The Supreme Court of Cyprus annulled a decision of the Cyprus Securities and Exchange Commission (CySEC) on recourse filed by ASPIS HOLDINGS PUBLIC COMPANY LTD (Aspis). CySEC’s first instance decision imposed an EUR80,000.- fine to the said Company along with suspension of 30% of voting rights for violating legislative obligations in relation to a public [...]
NOBLE Energy Inc. is to begin exploratory drilling in Cyprus’ offshore Block 12 on 21 September. Block 12, located in Cyprus’ Exclusive Economic Zone, is just 12 km from Israel’s Leviathan gas field. Cyprus has signed a production-sharing contract with Noble and Noble is contractually obliged commence drilling before October. The exploratory drilling will last [...]
A German court has granted Apple a preliminary injunction in the patent infringeent lawsuit, blocking the sale of Samsung’s Galaxy Tab 10.1 across Europe except the Netherlands. Apple has accused Samsung’s Galaxy range of smartphones and tablet computers of “slavishly” copying the design and functionality of its popular iPhone and iPad lines. The injunction is [...]
The family of Andreas Ioannides, the navy chief of Cyprus that lost his life in the explosion of 11/07/11 at the Evangelos Florakis naval base in Cyprus along with 12 other people, have called upon the Attorney General of Cyprus to resign over omissions and delays in the criminal investigation of the case. The Ioannides [...]
Cyprus’s government and opposition parties agreed to an initial austerity package on Friday which includes spending cuts and privatising the island’s stock exchange. The Cyprus Stock Exchange (CSE) may, if the plans go ahead, be procured for sale to private investors. Relevant Links Cyprus Stock Exchange Cyprus Banking and Finance Lawyers
The Central Bank of Cyprus has set a new core tier 1 minimum capital requirement of 8% for the island’s banks with immediate effect. Core tier 1 replaces the capital adequacy ratio as the new benchmark for capital adequacy in Cypriot banks. Under previous regulations, the minimum core tier 1 requirement could have been as [...]
A double-taxation avoidance treaty between Cyprus and Ukraine is currently being drafted and is expected to be signed by October of this year, President Viktor Yanukovich stated during a meeting with his Cypriot counterpart, Demetris Christofias. Christofias’ visit included a large trade delegation that took part in the Cyprus-Ukraine Business Forum, while Christofias also inaugurated [...]
U.S. airlines stepped up their campaign against European Union climate policy on Tuesday, challenging the EU in the ECJ over the right to regulate their greenhouse gas emissions. The EU aims to lead the world in fighting climate change, and says it needs to put a price on carbon dioxide emissions to guard against future [...]
THE SUPREME Court has unanimously overturned a decision by the Competition Commission (CPC) to fine four fuel companies close to €43 million for collusion, after finding that the CPC’s chairman had been appointed illegally. In September 2009, the CPC fined Petrolina, Lukoil, Exxon Mobile and Hellenic Petroleum (EKO) €42.9 million for “concerted practice,” a term [...]
The House of Representatives, Cyprus’ Parliament, passed on 14/4/11 the Bank Levy Bill into Law. The main effect of the new legislation is the establishment of an Independent Financial Stability Fund for financial institutions. Provided that the totalamount of the levy does not exceed 20% of the total taxable profits of the financial Institution, as [...]
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