The Hellenic Bank announced losses of €191 mln for 2013, compared to 23.4 mln losses in 2012, with the second biggest Cyprus lender saying that the losses include the €29 mln cost of the disposal of the branch network in Greece. According to the bank’s preliminary financial results for the year that ended on December
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The Bank of Cyprus said on Friday that its losses for 2013 stood at €2.04 bln, 8% down from the year-earlier losses of €2.214 bln, with the biggest headache for the island’s leading lender being the recovery of non-performing loans, currently estimated at €14.04 bln or 53% of gross loans. NPLs rose from €13.13 bln
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Revenue from tourism recorded a significant rise of 8% or €154.7 mln in the year 2013, reaching €2,082.4 mln, from €1,927.7 mln in 2012, according to data released by the Statistical Service of Cyprus, despite a fall in arrivals. In December 2013, revenue from tourism reached €37.6 mln, compared to €41.6 mln during the same
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Unemployment in January dropped to 16.8% of the active population of Cyprus, translating into 74,000 persons, compared to 17.2% in December 2013. According to Eurostat figures, in January the average unemployment in the Euro area was 12.0% of the active population, and in the whole of the EU 10.8%, both stable since October 2013. Regarding
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The gender pay gap in the EU, the average difference between women and men’s hourly earnings across the entire economy, has barely moved in recent years and still stands at around 16%, compared to 16.4% the year before, according to the European Commission. However, the gap in Cyprus shrank noticeably and, along with Greece, recorded
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Sotheby’s announced that investor Daniel S. Loeb has been nominated as a candidate to the auction house’s board of directors at the company’s next shareholders’ meeting. Loeb, founder and CEO of New York-based hedge fund Third Point LLC is also a 30% shareholder in Hellenic Bank since last November when a group of investors pumped
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The Cyprus Parliament discusses on Tuesday a new bill on the privatization of semi-governmental organisations (SGO’s), following the rejection by the House of a previous bill last Thursday, with 25 lawmakers in favour, 25 against, and five abstentions. The privatization of SGO’s is one of the preconditions set in Cyprus’ bailout agreement with international lenders
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Cyprus is undertaking an initiative to promote regional cooperation for the protection of the Mediterranean Sea, Cyprus Agriculture, Natural Resources and Environment Minister Nicos Kouyialis said on Monday, adding that Nicosia is close to reaching an agreement with Israel on the matter. Addressing a European Conference for the maritime environment in Brussels entitled "Healthy Oceans
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The Ministry of Education and Culture announces the beginning of the Greek Language Courses for migrants and other foreign speaking residents of Cyprus will be offered on March 2014. The courses will be offered at the following levels: – Level A, beginners or persons with minimum knowledge of Greek. – Level B, for persons with
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The Cyprus parliament rejected a crucial privatisation bill on Thursday night, jeopardising the fourth tranche of a bailout package from the Troika of international lenders. The bill, that would have seen the state telco Cyta, power generator EAC and the Ports Authority partly or fully privatised by 2018, would have raised some EUR 1.4 bln
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