Blog - Page 5095

Inflation approaches Eurozone levels

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Cyprus recorded a decrease in inflation during May 2005, reaching 2% from 2.8% in April. The annual harmonised inflation rate in Cyprus is now very near the average of the Eurozone. According to figures released today by Eurostat, in May 2005 the lowest annual rates were observed in Sweden (0.2%), Finland (0.6%), the Czech Republic

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Cyprus tourism bounces back in May

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Arrivals of tourists to Cyprus bounced back in May, rising by 8.6% year on year, after a seasonal fall relating to the timing of Easter led to a 4.0% drop in April. On the basis of the results of the Passengers Survey, arrivals of tourists reached 284,132 in May 2005 compared with 261,646 in May

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EU summit: solidarity or suicide?

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Constitution to be shelved Implications for Cyprus EU leaders formally start on Thursday what will be the most important European Council summit in recent times. Whether it will turn out to the ‘solidarity summit’ of the optimists of the ‘suicidial summit’ of the pessimists will depend crucially on attitudes towards the EU budget (the financial

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Cyprus Universal Life CEO blocks takeover

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Andreas Georghiou, CEO of Universal Life Group, has thwarted the second largest takeover deal of the year by exercising an option giving him first right on the Universal Life shares that the Bank of Cyprus wished to sell to Aspis Pronia of Greece. “My decision was taken to protect the independence of the company and

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Cyprus parliament

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Deputies managed to withstand the intense lobbying pressure from the banks but mostly the Bar Association in not moving to suspend or amend the law stopping the imprisonment of people who defaulted on their debts, in line with European practice. In a written statement, the Bar Association suggested that the decision was wrong and had

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