Cyprus recorded the largest decrease among EU countries in Non-Performing Loans (NPLs) between June 2017 and June 2018, said a European Banking Authority (EBA) report. According to the EBA’s risk assessment of the European Banking System the largest decrease in NPL ratios was in Cyprus (-8.6 %) followed by Portugal (-5 %), Ireland and Slovenia
More
A majority of Cypriot MPs have approved the government’s 2019 budget that provides for a surplus amounting to 3% of GDP. Thirty MPs from ruling DISY, the DIKO and the Solidarity Movement voted in favour and 24 from left-wing AKEL, EDEK, Citizens Alliance, the Greens, National Popular Front and independent MP Anna Theologou voted against.
More
. What seems to be different about the new consortium bidding to take over and develop Larnaca marina and port is that the investors are keen to help develop the town’s economy as well, not just the mooring and berthing facilities for luxury yachts. One of the plans includes setting up a proper boat yard,
More
John & Pascalis, the British firm which revoked the Cyprus Republic’s UK Halloumi trademark intends to continue its legal action against Nicosia through the European courts. After achieving the revocation of the trademark registered by Cyprus in the UK, the Halloumi importers are continuing their efforts to annul the European trademark awarded to Cyprus and
More
Hungary said on Friday it would be a customer for untapped offshore Cyprus gas as it seeks energy security and to diversify supply away from dependence on Russia. Hungarian Foreign Minister Peter Szijiarto said Budapest considered it a “realistic prospect” to receive natural gas from Cyprus’ Aphrodite field in the future. He is in Nicosia
More
Bank of Cyprus Holdings, the LSE and CSE-listed parent of the island’s biggest lender, has received the green light from the Irish authorities to issue EUR 220 mln in fixed-rate capital securities, carrying an initial 12.5% coupon renewable every five years. The issue is expected to boost the bank’s total capital ratio by 140 basis
More
A huge €1.5 bln development project that will change the face of Larnaca port and its marina is expected to get the go-ahead on January 16. Government officials are mulling over a billion-euro plus bid to develop Larnaca marina and build a green port, which also includes mixed real estate development. The proposal regards the
More
Cyprus President Nicos Anastasiades will hold key talks with UN envoy Jane Holl Lute on Sunday in efforts to restart a peace process dormant for 17 months. The UN has said that the outcome of Lute’s round of contacts on Cyprus will determine the future of the negotiations. Lute is expected on the island late
More
With Limassol’s seafront peppered with luxury towers and new developments, there is almost no room for new projects, so investors are heading outwards while eyeing the area between the new marina and the old port. While interest in Limassol’s prime locations does not seem to be withering any time soon, some property experts have expressed
More
Turkish Cypriot contractors have threatened to emulate the Yellow Vest protests in France to force authorities in the Turkish-held north of Cyprus to lift a moratorium on tall buildings. According to Turkish Cypriot media the building contractor’s union gave a deadline until next Tuesday for the authorities to withdraw a decree that limits the height
More