The euro continued lower on Thursday morning, hit by fears that French voters will turn down the European constitution when they vote in a referendum on Sunday. The euro was trading at USD 1.2537 per EUR early Thursday, compared with 1.2564 at the European Central Bank fixing session on Wednesday. Since the beginning of March,

Bank of Cyprus (BOC) fell 5 cents on Thursday after the stock went ex-dividend for the 4 cent per share dividend that will be paid to registered shareholders by end of May, while the shares of Laiki Bank (CPB) broke through 1.45 resistance, closing 3 cent firmer at CYP 1.46. BOC closed at CYP 1.75

Targets to lift ROE to 15% Alkis Hadjikyriakos (Frou-Frou Biscuits) Ltd. has announced that the construction works on a new factory situated at the company’s distribution centre in Kokkinotrimithia have started. Chairman of the Board Alkis Hadjikyriakos told shareholders during the company’s AGM address that construction works on the new factory have already started. Hadjikyriakos

Commissioner for Economic and Monetary Affairs Joaquin Almunia gave a largely positive assessment of the Cyprus economy and public finances during an official visit to Cyprus last Thursday, but raised concerns about both inflation and wages. He also urged the government to start an information campaign about adopting the euro. Having outlined the four Maastricht

Hellenic Bank Group (HB) reported a 105% increase in first quarter net profits to CYP 2.97 mln from CYP 1.44 mln a year ago, and although the return on equity (ROE) of the Bank jumped to 8.5%, yet bank officials were reluctant to issue a forecast or reveal their medium-term targets. Total net income was