A Cyprus military exercise, dubbed Steel Arrow, took place in Larnaca on Thursday with the participation of National Guard helicopters and artillery as Greek F-16 fighter jets flew over. Cyprus Defence Minister Savvas Angelides, who attended the last phase of the exercise, told the Cyprus News Agency (CNA) that the presence of the F-16 jets
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Cyprus hoteliers are complaining over a long delay by the Legal Service in examining the bill on criteria for a new ranking system for hotels and tourist accommodation. As a result, hotels are unable to obtain the necessary permits which hampers efforts to recover after the collapse of tour operator Thomas Cook. The Association of
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Cyprus justice is heading for a total overhaul with a number of bills tabled to parliament aimed at reorganising the creaking court system. Presenting the bills before the House Justice Committee, Justice Minister George Savvides said the bills aimed at reforming the justice system, speeding up processes of the notoriously slow legal system, which he
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Parliament has called the energy minister to a committee hearing to explain why the Greek government refused to support the Israel-Cyprus-Crete-Attica electricity cable as an EU project of common interest (PCI). Daily Phileleftheros reported that Green Party leader George Perdikis tabled the question for discussion at the House Energy Committee, following reports that after supporting
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Cyprus financing needs for 2020 will be covered by bond issuances on international capital markets amounting to €1.25 bln, the Finance Ministry’s Public Debt Management Office (PDMO) said. In an investor presentation, PDMO said Cyprus’ total financing needs for 2020 amount to €1.7 bln and will be covered by an EMTN issuance amounting to €1.25
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European Parliament approval of the new European Commission, under Ursula von der Leyen, is expected to be postponed until next month, due to rejection of nominees from France, Hungary and Romania. Sources from the European Parliament anticipate the vote on the next Commission to take place in November, instead of next week’s plenary session in
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Fitch Ratings has revised Bank of Cyprus conditional pass-through (CPT) mortgage covered bonds Outlook to Positive from Stable and affirmed the rating at A. The rating action follows the Outlook revision to Positive (from Stable) on Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) dated 11 October 2019. According to Fitch the Positive Outlook mirrors that
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A British teenager accused of falsely claiming she was gang-raped by 12 Israeli tourists told a court in Cyprus on Wednesday that her retraction of the claim was coerced by police. During three hours of questioning and cross-examination in the stand, the 19-year-old said police were “hostile and negative” towards her, and after a torrent
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Ireland President Michael Higgins called on Turkey to seek the negotiating approach in Cyprus and to stop its military offensive in Syria which is causing a humanitarian crisis. Higgins addressing a special plenary session of the Cyprus parliament expressed deep concern at what is happening in northern Syria, and the unilateral intervention by Turkey in
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Non-performing loans (NPLs) rose for a second consecutive month in May amounting to €8.05 bln with non-performing exposures (NPEs) dropping by €11 mln to €10.13 bln, or some 30.8% of total loans. NPLs, loans in arrears over 90 days. rose in May to €8.05 bln from €7.98 bln the previous month, marking the second consecutive
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