Michele's Feed
Sep 3, 2014

Ryanair, Aegean submit non-binding proposals for Cyprus Air

NICOSIA, Sept 3 (Reuters) – Ryanair, Europe’s
largest budget airline, and Greece’s Aegean were among
companies that submitted non-binding proposals for the
acquisition of Cyprus Airways, Cyprus’s transport
minister told Reuters on Wednesday.

Marios Demetriades said “more than half” of the 15 parties
that earlier made an initial expression of interest and signed a
non-disclosure agreement had submitted non-binding business
proposals by the time the deadline expired on Wednesday evening.

Aug 28, 2014

Bank of Cyprus shareholders approve 1 billion euro share issue

NICOSIA, Aug 28 (Reuters) – Shareholders who became the Bank
of Cyprus’s reluctant owners when it seized their
deposits last year approved plans for a 1 billion euro ($1.3
billion) share issue, designed to bolster it ahead of the
announcement of which EU banks need more capital to withstand
future crises.

The European Bank for Reconstruction and Development (EBRD),
partly owned by the European Union, and investors represented by
U.S.- based billionaire Wilbur Ross, were among those signing up
for the issue pricing Bank of Cyprus shares at 0.24 euros apiece
which will dilute the original shareholders.

Jul 29, 2014

Bank of Cyprus aims for bond sale after raising 1 bln euros in new capital

LONDON/NICOSIA, July 29 (Reuters) – Bank of Cyprus,
which has just raised 1 billion euros ($1.3 billion) from
investors, plans to sell up to 1 billion euros in bonds in
September, chief executive John Hourican said, a move that would
mark a rehabilitation of the euro zone’s first bank to
recapitalise using depositors’ cash.

The island’s largest bank, which was on the brink of
collapse when Cyprus took a international bailout in 2013, said
late on Monday that big name investors including U.S.
billionaire Wilbur Ross and the European Bank for Reconstruction
and Development had agreed to invest 1 billion euro in equity.

Jul 28, 2014

Bank of Cyprus says private placement raises 1 bln euros

NICOSIA, July 28 (Reuters) – Bank of Cyprus, the
Cypriot lender that recapitalised by seizing its clients’
deposits last year, said it had raised 1 billion euros in a
private placement on Monday, drawing in investors from the
United States and Russia as well as from an EU-controlled bank.

The European Bank for Reconstruction and Development, partly
owned by the European Union, and investors represented by U.S.-
based billionaire Wilbur Ross were among the parties signing up
to participate in a 1-billion-euro equity issue pricing Bank of
Cyprus at 0.24 euro per share, the Cypriot bank said.

Jul 25, 2014

Tanzania takes control of bank accused of money laundering

DAR ES SALAAM/NICOSIA, July 25 (Reuters) – Tanzania’s
central bank said on Friday it had taken over the management of
a bank accused by the U.S. government of large-scale money
laundering.

The decision comes after the Central Bank of Cyprus (CBC)
placed two branches of FBME Bank under its control following a
report from the U.S. Treasury’s Financial Crimes Enforcement
Network (FinCEN) describing the bank as a “primary money
laundering concern”.

Jul 24, 2014

Almost 20 companies interested in Cyprus Airways sale – minister

NICOSIA (Reuters) – Almost 20 companies have submitted non-binding expressions of interest in Cyprus Airways CAIR.CY, a state-owned carrier that the government wants to privatise, Cypriot Communications Minister Marios Demetriades said on Thursday.

Aegean Airlines (AGNr.AT: Quote, Profile, Research), Ryanair (RYA.I: Quote, Profile, Research) and Israel’s Arkia were among those firms, Demetriades told Reuters.

Jul 17, 2014

Diary offers glimpse of 1974 Cyprus war through teenage eyes

NICOSIA (Reuters) – On a balmy July morning in 1974, Victoria Harwood Butler-Sloss was awoken by the sound of gunfire outside her childhood home in Cyprus’s capital Nicosia.

Aged 13, she started to document a defining moment in one of the world’s most intractable conflicts – a coup against a democratically elected government, engineered by Greece’s military junta, triggering a Turkish invasion five days later.

Jul 4, 2014

Hurt by division, Cyprus’s Othello Tower gets new lease of life

FAMAGUSTA Cyprus (Reuters) – The Cypriot castle where Shakespeare set his drama “Othello” is getting a badly needed makeover after years of neglect stemming from the Mediterranean island’s long-time division.

Ravaged by natural decay and the politics splitting the island for at least 40 years between the Turkish-controlled north and the Greek Cypriot south, the citadel which came to be known as ‘Othello Tower’ will undergo emergency stabilisation work over the next eight months.

Jun 25, 2014

Cyprus central bank sees shallower 2014 recession than forecast

NICOSIA (Reuters) – Cyprus’s economy could contract less this year than the 4.2 percent expected by the euro zone country’s bailout lenders, its central bank governor said on Wednesday.

The European Union and International Monetary Fund, which will lend Cyprus 10 billion euros under a year-old rescue deal, revised the projected drop in output lower last month from an earlier estimate of 4.8 percent.

Jun 18, 2014

Yield hunt ensures smooth market return for bailed-out Cyprus

LONDON/NICOSIA, June 18 (Reuters) – Cyprus returned to
markets on Wednesday little more than a year after it was bailed
out, with investors snapping up a five-year bond that offered
the highest yield of any comparable euro zone debt.

Its comeback – the fastest of any country rescued by euro
zone peers during the bloc’s debt crisis – comes while capital
controls are still in place following its 10 billion euro EU/IMF
bailout, which also imposed losses on bank depositors.