Local News

Local News Business July 30, 2014

Bank of Cyprus frees deposits worth €927 million

Bank of Cyprus (BoC) announced on Wednesday it will release 12-month time deposits of worth €927 million that were blocked as part of the terms of its recapitalisation in July 2013.

“The Bank’s improving liquidity position and its specific and deliberate actions to enhance its liquidity through deleveraging are the decisive reasons for the release of the deposits,” BoC said. “The decision to release takes also into account the Bank’s recent announcement regarding the private placement of €1 billion ordinary…

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Bank of Cyprus frees deposits worth €927 million
Local News Business July 30, 2014

Preliminary deal signed with ENI-KOGAS

By Elias Hazou

THE government on Wednesday signed a preliminary agreement in Nicosia with an Italian-South Korean joint venture on exploring the development of natural gas offshore Cyprus.

In a statement, the energy ministry said the Memorandum of Understanding (MoU) is “aimed at investigating areas of cooperation related to Cyprus potential gas resources valorisation, with priority to the onshore LNG option.”

The deal was signed with ENI and KOGAS, who hold prospecting concessions on offshore blocks 2, 3 and 9…

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Preliminary deal signed with ENI-KOGAS
Local News Business July 30, 2014

Cyprus should return to growth next year; bad loans, Ukraine cloud outlook –  IMF

Cyprus is likely to return to growth next year, the International Monetary Fund said on Wednesday, but cautioned the outlook was tempered by tensions over Ukraine and banks’ rising bad loans.

The IMF, one of the lenders that stepped in with a €10 billion bailout last year, also said it expected Cyprus would require additional fiscal effort to achieve a sustainable primary surplus target of 4.0 per cent by 2018.

It said a ‘growth friendly consolidation’ should focus on fully unwinding spending…

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Cyprus should return to growth next year; bad loans, Ukraine cloud outlook –  IMF
Local News Business July 30, 2014

BoC to cut interest rates  

Bank of Cyprus (BoC) announced it would be lowering its debit interest base rates by 0.25 per cent starting on Monday.

BoC said it was lowering its base rate from 5.25 per cent to 5.0 per cent, its housing loan rate to 3.25 per cent from 3.50 per cent, and its business loan rate from 4.25 per cent to 4.0 per cent.

“Customers will directly benefit from the Base Rate reduction as it will be applied to 38,000 housing loans,…

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BoC to cut interest rates  
Local News July 30, 2014

UN working on ideas to move Cyprus process forward (update: UNFICYP mandate renewed)

By George Psyllides

The United Nations is working on ideas to move the stalled reunification talks forward, a senior official said on Wednesday.

UN Secretary General’s Special Representative in Cyprus Lisa Buttenheim said the organisation was trying to help prepare the way forward based on agreement between the two sides.

“We are working on that. We have some ideas and of course we meet with both sides,” she said after a meeting with President Nicos Anastasiades.

“We will be sharing…

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UN working on ideas to move Cyprus process forward (update: UNFICYP mandate renewed)
Local News July 30, 2014

Man dies in car crash

A 32-year-old Slovakian man was killed on Wednesday after his car slammed into the iron railing on the Tseri exit on the Nicosia to Limassol motorway.

Two other men who were passengers in the car escaped with light injuries.

Police said the accident happened at 6.10am. The driver apparently lost control of the vehicle and crashed into the railing, trapping all the passengers inside.

The three were freed by the fire service and then rushed to hospital where the 32-year-old…

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Man dies in car crash
Local News July 30, 2014

Animal party to set up vigilance teams

The Animal Party said it will set up vigilance groups across the island to tackle the growing number of animal abuse incidents.

The party said it was concerned by the developments, which did not honour the citizens and the country.

It added that it was receiving information about animal abuse on a daily basis, a fact that the state must look into very seriously.

Announcements and promises from the government and the Presidential Palace were not enough, and as time…

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Animal party to set up vigilance teams
Local News July 30, 2014

A ‘turn the page moment’ for BoC

By Elias Hazou
OUT with the old, in with the new: the €1bn capital increase at Bank of Cyprus (BoC) has shaken up the shareholder base of the island’s largest lender, which has slipped into foreign hands after more than a century as the Cypriot bank par excellence. But whether that’s good or bad depends on whom you ask.
For the bank’s CEO John Hourican, the €1bn equity investment will put the lender’s capital adequacy on a solid…

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A ‘turn the page moment’ for BoC
Local News July 30, 2014

Hourican: new equity will help speed up restructuring

BANK of Cyprus, which has just raised €1bn from investors, plans to sell up to 1 €1bn in bonds in September, its CEO John Hourican has said.
The move that would mark a rehabilitation of the euro zone’s first bank to recapitalise using depositors’ cash, the banker told Reuters.
On the brink of collapse only a little more than a year ago, BoC has just attracted a €1bn equity investment via a private placement.
“The bank needed…

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Hourican: new equity will help speed up restructuring
Local News July 30, 2014

Parties position themselves against foreclosures bill

By Angelos Anastasiou
ALL parliamentary parties have positioned themselves squarely against the government’s controversial foreclosures bill, which is expected to be approved by the Council of Ministers on Wednesday on its way to the House, where it will be discussed and put to a plenary vote.
The outcome of protracted negotiations with the Troika during its recent fifth progress review of Cyprus’ adjustment programme, the foreclosures bill will allow lenders to liquidate properties used as collateral on defaulting…

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Parties position themselves against foreclosures bill

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Who do you think will win the World Cup?

  • Argentina (17%, 107 Votes)
  • Brazil (22%, 141 Votes)
  • England (9%, 57 Votes)
  • Germany (23%, 151 Votes)
  • Other (25%, 160 Votes)
  • Spain (4%, 27 Votes)

Total Voters: 643

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