Nicosia – An increase of 1.2% was recorded in the population of the Republic of Cyprus in 2017, compared to 2016, reaching 864.200, according to data released on Wednesday by the Statistical Service of Cyprus. The total fertility rate, which represents the average number of children per woman, was 1.32 in 2017, according to the...Read More
Nicosia – Cyprus-based Cobalt Air, ceased all operations on Wednesday at midnight and entered into administration, after 2 years and 3 months of operations. Cyprus’ Air Transport Licensing Authority (ATLA) decided to revoke Cobalt Air’s operating license, Alecos Michaelides, the Permanent Secretary of the Ministry of Transport, Communications and Works has said. He noted that...Read More
New York – Standard & Poor’s (S&P) has upgraded Cyprus’ credit ratings to investment grade, after calling them “junk” for more than six years. Late last week, the rating agency raised Cyprus’ sovereign credit ratings to ‘BBB-/A-3’ from ‘BB+/B’ with stable outlook. S&P were one of the first credit rating agencies to downgrade Cyprus’ ratings...Read More
Brussels – The 19th International School on Indirect Taxation has extended its early bird registration deadline until the end of today. The School is organised by the VAT Forum, an international partnership of indirect tax specialists, in Brussels, Belgium on 24-28 September 2018. It will be addressed by an array of renowned European VAT experts,...Read More
Athens – After eight years of turmoil and brutal austerity, Greece has finally emerged from its bailout program, yesterday. The European Union, European Central Bank and International Monetary Fund provided Greece with €289 billion across three bailout programs in 2010, 2012 and 2015. The level of assistance has proven the biggest bailout in global financial...Read More
New York – Apple has become the world’s first public company to be worth $ 1,000,000,000,000. The iPhone maker’s market value reached the figure in New York on Thursday and its shares closed at a new record high of $207.39. The stock has been rising since Tuesday when it reported better than expected results for...Read More
New York – Moody`s Investors Service, upgraded last week the government of Cyprus’ long-term issuer rating to Ba2 from Ba3. All senior unsecured bond and programme ratings have also been upgraded to Ba2 and (P)Ba2, respectively. Cyprus’s short-term ratings have been affirmed at Not Prime (NP) and (P)NP. The outlook on Cyprus’s ratings has been...Read More
Nicosia – Cyprus has upgraded the legal and regulatory framework for collective investment funds in an effort to boost its funds industry. On 10 July 2018, the Cyprus Parliament approved a new legislation which repeals and replaces the previously applicable Law 131(I)/2014 regulating Alternative Investment Funds (AIFs). The introduction of the new legislation, which will...Read More
Limassol – Cyprus is considered to be the largest Shipmanagement Centre in the European Union (EU) and among the three largest globally, according to the Cyprus Shipping Chamber’s Annual Report for 2017. At the same time, the Cyprus Registry ranked again as the 11th largest merchant fleet worldwide and the 3rd largest fleet in the...Read More
Nicosia – The deal to acquire parts of the Cyprus Cooperative Bank (CCB) by Hellenic Bank went through last week. Non-performing loans are not part of the deal while Hellenic will take over deposits. Hellenic Bank announced that its final offer for the acquisition of “certain assets and liabilities” of CCB was approved by both...Read More
