Financial Mirror (Cyprus) - - FRONT PAGE -

Uni­ver­sal Life for 50.1% of CSElisted Uni­ver­sal Bank, but the bid is sub­ject to Cen­tral bank ap­proval. The of­fer is re­port­edly val­ued at 76c a share, a 40% pre­mium on USB’s last close on the CSE, mak­ing USB worth CYP 11.5 mln. The deal is also linked to UL CEO An­dreas Georghiou’s ef­forts to take the 28% of the in­surer’s share held by Bank of Cyprus for CYP 7.3 mln in cash. The Cen­tral Bank of Cyprus an­nounced that two pre­vi­ously is­sued Eurobonds will start trad­ing on the NewEuroMTS elec­tronic plat­form.


The two Eurobonds are EUR 500 mln earn­ing 4.375% and ma­tur­ing in 2014 and 550 mln with a 5.5% coupon ma­tur­ing in 2012.



Oil at $60?




Ex­ports reached a year-to-date in­crease of 29% in April for CYP 203 mln in the first four months, while im­ports dur­ing the pe­riod fell 1.4% to CYP 883 mln. At the same time, tourism bounced back in May ris­ing 8% year-on-year due to a bet­ter Easter break to 284,000 in the month and up 5% to 736,000 for the five month pe­riod.

The key ques­tion for in­vestors was how high can oil prices go as crude gained for four days and reached a record high of $59 a bar­rel.

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