MFS Holdings Pcl (MFS) reported a sharp decline in profitability during the first nine months of 2006 mostly as a result of a huge write-off of investment in associate company MFS Hellas, which is the mother company of Galaxias SA, its Greek venture that was ordered to suspend operations by the Greek authorities. Total premium
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The Board of Directors of SFS Group Pcl (SFS) declared an interim dividend of CYP 0.2 or EUR 0.346 per share, or 2% on nominal value of shares, which is double the dividend declared and paid for 2005. SFS said all registered shareholders by December 5 will be entitled to participate in the interim dividend,
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A. Zorpas & Sons Pcl (ZRP) reported a satisfactory 8.3% increase in sales during the first nine months of 2006 to CYP 24.22 mln (EUR 42 mln) from CYP 22.3 mln in the same period a year ago, but overall profits slipped mildly. Gross profit was up at CYP 8.95 mln in 9M06 from CYP
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Cypriot consumers plan to spend 12% more this year on Christmas shopping, budgeting the amount of EUR 1103, second behind the Irish who plan to spend EUR 1339 on average according to the Christmas Survey conducted by Deloitte & Touche in 14 countries including Cyprus. Deloitte Managing Partner Cyprus Christis Christoforou said this is the
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By Michael S. Olympios Chief Consultant Allied Business Consultants In the old days, directors might approve a business plan within hours of hearing it. They saw themselves as sounding boards, not overseers — which often amounted to rubber-stamping management’s proposals after a few routine questions. That kind of board room culture was inherited throughout the
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By Michael S. Olympios One of the greatest economic thinkers of our time Milton Friedman died last week on November 16th at the age of 94. A half century ago, Milton Friedman’s advocacy of free markets over government intervention and his prescription for inflation-fighting by central banks were treated as fringe notions by many economists.
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…targets 21 shops in Cyprus, 180 in Greece  Century 21, the US-based franchisor of the world’s largest residential real estate sales network has come to Cyprus and aims to set up 21 shops with 100 associates while in Greece, the target is to open 180 offices with 900 associates. Paris Zachariades, Executive President of
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…share price breaks above EUR 7 level  Laiki Bank Pcl (CPB) beat market expectations lifting first nine month profits by 105.4% year-on-year to CYP 62.6 mln or EUR 108.5 mln as the Group managed to increase total income by 23%, while cost increases were kept at 7%. For the first time in five years,
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The industrial turnover index (comprising mining and quarrying, manufacturing, and electricity, gas and water supply) reached 116.3 units (Base 2000=100) in August 2006, recording an increase of 7.3% compared to August 2005. This was much higher that the figure for total industrial production, which rose by only 1.9% in the same period. For manufacturing, the
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Cypriot President Tassos Papadopoulos said on Sunday that the Greek Cypriot side had replied positively on Friday to a letter sent to the leaders of the two communities in Cyprus by UN Undersecretary General for Political Affairs Ibrahim Gambari to promote the implementation of the July 8 agreement. President Papadopoulos furthermore expressed doubts about the
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