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The Cyprus Shipping Chamber (Kne) held its monthly general meeting on Wednesday, during which it closely examined and discussed the eighth package of sanctions against Russia, as it is expected to have a direct and significant impact on the shipping sector.

According to a statement released by the chamber, during the meeting, Giorgos Zambartas, Partner and Head of Shipping and Office of INCE in Cyprus, as well as Ester Toumbouri and Marianna Lamari, Partner and Senior Partner, respectively, of INCE Cyprus, presented the latest developments in relation to the sanctions imposed by the European Union on Russia and how these will shape the landscape in the shipping sector.

In addition, the content of the latest sanctions package was further reviewed, as it is expected to have a tangible effect on the maritime industry.

What is more, the sanctions package review took into account the latest legal and insurance implications.

In more detail, the meeting looked at the issue of imposing a cap on the price of Russian oil when it is sold to third countries, as well as what follows in relation to its effective and correct application in order to protect and safeguard European shipping.

 

The Association for the Protection of Borrowers (Syprodat) this week said that it has responded to a questionnaire pertaining to any problems related to housing loans in the European Union, as well as the possible measures taken by the European Commission.

The questionnaire was sent by the Financial Stability, Financial Services and Capital Markets Union (FISMA), after it had been tasked with doing so by the European Commission.

Syprodat explained that the questionnaire asked for the association’s opinion on the ways of revising Directive 2014/17/EU, which concerns credit agreements for consumers for real estate intended for residential purposes.

Through this, the association summarises, the existence of problems related to housing loans in the EU are investigated, the extent to which different groups of stakeholders are affected by these problems, as well as the possibility that they will persist without further intervention by the Commission.

The questionnaire also seeks to gauge the possible legislative and non-legislative legislative measures that could be taken at the EU level, as well as the technical, operational, legal, and political feasibility, effectiveness, efficiency, coherence and impacts of the possible measures taken by the European Commission.

“Compliance with Directive 2014/17/EU will solve many of Cyprus’ current problems, as one of the central objectives of the European Commission is to thoroughly seek ways to strengthen the European Union’s financial stability and therefore the creation of an efficient and competitive single mortgage market,” the association concluded.

 

The Cyprus Stock Exchange (CSE) ended Wednesday, November 23 with strong gains amidst a week recovery for the market.

The general Cyprus Stock Market Index was at 80.29 points at 13:09 during the day, reflecting a rise of 1.94 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 48.21 points, which represents an increase of 1.97 per cent.

The total value of transactions came up to €55,521.

In terms of the sub-indexes, the main and investment firm indexes rose by 2.6 per cent and 1.42 per cent respectively, while the alternative and hotel indexes fell by 0.11 per cent and 0.65 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+4.46 per cent), Hellenic Bank (+2.38 per cent), Logicom (no change), K&G Complex (2.31 per cent), and Mitsides (no change).

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