Bank of Cyprus’s major stakeholder Viktor Vekselberg has sold his 9.3 per cent stake in the island’s largest lender, a source familiar with the matter said. Details of the transaction such as the name of the buyer and price were unknown at the time of writing, as no announcement had […]

Vekselberg sells stake in Bank of Cyprus

The number of property transactions rose 27 per cent in August to 572 compared to the respective period last year mainly on a strong performance of the Limassol property market, the Department of Lands and Surveys said. The number of properties which changed owners in August in Cyprus’s main port […]

Property transactions up 27% in August, land department says

The Melco-Hard Rock Resorts Cyprus consortium submitted the only final bid in the second leg of the government’s tender invitation for an integrated resort casino, the commerce ministry announced on Wednesday (5.10.2016). The consortium plans to build the proposed casino in Limassol. “With Wednesday’s expiry of the deadline for submission […]

Limassol casino on the cards as sole bid submitted

The Republic of Cyprus celebrates on Saturday the 56th anniversary since the declaration of its Independence, with a military parade that will take place in Nicosia. President Nicos Anastasiades will receive the salute of the parade, which begins at 11am, in the presence of the country’s political and military leadership. The […]

Cyprus celebrates Independence Day

Standard & Poor’s upgraded its assessment of Cyprus by one notch to BB with the rating agency saying the outlook was ‘positive’. In a statement, it said that it “has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to ‘BB’ from ‘BB-’.” At […]

S&P upgrades Cyprus on ‘gradual recovery’

Moody’s ratings agency has changed its outlook on the Cypriot banking system to positive from stable, reflecting its view that the country’s economic recovery will restore banks to profitability and improve their weak asset quality. The outlook expresses Moody’s expectation of how bank creditworthiness will evolve in Cyprus over the […]

Moody’s upgrades bank outlook to positive from stable

EU leaders have insisted that the UK must move swiftly to negotiate leaving the organisation, saying any delay would prolong uncertainty. European Commission head Jean-Claude Juncker stressed the “Union of the remaining 27 members will continue”. The UK voted by 52% to 48% to leave the EU. David Cameron has […]

UK’s ‘Brexit’ results rattle the world