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TOTAL planning crucial October visit to Cyprus

Posted on: 10/10/2016 5:27:35 AM under General News 

Top officials from French energy firm TOTAL are expected to visit Cyprus next month ahead of the new round of licensing for offshore exploration in the island’s Exclusive Economic Zone (EEZ), which is penciled in for next year.

Media reports on Thursday claimed that Cyprus President Nicos Anastasiades and his French counterpart Francois Hollande had discussed the matter of energy during their meeting in Paris on Wednesday while officials of TOTAL had also sat down for talks with French-speaking Foreign Minister Ioannis Kasoulides.

TOTAL and Italian energy giants ENI are currently locked in a battle to secure the rights for Blocks 6 and 10. TOTAL have already claimed the rights for Block 11.

Nicosia is set to begin delivering announcements with regards to the licenses in early 2017 with the hope that drilling will commence in March that same year. Cyprus’ EEZ covers more than 70,000km2 and is divided between 13 exploration blocks.

Cyprus and Israel as part of their wider cooperation have agreed to start their gas explorations with Noble Energy. Cypriot and Israeli governments are discussing to export their natural gas through the shipping of compressed Natural Gas to Greece and then to the rest of Europe or through a subsea Pipelines starting from Israel and then leading to Greece via Cyprus.

There are also plans to transport the gas to Turkey despite the Cyprus problem posing as a major stumbling block. According to the Ministry of Energy, applications in the licensing round may be submitted within 120 days of the date of publication of the notice in the Official Journal of the European Union.


The Cyprus Economic & Investment Summit

Posted on: 10/10/2016 5:24:32 AM under General News 

There was a large number of many major institutional investors, attracting more than 100 representatives from various international funds, investment banks and investment consultants that either they are based or maintain a strong presence in New York.


Great interest from investors

High interest was shown by participants in regards to the investment opportunities in Cyprus.

Particular interest was shown by investment funds for the opportunities of non-performing loans, as well as investments in real estate. Also, attendees showed great interest in registering investment funds in Cyprus.

At the same time, during the summit there was a high interest from the attendees to upgrade the agreement between Cyprus and USA to avoid double taxation.


Praises of the Cypriot Economy

The impressive recovery of the Cyprus Economy within a few years as well as the economic reforms implemented gained positive feedback from institutional investors, as it makes Cyprus an attractive investment destination.

A great importance for US investors was the positive feedback on the course of the Cyprus Economy by the representative of the International Monetary Fund in Cyprus, Vincenzo Guzzo, who spoke about a success story in Cyprus, and David Bonanno, CEO of Third Point, one of the largest investment firms in New York and a large investment in Cyprus.

Both Vincenzo Guzzo and the David Bonanno spoke with praise for Cyprus; the later even explained the reasons why Cyprus should be targeted by international investors, adding that Cyprus is a growing international business centre and an attractive tourist destination.


The performance of Germany's export-oriented economy is highly important for Cyprus

Posted on: 10/3/2016 5:59:48 AM under General News 

Sentiment in the German economy, the euro area's largest, improved considerably in September and jumped by 3.2 points to 109.5 points, which is the highest value since May 2014, on more optimism among companies, the German Ifo Institute said.

The German economy is expecting a golden autumn, the institute said on Monday in an emailed statement, adding that companies are more satisfied with their current situation.

In industry alone, the business climate rose by 10.8 points in September reflecting "a far more positive outlook for the months ahead, Ifo said, adding that the increase was witnessed in all industrial branches.

The index also rose in the wholesale and retail sectors, after declining in recent months, mainly on better expectations and assessment of the current situation respectively.

In construction, sentiment continued to soar, hitting a new record high, reflecting an all-time high in assessment of the companies current situation and expectations that it will further improve in the months ahead.
The performance of Germany's export-oriented economy is highly important for Cyprus shipping management sector which accounts for 5 per cent of its economy.


Cyprus Ranked as the 5th Safest Country

Posted on: 10/3/2016 5:28:58 AM under General News 

According to a study published on Value Penguin, Cyprus is ranked on the 5th place of the safest countries in the world and on the 1st place of the countries with population up to 5 million for the summer of 2015.

Several criteria were taken into consideration, among which are the following:

· Population

·CO2 emissions

· National police personnel (per 100,000 residents)

· Traffic deaths (per 100,000 residents)

· Thefts (per 100,000 residents)

· Assaults

·Life expectancy (in years).

According to the statement, Cyprus was placed on the 5th position, because of its rankings in policing and low theft levels.

In order to rank the countries, the researchers have used data from reputable and reliable sources.


Cyprus Citizenship/Passport, Reduction in Investments Amounts Required

Posted on: 9/21/2016 12:52:30 AM under General News 

The Cyprus (EU) Citizenship is granted within just 3 months! The programme has already attracted over 3 billion euros of direct investments into the economy of the Republic of Cyprus. The programme requires the amount of €2mln to be invested in Cyprus for 3 years. Take part in the programme investor with his family obtain Cyprus passports. This is not a residence permit or a visa but rather full citizenship of the EU-member state.

Advantages of the programme:

The programme is unique in Europe and very appealing:

All next generations of investor retain EU citizenship, the investors parents are entitled to apply for citizenship provided that they are owners of a Cyprus permanent residence of at least €500.000 an express procedure that takes 3 months to be approved with No requirement to reside in Cyprus Minimum investment required is €2mln (here and below amounts are excluding VAT where VAT is applicable) The investment must be kept just for 3 years.

Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland as Holders of a Cyprus passport can travel visa-free in 157 countries in total Dual-citizenship is permitted.

Investment options

An investor is free to choose where to invest from a wide choice of options:

·Residential properties

·Commercial properties

·Development projects

·Purchase or creation or participation in Cypriot businesses or companies

·Investment funds, financial assets of Cypriot businesses or organizations

·Government bonds (maximum €500.000 the balance €1,5mln should be invested in other options like property)

·Combination of the above options



Cyprus & Turkey should collaborate for the mutual benefit of both, when it comes to Gas Explorations and Distribution

Posted on: 9/21/2016 12:50:08 AM under General News 

Speaking before a joint sub-committee of Congress, the US Special Envoy for Energy Affairs at the State Department Amos Hochstein said that the development of energy reserves in the eastern Mediterranean has become a top foreign policy priority of the United States.

According to Hochstein for the part of the plan relating to energy security to be implemented there must first be an agreement in relation to the Cyprus problem because the pipeline to Turkey will be passing through the Cyprus EEZ. Energy plans in the eastern Mediterranean place Cyprus at the core of a project of gigantic investments that will change things in terms of security, development and regional welfare. In addition, Turkey is one of the pillars of the Wests political and energy security.

The success of Cyprus third licensing with Exxon Mobil expressing interest, the rekindling of Totals interest, the reconfirmation of ENIs interest and the participation of Qatar Petroleum, despite Qatar’s very close ties and military alliance with Turkey was certainly no accident.


S&P upgrades Cyprus on gradual recovery

Posted on: 9/21/2016 12:17:59 AM under General News 

"We expect the Cypriot economy will continue to grow at about 2.5 per cent in real terms in 2017-2019, even though high levels of non-performing loans (mainly loans past due for more than 90 days and forborne loans for a minimum observance period even if they meet the new repayment programme) remain a key concern for financial stability and economic performance”.

S&P said that the positive outlook reflects its view that "we could upgrade Cyprus within the next 12 months if its reduction of currently high levels of non-performing loans accelerates, indicating a convergence of Cyprus’ credit and monetary conditions, including the monetary transmission mechanism, with those of the Eurozone”.


Winter tourism on the up, minister says

Posted on: 9/21/2016 12:13:53 AM under General News 


Winter tourism has expanded by 35 per cent over the past 3 years and is relied upon to develop further. The clergyman was at that point looking ahead to 2017 now that this year was wrapping up with an expected 3.1 million record landings.

In the winter of 2015-2016 Cyprus saw around 300,000 voyagers. This implies the degree for further advancement of winter tourism is tremendous, including that a significant part of the system was being engaged there.

"We gauge to end 2016 with nearby 3.1 million landings".

For 2017, there will be more carrier seats, notwithstanding concurrences with the majority of the significant visit administrators in all vacationer markets of premium. "Our endeavors will be increased both in connection to our customary markets, for example, Russia and the UK, additionally in connection to developing markets, for example, Germany, Greece, Israel and Ukraine. "We are additionally intrigued by the Nordic nations where we have lost ground, which we need to recover."

"The expansion of our visitor item will help us to create other tourism markets where we have an irrelevant offer," he included. Talking about longer-term arranges he specified the greens, marinas and the arranged club resort.


Makronisos Marina New Development Projects

Posted on: 9/12/2016 6:23:10 AM under General News 

Makronisos Marina Ltd, a unit of the construction of a marina in Agia Napa with a capacity of 600 vessels

over a 30,000 square-metre area worth €220m. Construction work, expected to take five years, is scheduled

to begin on September 30, the company said in an emailed statement on Wednesday.

The construction of which will take about three years. A separate tender for the second stage of the construction

works which will include residential and commercial developments, such as "two towers and villas will follow, the

company said. "Construction works are estimated to create 800 jobs by contractors and subcontractors and further 200 persons will be employed to operate the project.

"The ambitious project is expected to offer new dynamism to the local economy and Cyprus tourism product in general.


Source: Sigma Live


Cyprus looks to be regional hub in satellite communication.

Posted on: 9/12/2016 6:20:07 AM under General News 

ESA and Transport, Communications and Works Ministry signed on July 6, 2016, a five-year European Cooperating State Agreement (ECS/PECS), which allows Cyprus to actively participate in the ESA activities and programs, paving the way for the development of the Cypriot industry, academic and research community, as well as the development of innovative applications with the use of space technologies. 

Cyprus with Agency programs and activities and to prepare the country in the most efficient manner for possible

future accession to the ESA Convention. 

The total intended envelope of the first call is 1.2 million euro. Such a call will be announced every year for the

whole duration of the agreement. 

The ECS Agreement is expected to result in promoting innovation and research, educating at the same time our

young engineers and scientists, creating new jobs and opportunities. "We also believe that will enable our universities and industry to be more competitive and secure additional funds in space applications.


Source: Sigma Live


Cyprus remains an economy in transition

Posted on: 9/12/2016 6:16:05 AM under General News 

Since 2013, the government, in close collaboration with CIPA, has set out an ambitious structural reform agenda across the majority of policy areas affecting the business environment in Cyprus.

"We may have climbed 13 places in relation to last year in the World Bank Doing Business report. We have been included in the top ten performers out of the 189 countries. We may have officially exited a macroeconomic adjustment program last March.

The investment funds legislation and achieved a tripling of funds under management from €1 billion to €3 billion since 2013. 

"Our vision is to provide the Cyprus economy with the necessary attributes that will make it flexible and adaptable to the ever-changing international scene and the growing needs of investors. By doing the best we can to develop and strengthen our competitive and comparative advantages, while implementing, alongside the government, bold structural reforms, we believe that Cyprus can and will be transformed.


Source: Sigma Live


Cyprus Solution

Posted on: 9/12/2016 6:12:42 AM under General News 

Ban Ki-moon hopes for a Cyprus settlement before the completion of the mandate of the UN Secretary General.

In response to the developments in the Korean peninsula. Ban Ki-moon said he has spent much time and energy

for the reunification of Cyprus, the only other divided country other than Korea.

"The talks between the leaders by the United Nations facilitate progressing smoothly and well and Ban hopes that

an agreement on the reunification of the Mediterranean island may occur before the completion of his term," he said in the interview. 


Cyprus Economic Zone

Posted on: 9/12/2016 5:59:02 AM under General News 

Energy Minister George Lakkotrypis and the Egyptian Minister of Petroleum and Mineral Resources,

Tarek el Mola, signed today an extremely important agreement for the transportation of natural gas from Cyprus

Exclusive Economic Zone to Egypt through a direct undersea pipeline. 


This agreement is described as an essential as it is expected to place Cyprus in an a competitive regional gas

export infrastructure and help the island to cooperate with key players in the region such as Egypt.


The Egyptian Minister of Petroleum and Mineral Resources of Egypt was received by the President, Nikos Anastasiades.

Source: Sigma Live

The development of the Casino resort in Cyprus.

Posted on: 1/21/2016 4:02:06 AM under General News 

Cyprus government announced that will short list the bids for the creation of a casino resort on the island by February 2016.

There were eight bids submitted during the first stage.

Even though, the names of the bidders have not been published, it has been speculated that the most likely bidders are: Hard Rock and Bouygues. Genting Group, Malaysian group of resorts and casinos, withdrew its interest.

European Commission reviewed the regulations for the operation of the casino resort in Cyprus and is concerned with legislation regarding the protection of personal data and restrictions on free movement of gaming equipment. The ministry will address these issues in the nearest time.

The ministry of commerce started the evaluation of the applications and should have the proposal for the three selected bidders in one month.

The license should be issued during this year and the casino resort is expected to be built in approximately two years' time.

Source: Cyprus Mail

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Top growth countries in 2016.

Posted on: 1/20/2016 2:48:24 AM under General News 

According to surveys of Bloomberg economists, India will be the only economy in the world to expand more than 7% in 2016.

 News, top growth countries in 2016.


The other most populous nation, China, will experience the slowest growth in the past 25 years and is forecasted to expand 6.5% this year.

Among the 10 African nations surveyed, Uganda, Nigeria, Kenya and Ghana will experience an impressive growth.

Ireland, the only euro economy to make the list, is expected to have a growth of 4.1% this year.

The world's biggest economy, USA, is forecast to grow only 2.5% in 2016.

The following forecasts are made on the basis of the median estimate from each country's latest survey by Bloomberg conducted between Oct. and Dec. 2015. There were 93 economies surveyed.

Source: Bloomberg

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Forecasts: 2016's worst economic performers.

Posted on: 1/11/2016 3:50:34 AM under General News 

According to the Bloomberg economist surveys conducted between October and December 2015, the forecast for many countries' economies in 2016 is rather pessimistic. The survey covered analysis of the markets in 93 countries around the world.

The 10 economies that are forecasts to be the world's worst performers this year include Venezuela, Brazil, Russia, Ecuador, Argentina, Japan, Finland, Croatia and Switzerland.

 News, worst economic performers in 2016.


Among the nations with a 50-50 chance of recession over the next 12 months are Brazil, Russia, Ukraine, Argentina and Taiwan.

News, worst economic performers 2016

 Source: Bloomberg

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EU approves a state aid to Greece's Piraeus Bank.

Posted on: 11/30/2015 8:28:12 AM under General News 

European Union approves an extra state aid to Greece's Piraeus Bank.

Greece's Piraeus Bank SA, the biggest lender to companies and households, won approval from the European Union for 2.72 billion euros in state aid on the basis of an amended restructuring plan.

According to the European Commission conclusions the measures already implemented as part of the bank's existing restructuring plan of July 2014, in addition to those considered in the amended plan, will enable Piraeus Bank to ensure lending to the Greek economy in line with EU state-aid rules..

After the European Central Bank's Single Supervisory Mechanism identified a capital shortfall of 4.93 billion euros for Piraeus Bank, the bank has succeeded in covering in 1.94 billion euros of the capital needs by private means. The SSM also approved additional capital actions of 271 million euros.

The experts claim that Piraeus Banks' ability to cover a substantial part of capital needs via private investments, show sign of market confidence.

The EU said that the funding will be provided by the European Stability Mechanism in the framework of Greece's adjustment program. The ESM's board of directors is expected to decide on the transfer on Tuesday.

Source: Bloomberg

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Barclays is now the subject of a record penalty.

Posted on: 11/27/2015 8:22:38 AM under General News 

Barclays has been charged with £72m fine for failing to appropriately perform anti-money laundering and financial crime checks on a transaction in 2012 on behalf of very wealthy clients.

Even though, no evidence of any crime was found, the Financial Conduct Authority reported that the bank did not perform the appropriate checks to determine the purpose of the £1.88bn transaction, or to confirm the source of the funds from the clients.

The Financial Conduct Authority said that the bank did not want to cause any inconvenience to the wealthy clients and went to "unacceptable lengths" to arrange the transaction.

Barclays applied a lower level of risk assessment than required for other high risk businesses.

It is known, that Barclays agreed to keep details of the transaction confidential, and agreed to compensate the clients up to £37.7m in the event that it failed to comply with these confidentiality restrictions.

This is the largest fine ever imposed by the FCA for failure to comply with anti-money laundering practices.

Source: The Telegraph

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EBRD to initiate programme for SMEs in Cyprus.

Posted on: 11/18/2015 8:22:45 AM under General News 

It is expected, that around 50 enterprises will receive support during the next two years through a programme that will be officially launched by the European Bank for Reconstruction and Development (EBRD) this week.

The press release of the EBRD said that the Small Businesses Support Programme in Cyprus will help small and medium-sized businesses to develop, become more competitive and grow via cooperation with local consultants and international advisers.

The official launch of the Programme will be held on 18th November in Nicosia. Libor Krkoska, Head of the EBRD Resident Office in Cyprus and Jaap Sprey, Head of Regional Programme, as well as local business owners will attend the event.

Source: Famagusta Gazette

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Cyprus parliament finally agrees on a key bill on the sale of loans.

Posted on: 11/13/2015 6:17:34 AM under General News 

Сyprus Parliament has finally approved an essential bill enabling the sale of loans, which had been set as prior action for the conclusion of the eighth review of Cyprus` financial assistance package.

Cyprus` lenders, the European Commission, the European Central Bank and the IMF known as the Troika, consider this bill as a required element for the conclusion of a toolkit of measures to assist the reduction the non-performing loans. The total sum of NPL currently reaches €28 billion or 48% of the total loans in the Cypriot banking system.

The bill, which should have been agreed on earlier in September, is considered to be among the prior actions set by the Troika for the disbursement of the ninth and last tranche of the Cypriot programme, expected to take place in early 2016.

Source: Famagusta Gazette

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