Panos Galanos, Executive Chairman of the Hellenic Bank Group submitted his resignation from the Board and from his executive duties following a show-down with the Church. Hellenic Bank announced that Galanos will remain in his Executive position until July 31 to ensure a smooth transition of power, adding that he will not seek reelection today

F.W. Woolworth Cyprus Ltd. (FWW) announced its first quarter results recording a net profit of CYP 575.000, representing a decline of 33.9% year-on-year compared to a year ago. Earnings per share fell to 0.60 cent from 0.90 cent a year ago. Total revenues advanced by 6.0% in 1Q’05 to CYP 1.57 mln. Pretax profits increased

A. Tsokkos Hotels (TSH) released its first quarter results posting a 30.4% year-on-year decrease in revenues to CYP 1.13 mln, primarily due to lower revenues received from local operations as fewer hotel units were operating in the period. Local revenues decreased significantly by 38.8% to CYP 937.000, whilst revenues from the Group’s operations in Egypt

The euro slid further against the dollar on Monday in Asia, following the rejection by French voters of the EU Constitution. In a high turnout, 55% of French voters rejected a European Constitution that was meant to bring Europe closer to its citizens, largely owing to fears that had little relationship to the text itself.

Bank of Cyprus Pcl (BOC) and Laiki Bank Pcl (CPB) jointly announced that they have reached a deal with Aspis Pronia, the Greek insurance company for the sale of their stake in the share capital of Universal Life Insurance Public Co. The total consideration price is CYP 16.5 mln or CYP 1.99 per share. The

Bank of Cyprus Public Company Ltd (BOC) has successfully closed a EUR 300 mln Senior Debt issue on 27 May 2005. The bond, of a three-year term, has an issue/reoffer price of 99,853% and pays a coupon of 30 basis points above 3-month Euribor. The bond was issued under the Bank’s EUR 1 bln EMTN

Louis Public Company Ltd. (LUI) announced its first quarter 2005 results recording a net loss after minorities of CYP 5.21 mln compared to a loss of CYP 5.28 mln in the first quarter of 2004. Losses per share amounted to 1.23 cent vs. 1.25 cent in 2004. Group revenue jumped 35% to CYP 15.42 mln

Vision International People’s Group Public Co. (VIP) reported that group turnover for the three months to 31 March, 2005, declined 23% y/y to USD 24 mln to USD 31.2 mln in the same period a year ago. The reduction had been anticipated and was mainly due to scheduled changes in the corporate distributor events calendar,