SMT SHIPPING (Cyprus) Ltd has been selected as a winner of the 2017 CIPA International Investment Awards.
The award was presented to Anthonius J. Voorham, Owner SMT SHIPPING (Cyprus) Ltd. Over twenty-five years ago, Anthonius Voorham and three partners decided to create a ship-management company based on the principles of integrity, teamwork and quality. They quickly understood that Cyprus would be the ideal location for such a venture, given the countryÃ¢€â„¢s well-developed shipping sector, its professional and educated labour force and its welcoming approach to international business.
SMT's reputation has grown steadily and it now has five offices and numerous business ventures throughout Europe, Asia, and the Americas. The company has over 40 vessels under management, representing a variety of asset types. SMT has 34 local employees in Limassol, and this year it deepened its commitment to Cyprus by purchasing a new building in the Ayios Athanasios district of Limassol serves as its new headquarters.
Published by: www.goldnews.com.cy/
Cyprus signed a deal with Macau's Melco International and America's Hard Rock for the construction and operation of the biggest casino in Europe.
The casino resort estimated to cost 600 million euros and will be the first in the internationally recognized south of the Mediterranean holiday island.
The consortium has a 30 years licence to build an integrated casino resort in the southern coastal town of Limassol and set up four satellite casinos in other towns.
"In addition, the casino resort will include the largest casino in Europe, with 136 gaming tables and 1,200 gaming machines''
Energy Minister of Cyprus Mr. Lakkotrypis said that: Our goal is the improvement of incoming tourism, increasing arrivals, and average spending per capita, and also to see this contribute to the ongoing efforts to address the problem of seasonality in the Cypriot tourism industry, he said.
"Our other strategic objective was the creation of new jobs and additional tax revenue, supporting sectors that will be associated with the casino, and attracting further foreign investment.
British Virgin Islands
Introduction of Beneficial Ownership Secure Search System (BOSS system)
The BVI government has introduced (the "Act") a new legislation known as the Beneficial Ownership Secure Search System Act, 2017.
This new legislation was established on June 12, 2017 in order to allow the BVI to keep comply the obligation under the Exchange of Notes Agreement entered into with the UK back in April 2016.
The Exchange of Notes agreement allows for the sharing of beneficial ownership information between the BVI and the UK government. In order to comply with the terms of this agreement, the BVI government has implemented a system to house the relevant details of the beneficial owners of BVI Companies.
This system is referred to as the Beneficial Ownership Secure Search System (BOSS System), which enables the relevant BVI Authorities to have a searchable database with information on BVI Companies and their beneficial owners.
''The Act'' requires both the corporate and legal entity as well as the Registered Agent to identify the beneficial owners of each BVI company and insert this information into the BOSS System.
The deadline for all the Registered Agents to have the relevant details of beneficial owners placed into the BOSS System is until June 30, 2017 as the system will go live on July 1, 2017.
The BVI government 2019's goal for implementing this new regime is aimed towards meeting international standards as well as maintaining a reasonable balance between appropriate privacy and transparency.
The plan specifies that the total area to be developed measures 510,000 square metres, which includes the Larnaca port and marina as well as an undeveloped surrounding area.
Steve Greenlee, ExxonMobil Exploration Company president, analyze how the corporation is competing for the world's best oil and gas opportunities. Also, he said "Our vision is that Cyprus will become an energy center and we hope to find enough natural gas, which will create the foundation for Cyprus to become an energy exporter" in his greeting at the event delegated by the Cyprus Delegation and ExxonMobil, the Consular House in Washington.
We are working until the signing of our contracts in April, starting our research, and we focus to them to have the best results. And we are happy about it. We have been in Cyprus for 60 years, you know us, we are glad we work there, we are good friends and this has helped us move forward with the new phase.
Prime minister of Cyprus Energy expressed the hope that large quantities of natural gas will be found in the Cypriot AOZ and that helps Cyprus as a country and the areas around it.
The seminar was organized in the Chinese Embassy by the Economic and Commercial Counsellorâ€™s Office of the Chinese Embassy, between Cyprus â€“ China Business Association and the Cyprus Chamber of Commerce and Industry, according to Cyprus News Agency.
Addressing the seminar, Ambassador of China Huang Xingyuan said that there is huge potential for Cyprus and China to strengthen coordination of development plans and share common interests under the Initiative.
"Another area where there are significant prospects is tourism. We need to take all the necessary steps to boost touristic movement between the two countries by facilitating the issuing of visas and by improving the air connectivity. We are confident that Cobalt will be instrumental in this direction" he concluded.â€
Referring to the prospects for economic and trade cooperation, he said that Cyprus has five advantages, its geographical advantage, its EU membership, its social development advantages, economic advantages and its traditionally good political relations with China.
He also said that Cyprus may be a small country but it can potentially play an important role in Chinaâ€™s outbound investment plans.
Pafilia Property Developers announces the start of the last phase of construction of the infrastructure projects and the extension of the supporting facilities of the luxurious resort, Minthis Hills.
The amount of the investment is estimated at € 30 million.
Supporting facilities include the construction of its unique, Mediterranean-style wellness center, located in one of the most privileged areas of the tourist resort.
The basic feature of the wellness center is its architectural design, which is based on the philosophy of connecting the exterior to the indoor facilities.
In addition to the above, the new investment will include the expansion and enrichment of the resort's sports facilities, tennis courts, outdoor gym, as well as one an equestrian center, nature walks for lovers of hiking and Routes of cycling.
The total investment to date for the Minthis Hills development project has amounted to € 75 million. As part of this investment, Pafilia has built a new ultra-modern 18-hole golf course.
The first solar park was inaugurated, during an official ceremony in Nisou, in the outskirts of Nicosia, includes five solar plants and when all are on stream, they will account for 12 per cent of the country's solar energy production.
It is a 1.5 MW solar power plant which sent its first electricity into the national grid in the presence of the Minister of Energy, Giorgos Lakkotrypis and EBRD Managing Director for Energy and National Resources, Nandita Parshad.
The unveiled solar power generator was built jointly by CYPV Energy Ltd, which has in total built three EBRD-financed solar generators, including a 1.5 MW plant in Dhali and a 4.4 MW plant in Frenaros, Cyprus' largest to date. Dimitri Morozov from CYPV Holdings Ltd said that thee solar energy projects were a result of excellent cooperation between all parties.
Also, two other solar plants, financed by the EBRD under the same project.
They will increase existing photovoltaic capacity in Cyprus by 12 per cent, bringing the total of renewables in the country's energy mix to about 9 per cent and contributing to its Paris climate talks (COP21) commitment to reduce greenhouse gas emissions by 40 per cent by 2030 compared with the 1990 level.
Cyprus Airways has announced the first three destinations that will be included in its flight schedule for the June 2017.
The airline will operate scheduled flights to Heraklion, Rhodes, and Tel Aviv, with two additional destinations to be announced in the next few weeks.
In 2017, Cyprus Airways will operate its Airbus A319 aircraft, offering 144 Economy seats. In Autumn, the airline will announce a revised and extended flight schedule to be implemented in March 2018, with the arrival of a second aircraft of the same type.
Olympic Resort will build a luxurious 41-storey resort on the eastern side of the Moutagiaka area.
On the 38 floors where the houses will be built, there will be three more floors with communal spaces.
Each of the 180 apartments will have a spacious private terrace with panoramic views of the Limassol Sea. It is noted that the Olympic Resort will be the second project of the Olympic Group in Limassol and the third Pancyprian.
Every flat is governed by 'smart construction', as it is built to serve high-speed internet, data / voice access and cable TV.
The project, which covers 28,000 mÂ². Is expected to be delivered in 2021 while its total cost is € 80 million.
The Ayia Napa marina will then begin operations in the summer of 2019.
Construction works at the Ayia Napa Marina are moving full speed ahead in accordance with the set schedule.
Ayia Napa Marina will be the most important development that takes place in the Famagusta area and is one of the most ambitious projects implemented in our country.
Upon completion, the Ayia Napa Marina will upgrade the area and its tourism offering, facilitating the growth of the local economy while boosting the image of Ayia Napa as a top-quality destination for both investment and tourism.
For the sixth consecutive quarter economic growth has been reported for Cyprus, with the third quarter of 2016 recording a growth rate of 2.9% according to the Cyprus Statistical Service.
Î¤he GDP growth rate in real terms during the third quarter of 2016 is positive and estimated at +2.9% over the corresponding quarter of 2015. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +2.9%.
The increase of the GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurantsâ€, "Professional, Scientific and Technical Activitiesâ€, "Retail and Wholesale Tradeâ€, "Manufacturingâ€, "Constructionâ€ and "Transportâ€. Negative growth rates were recorded by the sectors: "Financial Service Activitiesâ€ and Information and Communicationâ€.
Oil prices shot to their highest levels since mid-2015 on Monday, December 12, after OPEC and other producers reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up markets, Reuters report.
Brent crude, the international benchmark for oil prices, soared to $57.89 per barrel in overnight trading between Sunday and Monday, the highest level since July 2015.
U.S. West Texas Intermediate (WTI) crude also hit a July 2015 high of $54.51 a barrel.
Brent and WTI eased to $56.83 and $54.20 respectively by 0751 GMT, but were both still up over 4 percent from their last settlements.
With the deal signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to participate, focus is switching to compliance of the agreement.
"We believe that the observation of the OPEC-11 and non-OPEC 11 production cuts is required to sustainably support... oil prices to our 1H17 WTI price forecast of $55 a barrel," Goldman Sachs said.
"This forecast reflects an effective 1.0 million barrels per day (bpd) cut vs. the 1.6 million bpd announced cut and greater compliance to the announced cuts is therefore an upside risk to our forecasts."
Goldman Sachs forecast full compliance would be worth an extra $6 per barrel to its price forecast.
AB Bernstein said the agreed deal "amounts to an aggregate supply cut of 1.76 million barrels per day (bpd) from 24 countries which currently produce 52.6 million bpd, or 54 percent of world oil supply."
Bernstein said that "some of the non-OPEC supply cuts will come from natural decline, but most will come from self-imposed cuts."
Saudi Aramco has told U.S. and European customers it will reduce oil deliveries from January.
"The kingdom is targeting excess inventories, the lion's share of which sit in the United States," said Virendra Chauhan, oil analyst at Energy Aspects in Singapore. "Lower Saudi exports to the U.S. could also make the export arbitrage uneconomic."
OPEC plans to slash output by 1.2 million bpd from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction that has dogged markets for two years.
On Saturday, producers from outside OPEC agreed to reduce output by 558,000 bpd, short of the target of 600,000 bpd but still the largest contribution by non-OPEC ever.
From outside OPEC, Russia said it would gradually cut 300,000 bpd.
"Once cuts are implemented at the start of 2017, oil markets will shift from surplus into deficit. Given the cuts in production announced by OPEC, we expect that markets will move into a 0.8 million bpd deficit in 1H17," AB Bernstein said.
But some analysts expect producers, drawn by higher oil prices, to increase output again.
"There are too many moving parts for OPECâ€™s new policy to be sustainable in the long term. The strategy is bound to overshoot, in our view leading to lower prices in the second half of next year," Barclays said in a note on Monday.
It forecast prices would fall from around $60 a barrel in the second quarter to about $52 in the fourth quarter next year.
Opponents to Britain leaving the European Union will launch a fresh legal action this week, which could further hamper Prime Minister Theresa May's Brexit plans, The Sunday Times reports.
The newspaper said campaigners will write to the UK government on Monday saying they are taking it to the High Court in an effort to keep Britain in the single market.
It said the claimants will seek a judicial review in an attempt to give lawmakers a new power of veto over the terms on which Britain leaves the EU.
They argue the government "has no mandateâ€ to withdraw from the single market because it was not on the referendum ballot paper on June 23 and was not part of the ruling Conservative Party's manifesto for the 2015 general election.
May has said she wants to invoke Article 50 of the EU's Lisbon Treaty by the end of March, kicking off up to two years of exit negotiations.
However the High Court ruled last month that Article 50 cannot be triggered without parliament's assent. That ruling is being challenged by the government in Britain's Supreme Court.
The Sunday Times said the new court case hinges on whether the government would also have to trigger another legal measure â€” Article 127 of the European Economic Area agreement â€” in order to quit the single market.
It said ministers argue Britain automatically exits the single market when it quits the EU. But, it said if the claimants win the new case, the government would have to gain the approval of lawmakers.
A group of British and Irish lawyers are also seeking to challenge Britain's decision to leave the EU in the Irish High Court to try to establish if Brexit can be reversed once divorce talks have been triggered.
Pro-Brexit critics have cast the legal battles as an attempt by a pro-EU establishment to thwart the result of the referendum, when Britons voted by 52-48 percent to leave the EU.
The Limassol casino intends to raise the bar for casinos worldwide, according to the Melco-Hard Rock consortium, the winning bidder of the Republic of Cyprusâ€™ first casino resort, in-Cyprus reports.
The aim is to "establish a new standard for integrated casino resorts not only in Europe, but worldwideâ€, Melco-Hard Rock consortium was cited as saying by Asian Gaming Brief (Agb).
"The project presents the opportunity to introduce the Melco brand to Europe for the first time, while enhancing Hard Rockâ€™s position as the premier music and entertainment-based hospitality company,â€ the Macau-US consortium.
The consortium was attracted to Limassol because the location offers a stable and regulated market, together with the chance to capture the growing number of Asian tourists travelling to Europe on vacation, Agb says.
Nevertheless, the main target group would be from the region.
"Our studies and analysis indicate that Cyprusâ€™ location and its proximity to important markets such as Israel and the Middle East is ideal for the project.â€
Agb estimates that the integrated casino resort will be going after the mass and â€˜premium massâ€™ (upmarket) players from each target country. This group will make up the majority of gaming and non-gaming revenues, and will offer stability and sustainability.
"The European market will rely more on mass and premium mass players,â€ Michael Zhu, VP of operations planning and analysis at The Innovation Group, was cited as saying.
At the same time, Harmen Brenninkmeijer, managing partner at Dynamic Partners, argued that Melco should also be able to draw VIP players to the Cyprus casino.
Agb noted the Limassol casino is aiming to attract new tourists to the island and combat seasonality. It makes a reference to the already-thriving gambling industry in northern Cyprus, where there are around 30 casinos and a growing number of top-class venues.
"The resort will bring quality to the islandâ€™s casino industry, and the existing casinos should look to upgrade their products and services to capitalise on the potential it will bring,â€ Umit Or, managing director of Kaya Holdings.
For the first time in their history, Cyprus airports reported passenger traffic above one million during the month of October, according to a Hermes Airports press release.
From the 1stto the 31stof October 2016, 738,275 passengers made their way through the Larnaca International Airport, while during the same period, 270,983 passengers used the Paphos International Airport.
In total, 1,009,258 passengers made their way through both airports, an increase of 31.5% compared to the same period last year.
The countries that contributed the largest increase in passenger traffic during October were Russia, Greece, the United Kingdom, Israel, Switzerland and the Ukraine.
It is particularly encouraging that this yearâ€™s lift in passenger traffic is continuing into the months that traditionally have lower traffic. This trend appears likely to continue during the winter months, something which shows that itâ€™s possible to beat seasonality and promote Cyprus as a year-round destination.
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