthodox Easter that was celebrated on

A Ukraine-Cyprus Business Forum will take place September 26-27, 2005, at the southern coastal town of Limassol. A press release issued by the Embassy of Ukraine to Cyprus said the Forum will be held with support of the Ukrainian National Committee of the International Chamber of Commerce and Cyprus Chamber of Commerce and Industry. It

Cypriot directors and self-employed are accused to be dodging taxes by declaring their income below the tax-free level of CYP 10.000 a year, according to figures presented by the Inland Revenue at the House Finance Committee meeting. Inland Revenue Director Georgros Poufos told Deputies that 6.596 directors of private companies declared salaries up to CYP

…Deutsche & Artion issue BOC buy tips Equity prices on the Cyprus Stock Exchange roared to another record close, the highest for three-and-half years as the rally on the banking shares showed no signs of cooling down. A powerful rally by the Laiki Bank shares on Tuesday, up by a whopping 4.97% to CYP 1.69,