Cypriot household and business arrears remain high despite data confirming a significant drop in private debt, according to the Cyprus Central Bank. Private debt – excluding banking institutions – dropped to 226.6% of the country’s GDP at the end of March 2018 from 240.3% at the end of the previous quarter. Debt ratios of households
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Teenage Larnaca schoolgirl Chara Phoka, 13, has won the Universal Postal Union’s prestigious 47th International Letter-Writing Competition for Young People. She was awarded the prize on World Postal Day on October 9 after select group of international judges chose Chara’s letter in a global competition involving around 60 countries and more than 1.2 million children.
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Greek Defence Minister Panos Kammenos has urged America to join Greece, Cyprus and Israel in regional security and energy cooperation in the East Mediterranean. Kammenos had separate meetings on Tuesday with US Secretary of Defence Jim Mattis at the Pentagon and Deputy Secretary of State John Sullivan at the State Department. Asked if the issue
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Leaders of Cyprus, Greece and Egypt meet in Crete on Wednesday to discuss energy security and sign agreements during a Trilateral Summit. Regional developments, the Cyprus issue, energy and telecommunications, as well as matters concerning the diaspora will be discussed during the sixth such summit of involving Cyprus, Greece and Egypt. Cyprus President Nicos Anastasiades,
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US, Israeli and British interests in the Aphrodite field are close to striking a deal with Egypt to pump Cyprus natural gas to the Idku LNG plant. “Commercial negotiations are underway between the companies owning the Aphrodite gas (Noble Energy, Delek, Shell) and the LNG plant in Egypt,” Cypriot Foreign Minister Nicos Christodoulides told Egyptian
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Cyprus registered one of the largest quarterly non-performing loan sales in the EU during the second quarter of 2018, mainly down to Bank of Cyprus selling NPLs worth €2.8 billion. According to the European Banking Authority’s (EBA) risk dashboard for Q2, NPLs declined to €13.2 bln from €16.3 bln in the previous quarter marking a
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After warning international energy giants to stay away from Cyprus, Turkey announced on Tuesday it will start drilling in the East Mediterranean at the end of October. The move could coincide with US energy player ExxonMobil’s plans to begin test drilling for hydrocarbons offshore Cyprus later this year despite Turkey’s warning. Turkish Energy Minister Fatih
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The International Monetary Fund (IMF) has significantly upgraded its growth projections for the Cypriot economy for 2018 and 2019 in its World Economic Outlook, predicting GDP rates of 4% and 4.2% respectively. For 2019, the IMF`s review is greater by 1.2 percentage points while for 2018 it is higher by 0.4 percentage points, compared to
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Some 20 Syrian asylum seekers have been transferred to a reception centre outside Nicosia after being rescued at sea from an inflatable vessel that was drifting off the island's south-eastern tip. The Syrians – 10 men, two women and eight children – told police that they bought the inflatable craft and a GPS from Lebanon,
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The local film industry in Cyprus is frustrated over the little support it receives from the state, while the government is chasing after big production companies such as Paramount and Pinewood studios. Cyprus is holding a Film Summit to present foreign film companies with a reimbursement and tax incentive scheme aiming to attract them to
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