. By George Theocharides I recently took part in an entrepreneurial educational field trip to Athens organised by CIIM’s Entrepreneurship and Innovation Centre (ENTICE). This is part of a series of educational field trips that CIIM organises every year that includes a second entrepreneurial field trip to Tel Aviv. The purpose was to visit various
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* Dogged by NPLs, provisions hiked to €1 bln * The Bank of Cyprus said it will more than double its provisions for 2015 to EUR 1 bln, effectively resulting in an after tax reporting of ERUR 400 mln, it announced on Tuesday, adding, however, that it will not need to raise further capital as
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* Economists reveal predictions for 2016 * Having entered the New Year, PwC’s economists made their predictions for 2016, expecting smoother sailing for the G7 economies, that geopolitics, rather than economics, will be at the top of policymakers’ agendas, and that commodity prices will remain lower for longer. The G7 is expected to grow
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* SWIFT resumes international bank transfers for Iran’s banks * Iran has significant economic growth potential, and structural reforms have helped strengthen its fiscal foundation, Moody’s Investors Service said in a special report, “Sovereign Credit Profile Set to Improve in Aftermath of Sanctions.” “Sanctions relief will grant Iran access to an estimated $150 bln in frozen
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Moody’s said that global issuance of green bonds could surpass $50 bln in 2016, exceeding the $42.4 bln recorded in 2015, which was also the highest level for such bonds since they first appeared in 2007. “We expect the momentum from the UN Conference on Climate Change (COP21) as well as the signing of
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* Charting of sub-sea route ready in 100 days; vessel embarks on survey for 2,000MW link * The EuroAsia Interconnector project has commenced its implementation, with the research vessel launched from Limassol this week that will conduct the charting survey of the seabed where the 2,000 MW duo-directional electricity cable between Israel, Cyprus and Greece will
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Energy Ministers Yiorgos Lakkotrypis of Cyprus and Yuval Steinitz of Israel have agreed to meet again in a month’s time to continue discussions on a Framework Agreement for the joint exploitation of cross-median line hydrocardon resources. Lakkotrypis and Steinitz met in Nicosia on Thursday on the sidelines of the Cyprus-Israel-Greece Tripartite summit between the
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. Now that the dust has settled after the removal of sanctions on Iran, it is clear that those who have maintained good and sincere relations with Tehran throughout the economic embargo, are the ones who will benefit most and immediately from new commercial deals. Already, as regards tanker business and transport of crude oil
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The Cyprus economy is expected to continue on its recovery path over the next quarters, with real GDP forecast to grow at a pace of 2.7% this year, according to a University of Cyprus outlook that seems far more optimistic than the European Commission projections. The Economics Research Centre (CypERC) of the university said
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Foreign Minister Ioannis Kasoulides told members of parliament that Cyprus can play an important role in Europe’s energy security due mainly to four factors, which need to co-exist. Speaking before the Parliamentary Committee on Energy, Trade, Industry and Tourism, Kasoulides said that Europe is seeking a permanent solution to the issue of energy supply,
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