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EIB and Cyprus sign €100mn loan deal
The Cyprus government and the European Investment Bank have signed a loan agreement for €100 million to be used… Read More
Chinese investors see great potential in Cyprus
Chinese plan to invest €1.5 billion in Cyprus, showing strong confidence in the prospects and potential of the country. Read More
Noble to begin drilling in Cyprus in two weeks
US firm Noble Energy is to begin appraisal drilling at the Aphrodite offshore prospect in early June to… Read More
Editor's Choice
Confidence in the Cyprus banking sector a must, EIB President
President of the European Investment Bank (EIB) Werner Hoyer stresses the need to reestablish trust and confidence in the Cyprus… Read More
Recent Articles
Building permits in Cyprus down by 30% at 1Q 2013
Building permits were down by 30% at the first quarter of 2013 compared to the same period of 2012, Cyprus Statistical Service data published on Wednesday show. Read More
Blue flags for 57 beaches
Some 57 beaches in Cyprus have been given the prestigious Blue Flag this year, rewarding their compliance with a number of criteria on environmental management, water quality, and safety. Read More
Delek looks forward to accelerating hydrocarbons discovery process
Delek Drilling Chairman and CEO for Avner Gydeon Tadmor said on Monday he was is looking forward to accelerating the process of developing hydrocarbon reserves found within Cyprus’ Exclusive Economic… Read More
Total to accelerate hydrocarbons’ exploration, Cyprus President says
French Total seems to be interested in participating at the construction of a natural gas liquefaction terminal in Cyprus, President Nicos Anastasiades said today, while noting the company’s effort… Read More
BoC will cut 30 branches by end of July
The Bank of Cyprus (BoC) will set up an investment company that will take over the group’s non-banking operations in a bid to rationalise its balance sheet and boost… Read More
Doctors and tourism officials brainstorm on medical tourism
Medical tourism could contribute towards extending the tourist season in Cyprus, bringing in money and providing jobs during these financially trying times for the island, officials heard yesterday. Read More
Appraisal drilling begins today
Appraisal drilling in Cyprus’ Block 12 begins today, the outcome of which will a have significant influence on the development of the hydrocarbons industry in the country. Read More
Cyprus GDP down by 1.3% during first quarter of 2013
GDP fell in Cyprus by 1.3% during the first quarter of 2013, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office of the European Union. Read More
Major reforms in the definition of non-performing loans
Major reforms to the definition of non-performing loans have been announced in a draft directive issued by the Central Bank of Cyprus (CBC) to banks and financial institutions domiciled in… Read More
More than two years before Cyprus recovers says IMF chief
International Monetary Fund (IMF) Managing Director Christine Lagarde says Cyprus will probably need more than two years to get back on its feet after the near-destruction of its banking sector… Read More
Ukrainian court freezes shares of two Cyprus bank units
A Ukranian court has frozen the ownership of the local units of two stricken Cypriot banks, making it impossible for them to sell off in the short term more than €240… Read More
Cyprus to sell gas reserves by 2020
Cyprus expects to begin exporting natural gas around 2020 if all goes according to schedule, says trade and energy minister. Read More
Second package of measures on their way
The government is set to announce a second package of economic stimulus measures. Read More
Personnel shipped to drilling rig
US energy firm Noble Energy is due to begin appraisal drilling at a second site in offshore Block 12 this week once the drilling platform has been prepped. Read More
Cyprus Airways Board to put company back on track
New Chairman of the Cyprus Airways Board of Directors, Tonis Antoniou, has given assurances to the staff of the company that the Board will make every effort to put the… Read More
Fitch downgrades Cyprus long-term foreign currency IDR
Fitch Ratings has downgraded Cyprus`s long-term foreign currency Issuer Default Rating (IDR) to `B-` from `B` with a Negative Outlook, and the local currency IDR to `CCC` from `B`. Read More
Cyprus Hoteliers optimistic for bookings in the next three months
Chairman of the Cyprus Hotel Association Charis Loizides on Tuesday expressed his optimism that tourist bookings in the months of July, August and September will cover the losses that were… Read More
Cyprus: Most services apart from shipping take a hit in Q1
The services sector took a hit in the first quarter of 2013, according to the latest figures on turnover. Read More
Cyprus industrial output decline deepens in March
The decline in industrial production deepened in March, output falling by 16.1% compared with March 2012, after a fall of 15.3% in February. Read More
Cyprus to cut spending by €1b over three years
Cyprus plans to cut spending by around a billion in the next three years to rein in the deficit and a spiraling public debt. Read More
EIB and Cyprus sign €100mn loan deal
The Cyprus government and the European Investment Bank have signed a loan agreement for €100 million to be used for various projects. Read More
Capital controls must be lifted as soon as possible: bank association
Capital controls imposed on the Cyprus banking sector should be lifted as soon as possible, provided the sector is stabilized, the island’s bank association said. Read More
Photovoltaic systems planned for 2,000 homes
A planned grant scheme for promoting and encouraging the use of renewable energy sources and energy saving will see 2,000 low income homes installed with photovoltaic (PV) systems in a scheme… Read More
CBC appoints KPMG London to evaluate Bank of Cyprus balance sheet
The Central Bank of Cyprus announced it has appointed audit firm KPMG London to carry out an independent evaluation of the assets of the Bank of Cyprus and the Cyprus… Read More
Funds for employment project
Nobel laureate Christopher Pissarides has been awarded €2.2 million by the European Research Council (ERC) for a University of Cyprus research project on employment in Europe. Read More
Cyprus issues injunction to freeze ex-Laiki execs assets
Cypriot courts have issued an international injunction that aims to temporarily freeze assets of three former executives of the island's second largest bank that has been forced into bankruptcy as… Read More
Moving towards a tram system for Nicosia
The communications ministry has called for tenders’ proposals for a feasibility study on a tram network in the greater Nicosia region. Read More
Cyprus working closely with US on major laundering case
Cyprus’ anti-money laundering unit (MOKAS) is cooperating closely with US authorities in a major case involving the operators of a digital currency exchange with links on the island through numerous… Read More
New ways to obtain citizenship through investment
Foreign investors will now be able to obtain Cypriot citizenship if they bring in €5 million, have large bank accounts or perform certain business transactions on the island. Read More
Hellenic posts Q1 loss on bad loans
Hellenic Bank posted a €31.7 million loss in the first quarter, taking a hit from higher provisioning for bad loans and from the sale of its Greek business as part of… Read More
Wrong perceptions about Cypriot economy should stop, says German professor
German professor Heinz Richter says it is time to put an end to wrong perceptions in Germany regarding the banking sector and the way the economic situation is being managed… Read More
New interim CEO for Bank of Cyprus
Greek banker Christos Sorotos has been appointed interim Chief Executive Officer at Bank of Cyprus, the island’s biggest lender currently under temporary control by the Central Bank (CBC) as… Read More
Chinese investors see great potential in Cyprus
Chinese plan to invest €1.5 billion in Cyprus, showing strong confidence in the prospects and potential of the country. Read More
Noble to begin drilling in Cyprus in two weeks
US firm Noble Energy is to begin appraisal drilling at the Aphrodite offshore prospect in early June to confirm Cyprus' estimated hydrocarbon reserves. Read More
IMF’s internal views on Cyprus bailout: Cyprus’ fate ‘a path of inevitability’
Leaked internal documents of the International Monetary Fund (IMF) reveal the executive board’s concern over “optimistic” and “ambitious” forecasts of a Cyprus recovery under the troika bailout and adjustment… Read More
Cyprus could supply 30% of Europe’s additional energy needs by 2025
Executive President of the Cyprus National Hydrocarbons Company (CNHC) Dr. Charles Ellinas shares his vision. Read More
Call to ease capital controls to stop flight of companies
A leading accountant has called on Cypriot financial authorities to lift restrictions to avoid foreign investors and companies running out of patience and deciding to take their business elsewhere. Read More
Sale of Cypriot banks in Greece to Piraeus was ‘political decision’
The sale of Cypriot banks’ Greek operations to Greece’s Piraeus Bank was a political decision, the Central Bank chief said yesterday. Read More
Cyprus bailout fuels property re-evaluation race
Land registry employees are putting in extra hours without pay to reassess property values as part of the island bailout deal. Read More
Cyprus Health Ministry to buy private sector services
The health ministry is looking to buy services from private doctors to reduce long waiting lists in the state sector. Read More
Cyprus appoints three members to the Central Bank board
The Council of Ministers of Cyprus has appointed three members to the Central Bank’s Board of Directors. Read More
Bank of Cyprus could exit resolution regime by July
The resolution procedure at the Bank of Cyprus is expected to end by the end of July, the House of Representatives’ Finance Committee heard this week. Read More
London ready to mitigate impact of Cyprus banking crisis on Laiki UK customers
The UK government is examining ways to mitigate the impact of the Cyprus banking crisis on small and medium-sized enterprises and individual former customers of Laiki UK, Financial Secretary to… Read More
Central Bank says Cyprus banks have high level of compliance
CBC criticises press coverage of summary paper prepared for the Troika on Moneyval and Deloitte reports on the recent anti-money laundering audit carried out in Cyprus. Read More
Cyprus proceeds with assessment of Customer Due Diligence in banks
Cyprus has agreed to proceed with an in depth assessment of the effective implementation of Customer Due Diligence (CDD) requirements in the Cyprus banks, through relevant evaluations by MONEYVAL and… Read More
Schulz calls for ‘spirit of solidarity’ as Anastasiades attends EU summit
President Nicos Anastasiades has asked the European Union to provide additional funding to help Cyprus get out of the mess it’s in. Read More
Sale of Greek banks ‘could cost BoC millions’
Bankers yesterday criticised as unfair a deal to sell the Greek operations of the island’s banks as part of a €10 billion bailout deal Cyprus signed with international lenders. Read More
Cyprus has cleanest swimming sites in Europe
All 112 beaches tested in Cyprus for a recent European report have “excellent” water quality, putting the island at the top of the EU for bathing. Read More
Troika technocrats focus talks on Cyprus banking sector
Technocrats from Cyprus’ international lenders (ECB, EC, IMF) and from the Central Bank of Cyprus continue discussions today in Nicosia, which focus on the consolidation of Cyprus’ banking sector. Read More
Cyprus Limassol Marina has welcomed the first yachts
Limassol Marina has welcomed the first yachts just months after delivering the 94 luxury apartments at Nereids Residences. Read More
EU draft bank rescue law would not shield big deposits
A draft law that a group of European Union lawmakers voted for on Monday would shield small depositors from losing their savings in future bank rescues, but customers with more… Read More
More choices under Cyprus Airways and Air France deal
Air France and Cyprus Airways are offering a total of 20 daily code-share flights as of this week. Read More
Dolphin sells Venus Rock Golf Resort in Cyprus
Dolphin subsidiaries Aristo Developers and Venus Rock Estates agree on €290m golf resort deal. Read More
Troika team arrives to monitor Cyprus developments
A team of troika technocrats have arrived in Cyprus to monitor developments in the island’s financial sector. Read More
State provides €4m for student grants
The education ministry has announced it would be granting €4 million in student grants for those studying at state-run and private universities for the current academic year. Read More
New law will result in more modern co-op sector
The new law aimed at enabling cooperative banks to raise capital paves the way for better running, more modern entities, the co-op banks’ supervisor said yesterday. Read More
Interest rate reductions will help economy, spokesman says
The government expects borrowing rates to fall in line with a reduction in deposit interest rates, the spokesman said yesterday. Read More
Capital controls relaxed further
The twelfth decree on capital controls was released yesterday with two new relaxations. Read More
Cost cutting pays off in first quarter
Public finances recorded a surplus of €44.2m during the first quarter of 2013 due to a reduction of government expenditure by 17.2 per cent. Read More
Minister: medical school will go ahead as planned
The University of Cyprus’ medical school will start as scheduled in September despite a bill which was submitted to parliament to postpone the opening. Read More
CBC announces Bank of Cyprus preliminary consolidated balance sheet
Cyprus Central Bank (CBC) announced on Thursday the preliminary consolidated balance sheet of Bank of Cyprus which under a €10 billion bailout agreement with the ESM/IMF has absorbed the good… Read More
Cabinet slashes pensions for community leaders
The government yesterday decided to subsidise rent increases for businesses operating in government industrial estates while decreasing pension allowances for ex-community leaders. Read More
Cyprus building permits for Jan-Feb down by 18.4%
Building permits in Cyprus for the first two months of 2013 declined by 18.4%, marking a continued contraction in the construction sector. Read More
30 million euros to boost 8,000 jobs in Cyprus
The government plans to get 8,000 unemployed people back in work, thanks to a 30.8 mln euro programme that is primarily aimed at the tourist sector. Read More
Cyprus exempts four foreign credit institutions from capital restrictions
Cyprus Ministry of Finance issued Friday a second decree, exempting four credit institutions operating in Cyprus from the capital restrictions imposed on Cypriot banks. Read More
Cyprus expects bank restrictions lifted soon
President Nicos Anastasiades said on Monday that very soon conditions will permit the lifting of all restrictions imposed on financial transactions. Read More
VTB has change of heart, RCB Cyprus to stay
Andrei Kostin, chairman and CEO of the Russian state-controlled VTB bank, reportedly told President Nicos Anastasiades on Monday that the Group will maintain its subsidiary in Cyprus, the Russian Commercial… Read More
Swift action pledge for Bank of Cyprus
The interim board at the Bank of Cyprus (BoC) has pledged to take all necessary steps so the bank can swiftly move away from its current status of being under… Read More
EU releases first two billion euros in bailout aid
The Eurogroup gave its blessings to the disbursement of €3 billion to Cyprus yesterday, with the first €2 billion already sent to the island as part of the first tranche of a €10… Read More
Cyprus economy must regain foreign investor confidence, says Noble Laureate
Restoring foreign investor confidence in the Cypriot economy, following the Eurogroup decision for a €10 billion financial assistance should be top priority, says Nobel Laureate and head of the Cyprus National… Read More
New London investment club eyes Greece and Cyprus
A new investment club has been formed in London with the aim of becoming active in Greece and Cyprus. The official announcement is expected in the coming summer. Read More
Cyprus - Israel to enhance cooperation in health matters
The potential for further cooperation in the area of health between Cyprus and Israel was discussed between Minister of Health Petros Petrides and Israel’s Ambassador to Cyprus Michael Harari. Read More
Changes to immovable property tax rates
Immovable property tax is payable by 30 September each year on the market value as at 1 January 1980 of all immovable property in Cyprus registered in the name of the taxpayer at… Read More
Guidance on taxation of income from mutual investment funds under the Cyprus-Russia double taxation
Article V of the protocol to the double taxation agreement (“the DTA”) between Cyprus and Russia that entered into effect on 1 January 2013 amended the definition of dividends set out in… Read More
Holiday bookings recover after bank shock
Holiday bookings from the UK to Cyprus appear to be recovering after a sharp drop during the economic turmoil the island went through in March. Read More
Eurozone finance ministers to ratify Cyprus’ first bailout tranche
Eurozone finance ministers will on Monday politically ratify the agreement reached at the technical level for the disbursement of Cyprus’ first tranche of €3 billion out of the €10 billion EU-IMF bailout… Read More
Co-Ops hoping to raise €1 billion with special share issue
Cooperative banks are looking to issue special shares in a bid to raise some one billion euros that may be needed to recapitalise in the coming years. Read More
New era in Cyprus Israel relations
President Nicos Anastasiades has described his three-day working visit to Israel as the “start of a new era in bilateral relations,” saying he is “absolutely satisfied” with the talks he… Read More
Russia extends Cypriot loan by 2 yrs, cuts interest: troika document
Russia has agreed to extended the maturity and reduce the interest on its loan to Cyprus, a document prepared by international lenders showed, providing additional but expected financial relief to… Read More
Cyprus, Israel offshore gasfields to get navy protection
The protection of offshore gas facilities within the exploration areas between Cyprus and Israel is a top priority between the two countries, with their ministers of defence agreeing this week… Read More
‘Dirty money’ claims were just an excuse for bail-in
The European Union, led by Germany, has made Cyprus pay dearly for its alleged money laundering transgressions but one leading anti-money laundering expert questions how the EU will ever repay… Read More
President: shipping pivotal to economic recovery
President Nicos Anastasiades has invited the shipping sector to play a leading role in the recovery of the economy. Read More
Over €20 million for growth and jobs in Cyprus
The European Commission has adopted a reprogramming plan that will help promote growth in Cyprus and strengthen the impact of EU regional funds. Read More
Interim IPT bill to satisfy troika
Cyprus government to submit a provisional Immovable Property Tax legislation (IPT) in a bid to meet immediate bailout conditions. Read More
Further easing of Cyprus’ capital controls
A tenth decree issued by the Central Bank of Cyprus has further eased capital controls for transactions both within and outside the island. Read More
ESM grants stability support to Cyprus
Cyprus is on track to get €3 billion by the end of June after the Board of Governors of the European Stability Mechanism (ESM) decided to show 'solidarity' and grant financial… Read More
EIB approves loan for key investments in Cyprus
The European Investment Bank has approved a loan of up to €100 million for key investments in Cyprus. Read More
Cyprus currency controls expected to be lifted ‘within weeks’
Currency controls are expected to be lifted within the next few weeks, definitely within the next six months, according to Finance Minister Haris Georgiades. Read More
Full steam ahead with Cyprus energy centre
Preliminary designs for an energy centre at Vasilikos are nearing completion while government seeks strategic investors for construction Read More
CBC to announce interim Board of Directors for Bank of Cyprus
Central Bank of Cyprus is to announce the composition of the interim Board of Directors of Bank Cyprus, which following a Eurogroup decision for a €10 billion financial assistance to Cyprus,… Read More
MEA confirms Cyprus Airways bid
A Middle East Airlines source Friday confirmed reports it was negotiating with Cyprus Airways to acquire the company’s assets and said the results of these talks would appear by… Read More
SGOs looking for €1.4 billion loan to sidestep sell-off
Semi-state companies (SGOs) are looking into securing a €1.4 billion loan in a bid to avoid being privatised as part of the island’s €10 billion bailout. Read More
CBC releases detailed PIMCO report on banks
The Central Bank of Cyprus (CBC) yesterday released the detailed results of a due diligence of the banks that determined they will need around €8.9 billion in additional capital needs. Read More
New measures to kick-start Cyprus economy
In a packed room at the Presidential Palace, in front of ministers, MPs, party leaders, and leading businessmen, President Nicos Anastasiades announced measures to help kick-start the economy and officially… Read More
The Road Ahead: Cyprus is repositioning itself for life after the bailout
Despite predictions of its demise as an international business centre by its competitors and detractors, Cyprus continues to stand tall and is adamant not to ‘waste this crisis’, but to… Read More
Raft of new measures introduced to aid Cyprus economy
The government is to ease citizenship rules for foreign investors who lost money under an EU bailout deal, as part of a series of planned measures to salvage what it… Read More
VTTI B.V. expresses its confidence in Cyprus
VTTI B.V., one of the world's fastest-growing independent energy storage companies, reaffirmed its support and commitment to Cyprus where its subsidiary, VTT Vasiliko Ltd, is developing a major oil… Read More
Measures announced to boost economy
The government will soon approve measures aimed at boosting the crippled economy, that are expected to include casinos, fast-tracking permits for large projects, tax breaks, and relaxation of measures to… Read More
Majority of foreign businesses wish to remain in Cyprus
The overwhelming majority of foreign businesses operating in Cyprus have confidence in the country as a regional business hub and wish to stay, according to Cyprus Foreign Minister. Read More
Cyprus to speed up investment procedures
Cyprus Interior Minister alleviates investors’ concerns and says the ‘ground is safe’ to continue investing in Cyprus Read More
