News

On the 3rd of July, the credit rating agency Standard & Poor's (S & P) announced its decision to upgrade the long-term sovereign rating of Cyprus from selective default  to CCC-plus, in both foreign and national currency. On Friday, the agency "Fitch" publicised this decision, which was made after the…


An alternative, faster method for exploiting natural gas has been proposed by the US-based firm, NOBLE Energy. This 'informal' proposal to the government involves the positioning of a spar platform which can drill and extract natural gas faster than traditional drilling rigs. The Cyprus Mail was informed…


Prime Minister Joseph Muscat has described Malta's position on a banking union as "cautiously optimistic". This came after confirmation of EU leaders desire for an agreement by the end of the year, on a scheme to resolve failed banks at European level.  Although Malta agreed on general points, no significant…


Gas discussions in Moscow

At the invitation of the Chairman of the State Duma Sergey Naryshkin, House President Yiannakis Omirou and a parliamentary delegation arrived in Moscow on Wednesday for an official two-day visit. The highlight was a two-hour meeting with Russian Deputy Energy Minister Yury Sentyurin. Omirou pointed…


Cyprus and Iran have had their ups and downs in recent times but good times are coming. Iran's Ambassador has recently visited Nicosia to declare that they can develop (with Cyprus) a good cooperation to manage the production of gas and also to make Cyprus a country which can be considered a gate for…


The lower house of the Swiss Parliament rejected a bill allowing Swiss banks to provide information on their foreign clients on request of U.S. tax authorities. The reason for the appearance of the bill was frequent accusations of American authorities that the Swiss banks, helped U.S. citizens to evade…


G8 agreed on tax evasion measures

 Recent summit of G8 held in Ireland has shown that the problem of tax evasion is becoming the main focus nowadays. Governments will be taking rapid measures to identify and close existing tax loopholes. Chancellor George Osborne has explained plans to stop international companies veiling their profits…


During the March crisis Cyprus suffered a decrease in the number of company formations due to the hard hit on the bank sector. This may have showed a 60% fall in the number of new company registrations. According to the company registration applications in May, this reached 640 compared with 1,600 last…