A self-imposed moratorium on gas drills to boost peace talks or succumb to threats by Turkey would signal the end of Cyprus’ energy prospects, warned outgoing Energy Minister George Lakkotrypis. He made the comments on Monday at a press conference to take stock of his seven-year tenure in the Anastasiades administration. “If the time comes
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Banks in the Gulf Cooperation Council (GCC) region will see their profits fall this year as economies shrink amid the coronavirus outbreak and lower oil prices, but have adequate capital underpinning their solvency, Moody’s Investors Service said in a report Monday. “The economies of all six GCC countries will contract, sapping the banks’ two main
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Cyprus securities regulator slapped a €650,000 fine on Germany’s Commerzbank for its role in transactions carried out by Laiki Bank that collapsed during the 2013 financial crisis. The Securities and Exchange Commission said Commerzbank had been sanctioned over investment operations conducted by the now-defunct Laiki — also known as Cyprus Popular Bank — in 2011,
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After a 20-year absence, the Cyprus-Greece passenger ferry link will be reinstated after Nicosia received EU competition approval, the outgoing shipping minister said Monday. This development opens the way for a tender to operate the service with the government allowed to subsidise the venture by €6 mln annually. Natasa Pilides made the comments to mark
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Cyprus is wilting under a July heatwave as the met office issued another extreme weather warning for Monday with maximum temperatures expected to reach 41 degrees Celsius. The Department of Meteorology issued an extremely high-temperature warning, awareness level “Yellow” as the four-day heatwave continues to grip the island. The warning is in effect from Monday
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Last September, Greece’s newly elected Prime Minister Kyriakos Mitsotakis, speaking at the UN General Assembly on Climate Change announced his government’s decision to eliminate all use of coal from the country’s energy system by 2028. The announcement, which surprised everyone, even high-ranking members of his own New Democracy party, was greeted with cries of relief
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Around one-third of Cyprus banks’ gross loans had payment deferrals for borrowers affected by coronavirus lockdown disruption, adding credit risk to the banking system, said Moody’s. “Although the payment deferrals reduce the probability of acute asset quality stress this year, the high percentage of deferrals suggest that asset quality deterioration is still very likely next
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From Monday, Cyprus is allowing entry to more countries after health authorities have revised the list based on their COVID-19 epidemiological risk, but nearby Israel and Lebanon are not among them. The Health Ministry issued a revised list of countries allowed entry to Cyprus effective from July 6. It said the update it took into
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By Hussein Sayed, Chief Market Strategist at FXTM Investors trying to find a negative correlation between stock market performance and Covid-19 infections are having a difficult time. There doesn’t seem to be one at the moment and that’s evident in Monday’s robust rally. Sentiment remains bullish despite the many questions surrounding economic prospects over the
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Cyprus reported only one new case of coronavirus infections on Sunday, arising from 216 tests completed as part of referrals from GPs and special groups screening at public health centres. The Ministry of Health said it conducted 1,445 tests for the SARS-CoV-2 virus with no positive results in other categories, raising the total of COVID19
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