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More junk from Standard & Poor’s

Standard & Poor’s has pushed Cyprus credit rating further into junk territory reflecting their view that its creditworthiness has deteriorated since the ratings agency’s downgrade on 2nd August.

Chinese airport deal a dead duck

It is unlikely that the 600 million Euro investment by Far Eastern Phoenix to convert Larnaca’s old airport into a large commercial showroom for Chinese products and a logistics centre will go ahead.

Property sector will act as a further drag

The island’s property sector may be more of a problem for the economy than initially thought as, during the boom years, banks lent considerable amounts of money to property development and housing.

Moody’s slashes Cyprus government bond ratings

Yesterday Moody’s Investors Service downgraded Cyprus’ bond ratings three notches further into junk territory and it’s ratings on three Cypriot banks citing “profound difficulties” in the island’s banking sector.

Cyprus property agents talk up Chinese interest

Although Chinese interest in the Cyprus property market is undoubtedly increasing, mainland investment in the island is still a trickle, according to the South China Morning Post.

Cyprus ranked in top 10 countries

Cyprus has moved up into the top ten countries for those seeking out investments in overseas property according to the latest ‘Top of the Props’ chart published by the TheMoveChannel.com.

HMRC removes all Cyprus QROPS

Questions are being asked as to why Her Majesty’s Revenue and Customs has removed all the Cyprus-based Qualifying Recognised Overseas Pension Schemes from its list of registered schemes.

Government aide resigns over airport deal allegations

Marios Ieronymides, director of President Christofias’ Diplomatic Office, has resigned following allegations in the press of a conflict of interest in his relationship with Chinese investor Far Eastern Phoenix.

Cyprus Popular Bank chairman ordered to quit

Michalis Sarris, the chairman of the Cyprus Popular Bank has been asked to step down after accusing the island’s government of making serious mistakes in a recent television interview for the BBC.

Cyprus may need more than €10 billion for bailout

The island’s’ public finances are in a worse state than we expected said troika official Maarten Verwey according to the minutes of the meeting obtained by Bloomberg News; more bailout cash may be needed.

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