The island’s three largest banks recorded a satisfactory increase in profits during the first quarter on the back of a strong performance in local operations. Bank of Cyprus (BOC) recorded the best increase in total income growth, lifting its total income by 17.8% year-on-year to CYP 98.3 mln, helped by a sharp 62% increase in

Cyprus Minister of Finance Iacovos Keravnos and Vice President of the European Investment Bank (EIB) Gerlando Genuardi signed an agreement for a EUR 80 mln loan on Friday, to finance projects and programmes co-financed by the EU cohesion and structural funds. “By co-financing investment programmes, mainly small-sized investments with the structural funds and the cohesion

The guiding principles for a comprehensive reform of state aid rules and procedures over the next five years have been outlined in a State Aid Action Plan just adopted by the European Commission. In particular, the Commission intends to use the EC Treaty’s state aid rules to encourage Member States to contribute to the Lisbon

Woolworth Properties Group is engaged in negotiations to dispose some of its property, possibly through the “sale and lease back” method, according to the Chairman of the Group, Nicos Shacolas. Speaking during the Annual General Meeting of shareholders, Shacolas said prospects for the Group are positive with profitability expected to stage a rebound, helped in