Fitch Ratings has downgraded the Republic of Cyprus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A-' from 'AA-' and removed them from Rating Watch Negative.
The Outlook on the Long-term IDRs is Negative. Fitch has simultaneously downgraded the Short-Term Foreign...

Two conferences organised in China, aimed at promoting Cyprus as an attractive investment destination, were wrapped up on Monday.

 

One of the conferences was organised by the Cyprus Investment Promotion Agency (CIPA) and sponsored by Marfin Laiki Bank, and the other was organised...

NICOSIA - The Bank of Cyprus Group announced Monday its Group Financial Results for the first quarter of 2011 with profit after tax reaching 71 million euro, compared to 81 mn in the corresponding period of 2010.

 

On March 31, 2011, the Group’s Total Assets amounted to 41.72 bn...

NICOSIA - Cyprus may seek to issue a new five or 10-year euro-denominated bond to help meet a financing target for this year of around 2 billion euros, the country's Finance Ministry said in a report released on Wednesday.
The Stability Programme, a roadmap of economic planning for the years...

NICOSIA – Ιn April 2011 Harmonised inflation reached 3.5%, compared with 2.5% in the corresponding month of 2010, marking the biggest increase since September 2010, according to figures released today by Cyprus' Statistical Service.

 

In March 2011 harmonised inflation rate...

NICOSIA - Cyprus’ budget deficit for 2010 declined by 0.7%, whereas public debt for 2010 increased by 2.8%, figures released today by Eurostat show.

Cyprus’ budget deficit for 2010 declined to 5.3% of GDP from 6.0% in 2009, which in absolute numbers corresponds to 926 million euro, compared...

NICOSIA - It is unacceptable for former ministers and state officials to benefit from multiple pensions, Finance Minister Charilaos Stavrakis said Wednesday.
He was speaking after attending a meeting of the House Finance Committee which discussed a Bill on the matter.
Any delay or...

NICOSIA - Inflation rose to 3.2% in March according  to the Statistical Service.

 

An official announcement states that the rate of inflation for March 2011 rose to 3.2% compared to 3.1% in February 2011 and 2.3% in March 2010.

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NICOSIA - Standard and Poor's cut Cyprus's credit rating to A- from A on Wednesday, citing concerns over the "significant exposure" of its banking sector to indebted Greece.
The outlook remained negative, S&P said in a statement.
It is the second time the agency has cut Cyprus's ratings...

NICOSIA - Bank of Cyprus won shareholder approval to raise up to €1.34 billion in convertible enhanced capital securities, the bank said on Wednesday.
Shareholders also approved the issue of 400 million new shares with a nominal value of one euro each, increasing the authorised share capital of...