EU Commissioner for Economic and Monetary Affairs Joaquin Almunia arrives in Cyprus on Wednesday to address a conference titled ”EMU Governance and Euro Changeover: Cyprus on the Path to the Adoption of the Euro”, organised by the European Commission and the Republic of Cyprus. According to a press release by the Representation of the European
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Sterling broke through the $1.95 level for the first time in two years nearing its December 2004 high of $1.9550, beyond which the way will be open for an assault on the $2.00 level, as a plunge in U.S. durable goods orders for October kept the dollar under heavy downard pressure. Relatively high-yielding sterling was
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The Central Bank of Cyprus (CBC) approved the acquisition of Universal Savings Bank Pcl (USB) by Schoeller Holdings Ltd and Path Holdings Ltd., the German based shipping groups based in Limassol. Schoeller and Path expressed their intention to submit a Public Offer to acquire a minimum of 41% of USB’s issued share capital up to
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Louis Pcl released its 9M06 financial results posting an 18% YoY increase in revenue to CYP 152.6 mln (EUR 265.2 mln). Despite the hike in oil prices, EBITDAR was recorded at CYP 43.7 mln in 9M06 (EUR 76.1 mln), vs. CYP 34.7 mln in 9MH05 (EUR 60.8 mln) for an increase of 26.9% YoY, with
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The European Commission has recommended that some elements of talks with Turkey about its hopes of joining the EU should be frozen. The recommendations follow the breakdown of talks over the divided island of Cyprus. Turkey’s refusal to recognise the Cypriot government has become an obstacle to Turkey’s membership hopes. The recommendations come despite a
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The Cyprus pound continued to slide against the euro, ending Tuesday trading at 0.5780 or 1.7300 in contrast to 0.5744 a month ago and this year’s high of 0.5721 or 1.7480. Seasonal factors are usually the reason attributed to the minor swings between the CYP and the EUR, which remain locked in the very tight
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Nokia announced that users of the N80 Internet Edition will have easy access to low-cost calls over the Internet with SIPphone’s Gizmo Voice over IP (VoIP) services. The N80 IE is optimized for SIP-based Internet calls, and now Nokia and SIPphone have worked together to create an easy way to configure and make calls using
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The Commission for the Protection of Competition (CPC) resolved to initiate an ex officio investigation in relation to the activities of the Vodafone Group of Companies in Cyprus in the field of mobile telephony and other related services.The relevant decision of the CPC was taken on 8th September 2006.In the framework of the said ex
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The Commission for the Protection of Competition (CPC) has ruled that four local wineries, Â ETKO, KEO, LOEL and SODAP violated competition rules as regards price fixing on the supply of 187 ml and 75 cl bottles to Cyprus Airways. The four wineries were also found guilty of routinely deciding on the minimum price of their
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Hellenic Bank Pcl (HB) reported a 591% YoY increase in net profit attributable to shareholders to CYP 20.19 mln or EUR 35 mln from CYP 2.9 and EUR 5 mln in the first nine months of 2005. Earnings per share climbed to 8.5 Cyprus pound cent from 1.2 cent a year ago with the book
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