Majority state-owned airline Cyprus Airways (CAIR) announced net losses after of CYP 33.5 mln in 2004, a 160% increase on the losses of CYP 20.9 mln recorded in 2003. The huge losses come in spite of a 3.6% an increase in (non-HellasJet) passengers, which failed to boost the bottom line because of a fall in
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The majority shareholder of Quantum Corp. (GLO), Athanassios Ktorides announced the intention to submit a public takeover bid, seeking 100% control of the company, offering shareholders CYP 250 per share in cash. The shares of GLO did not show any reaction to the news as there were no trades. On Monday, the share price fell
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The prices of some 920 medicines were slashed by an average 25% Tuesday, as part of the government’s policy to reduce the household costs. Though the majority of medicine prices remained the same, some antibiotics were reduced by 50%, an anti-depressant by 60% and a packet of eight Viagra tablets by 17%. The government said
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Most of the flights of national carrier Cyprus Airways flights were grounded Tuesday when cabin crew went on indefinite strike after layoffs were announced a day earlier. Passengers were delayed by several hours and tourists were flown out on alternative flights. In all 22 chief stewards were laid off, following the smooth redundancy of another
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Cyprus on course for the euro According to preliminary general government fiscal accounts for 2004, which are calculated according to EU norms, the budget deficit fell to CYP 306.3 mln, or 4.2% of GDP in 2004, compared with CYP 427.7 mln, or 6.3% of GDP in 2003 and a previous official estimate of 4.8% of
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Lumiere TV Public Co. Ltd. (LTV) has tabled applications seeking a dual listing of its shares on the Cyprus and Athens Stock Exchanges. Marios Hadjiyannakis, General Manager of Egnatia Financial Services, the Sponsoring Brokers told the Financial Mirror that the applications were submitted on Monday with the specific intention to make a joint offering simultaneously
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Equity prices stabilised on the Cyprus Stock Exchange and staged a 1.4% rebound on Tuesday, with the GENX closing 1.41% firmer at 84.42 points, and the Main/Parallel ending 1.43% higher at 1179.10 points. Total volume amounted to CYP 740.000 on 1465 trades, according to AGFN, the CSE data provider, with 56 titles closing higher, 93
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The heads of the Stock Exchanges of Cyprus and Athens reached a broad based agreement on the setting up of a common or joint trading platform between the two exchanges, which is set to go into operation in the fourth quarter of 2005. The agreement was reached on Tuesday in Athens following a meeting between
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