Top Stories - January 2015
• Foreign investor interest on the rise
Companies from countries such as Russia, Luxembourg and Greece are showing increased interest in Undertakings for Collective Investment in Transferable Securities (UCITS), says the Cyprus Securities and Exchange Commission (CySEC).
• ECB’s programme may buy up to €130m in Cypriot assets
Cyprus could benefit with asset purchases worth up to €120m a month, according to unnamed sources, while the government is set to evaluate in detail the ECB’s decision.
• EBRD upgrades Cyprus 2015 growth to 0.7%
The European Bank for Reconstruction and Development (EBRD) has upgraded its Cyprus real GDP growth forecast to 0.7% in 2015 from an earlier forecast of 0%.
• Government and Noble in talks for Aphrodite prospect
The government has begun discussing with Noble Energy how the company plans to develop their offshore Aphrodite prospect, according to Energy Minister Giorgos Lakkotrypis.
• Cypriot firms invited to bid for large projects in Egypt
During a recent visit to Cyprus, Egyptian Transport Minister Dahy invited Cypriot businesses to bid for some of the €6 billion in large construction projects currently underway.
• Thirteen casino operators interested in Cyprus project
Thirteen operators have expressed interest in Cyprus’ casino project, expected to cost some €500 million, and attract a wealth of new tourists.
• 12% of NPLs restructured
Slightly more than one in ten non-performing loans (NPLs) were restructured by September 30, 2014, the House Institutions Committee heard from the Central Bank of Cyprus (CBC).
• Cyprus Airways closes down
Cyprus Airways was shut down after the European Commission ruled that more than €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid and €66m had to be repaid.
• Cyprus property sales increase for first time in four years
More than 4,000 properties were sold in Cyprus in 2014, a significant rise in comparison to 2013 and the first since 2010, according to land registry data.
