News

Tax Avoidance: Apple Story

The USA congress is stating that Apple is using sophisticated tax arrangements to avoid paying fair taxes in the USA. CEO of Apple is to testify before the USA Congress regarding the company's tax arrangements. Apple has used Ireland, a low tax jurisdiction, to set up a holding brass plate company to…


Russia has not yet agreed to extend the terms of its 2.5 billion EUR loan to Cyprus, Russia's deputy finance minister Sergei Storchak said on Saturday. "There was a request to change the duration of the loan, we promised to think about it", Sergei Storchak told reporters. "This was a kind of promise…


Having the opportunity to become a strong energy centre in the Eastern Mediterranean Cyprus should invest in education in the field of oil and gas exploitation.   This message was conveyed by a workshop held yesterday in Nicosia on developing the oil and gas sector with a focus on education. The workshop…


On Monday Eurozone finance ministers will ratify the agreement reached at the technical level for the disbursement of Cyprus' first tranche of €3 billion out of the €10 billion EU bailout loan. There will be a first review of the course of the Cyprus aid programme at the meeting on Monday, while a political…


Parliament ratified the island's bailout

Parliament last night ratified the island's bailout amid warnings that tougher times lie ahead for Cypriots, already suffering from the effects of a deep recession. With the majority of just two votes, lawmakers approved terms accompanying 10 billion euros in aid from the European Union and the International…


The International Monetary Fund explained on Monday it is "carefully" monitoring massive capital flows into Asia and urged the region's policymakers to guard against risks of overheating. The level of the inflows - which have sent Asian stocks and property prices skyrocketing - are close to or above…


Global multinational corporations are willing to shift their investment budgets towards the region impressed by the continuing growth of the Asian Economy. This data has been supported by the latest Asia Business Outlook Survey by the Economist Corporate Network. China and India remain the top destination…


Cyprus has been an unwilling "guinea-pig" for the possible rule that will be enforcing a haircut on banks' deposits, President Nicos Anastasiades explained to European Union members in Nicosia yesterday. "Cyprus was treated as an experimental guinea-pig for testing the economic theory of enforcing a…


The Turkish Cypriot leadership claimed rights to the state gold locked away in the Cyprus Central Bank and earmarked for sale to meet the country's financing needs. According to Turkish Cypriot reports, the office of Turkish Cypriot leader Dervis Eroglu issued a statement in response to recent considerations…