Non-Performing Exposures (NPEs) in the Cyprus banking sector, declined by €27 mln, to €9.68 bln in July 2019, compared to the previous month, but they still represent a third of all loans. Even though the toxic mountain is coming down, bad loans account for nearly 30% of all loans, and NPEs have dropped 5.63% over
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The US Congress has lifted a 32-year-long arms embargo on Cyprus, defying Turkey as it seeks closer ties with Nicosia at a time of renewed regional tensions. Turkey warned that the US moves to lift the arms embargo would undermine efforts to reunite the island and create a “dangerous escalation.” The US decision “will have
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By Han Tan, Market Analyst at FXTM Asian stocks are lower on Wednesday, as investors continue contemplating the ramifications from the “phase one” US-China trade deal. While the rollback of tariffs is set to brighten the market outlook, it remains to be seen whether the global economy can pick up enough momentum to take
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While Brussels warned Nicosia over inadequate protection of Natura 2000 sites, Cyprus seemingly “couldn’t care less” by giving the green light for a huge new development on the Akrotiri Peninsula, claim conservationists. This new development concerns the licensing of 78 building plots at Zakaki in Limassol, situated between the Casino-Resort and Zakaki Marsh. The plots
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The ancient name of Cyprus, “Alasia”, is given to a star shining 137 light-years away and its most ancient doctor, “Onasilos” is the name given to the giant gas exoplanet orbiting the star in the constellation of Ophiuchus. After a campaign that lasted almost four months, Cyprus has chosen the name it will give to
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UK Visas and Immigration (UKVI) announced IELTS, the world’s most trusted language test, will continue to be accepted for British visas that require applicants to demonstrate their English. Following a tender process, IELTS was reappointed as an official test provider for visas required as part of UK immigration applications. Christine Nuttall, Managing Director IELTS at
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A new record for tourist arrivals was set in November reaching 3.86 mln boosted by an influx of British, Russian and Israeli tourists. The figures suggest that Cyprus could smash a new annual tourism record by breaking the 4 million mark, something that seemed unlikely at the start of 2019, especially after the collapse in
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Cyprus shipping achieved a boost after the European Commission approved its tonnage taxation system for another 10 years, deemed a top priority of the industry. The Cyprus Shipping Chamber hailed it as a “great achievement” and an example of the close cooperation and the coordinated efforts between the Shipping Deputy Ministry, the chamber and the
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Greek oil and gas producer Energean seeks to convince Cypriot parliamentary party leaders to pressure the government into accepting its proposal to sell its Israeli gas to Cyprus. In a statement on Tuesday, Energean said it had requested a meeting with Cypriot political leaders to “inform them of our proposal to import natural gas to
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The “Eastern Mediterranean Security and Energy Partnership” which envisages US support for regional cooperation between Cyprus, Greece and Israel will be voted into an Act by Congress by December 20. The bill was tabled at the Senate by Democrat Robert Menendez and Republican Mark Rubio, and in the House by Republican Costas Bilirakis and Democrat
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