Cyprus has awarded a license to Total E&P Cyprus Ltd., the local subsidiary of the French energy giant, to conduct seismic tests for oil and gas exploration within its offshore territory. Agriculture and Natural Resources Minister Nicos Kouyialis announced that he has awarded the license for block 10 within the Cyprus Excusive Economic Zone, as
More
The first scheduled NIKI service from Vienna to Larnaka Airport touched down in Cyprus on 31 January 2014. The Austrian airline, part of the airberlin group, will initially offer two weekly services from Vienna to Cyprus. A third weekly service departing every Wednesday will be added on 7 May 2014. Before then, visitors from Cyprus
More
Bank of Cyprus announced it is selling its loss-making Ukrainian business to a subsidiary of the Russian giant Alfa-Bank Group, in a deal worth €225 mln. According to the Cypriot bank that is disposing of its non-core assets and trying to recover non performing loans in order to prop up its cash base, it is
More
Economic sentiment improved in January 2014 for the 9th consecutive month according to the economic sentiment indicator of the University of Cyprus Economics Research Centre, reaching a record high in two and a half years and recording an increase of 2,4 units compared to December 2013. According to the Economics Research Centre, this increase is
More
* BOCY releases fixed depos, 20% cash cap subject to controls * The Bank of Cyprus will release only 190 mln of the 950mln euros blocked in 6-month deposits that expire Friday, with customers allowed to withdraw up to 20% of this amount per month, until all capital controls are finally lifted, probably by the
More
‘Old’ shareholders should have 7%, Laiki Legacy 9% Not too late to restructure BoC ‘Old’ shareholders should have 7%, Laiki Legacy 9% Former Bank of Cyprus senior executive and board member Evdokimos Xenophontos argues that the resolution authority acted wrongly when it forced Laiki Popular Bank to shut down and burden all its troubles on
More
The Board of Directors of Bank of Cyprus Public Company Ltd has approved the procedure for the transfer of shares of the Bank, which resulted from the implementation of the Bailing-In of Bank of Cyprus Public Company Limited Decrees of 2013 up to (No. 3) of 2013 that were issued by the Resolution Authority pursuant
More
Meetings scheduled for Friday between the Troika of Cyprus` international lenders and representatives of the Cyprus Tourism Organisation (CTO) and the Ministries of Finance, Commerce, and Communications, concerning tourism issues, have been postponed till Monday. The reason for the postponement was the fact that CTO General Director Marios Hannides is in Brussels, participating in the
More
. Economic recovery in doubt as Greece takes EU helm By Costis Stambolis The coalition government of Greece does not lose an opportunity to point out that its Troika-backed austerity programme is working, having achieved a primary surplus in its current account of almost one billion euros for 2013, the first such surplus in 12
More
. Tourism and the Cyprus crisis By Dr. Jim Leontiades Cyprus International Institute of Management How is Cypriot tourism performing? Banking and tourism were the two major industries before the March 2013 meeting of the Eurogroup. After that meeting, Cyprus was left with just one major industry, tourism. The question of its performance now assumes
More