After being squeezed by the tumbling Turkish Lira, the Turkish Cypriots are now under threat of widening financial repercussions from the continuing downward spiral of the Turkish economy. Political and financial analysts fear that the worst is yet to come for the Turkish Cypriots in the north of Cyprus. Turkey has seen its growth rate
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. A public opinion poll conducted this week poses the ‘taboo’ question if Cyprus banks (and by extension Cypriot companies) should be foreign managed. Quite probably, the issue at hand is the departure in September of the Bank of Cyprus ‘rescue CEO’ John Hourican, who was brought in soon after the 2013 financial crisis and,
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The Greek energy minister admitted that Chinese state investors are now in control of the national electricity transmission system operator (TSO), supporting public concerns that they plan to enhance their influence throughout Greece by investing in infrastructure projects, much to the disappointment of EU partners and the US. This could explain why the Tsipras administration
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The European Central Bank has called on European banks with high NPEs to submit documents describing their strategy to bring down their non-performing loans. According to the ECB, each bank is entitled to make use of any tools at their disposal to bring down their exposure to NPLs. An annual ECB report on Supervised Activities
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Daylight Saving Time for 2019 will begin at 03:00 on Sunday 31 March in Cyprus when the clocks should be moved one hour ahead, the Ministry of Energy, Commerce and Industry announced Friday. The official start of summer time next week applies to all countries in the European Union and the season will official end
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Cyprus Foreign Minister Nikos Christodoulides departs on Saturday, for Washington, where he will hold important contacts with US State Department officials, Senators and Congressmen. According to the Foreign Ministry, Cyprus-US bilateral relations, the latest developments in the Cyprus problem, security and cooperation issues in Eastern Mediterranean region and energy will be on the agenda of
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The Ministry for Tourism will work to render sports tourism an integral part of Cyprus’ tourist product, Deputy Minister Savvas Perdios said. “Our ultimate goal is to render sports tourism as an integral part of the country’s tourist product, capable of having multiple added value for our economy,” Perdios said. Perdios said the Ministry promotes
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Over recent months the British High Commission has supported a series of Innovation Workshops delivered by the Northern Ireland Cooperation Overseas (NICO) in Famagusta, Kyrenia and Nicosia. The workshops gave innovators and entrepreneurs an opportunity to learn the fundamentals of starting a business and preparing initial business plans. A reception was held at the Shakespeare
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Cyprus and Portugal have underlined their wish to further enhance their cooperation in the sector of maritime transport during an official visit of Shipping Minister Natasa Pilides to Lisbon this week. Pilides had separate meetings with Portuguese Minister of the Sea Ana Paula Vitorin and the European Maritime Safety Agency`s Executive Director Maja Markovčić Kostelac.
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Fitch Ratings has upgraded Hellenic Bank (HB) Long-Term Issuer Default Rating (IDR) to B+ from `B` and Viability Rating (VR) to b+ from b. The Outlook on the Long-Term IDR is Stable. Moreover, it has affirmed Bank of Cyprus (BoC) Long-Term Issuer Default Rating (IDR) at B- and Viability Rating (VR) at `b-`. The Outlook
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