The republic’s natural gas exploration was going as planned, the government said on Monday, with results expected in the autumn.

“What I can tell you with certainty is that everything is going as planned,” government spokesman Nicos Christodoulides told state radio.

Energy giant Total is drilling in block 11 of the island’s exclusive economic zone (EEZ), amid threats from Turkey, which has dispatched at least one warship to monitor the situation.

Christodoulides said the proper authorities are monitoring the situation on a daily basis and that when a statement needs to be made it will be made.

“There is nothing causing concern or affecting our energy planning,” he said.

The seismic survey ship, Barbaros, which is frequently dispatched by Turkey when the republic is conducting explorations, was sailing some 39 nautical miles off the Paphos coast on Monday but far from the West Capella, the drillship working for Total in block 11.

Christodoulides said that what matters is the unconstrued implementation of the island’s energy plans “and, I repeat, this is done with no problem whatsoever.”

Last week, Ankara announced it had dispatched a frigate to monitor a drillship conducting offshore gas exploration south of the island.

The Turkish armed forces general staff said on its website that it ordered the frigate TCG Gokceada to track the West Capella drillship that arrived in Cyprus’ EEZ in the early hours of Wednesday.

“The (frigate) is fulfilling its duty in the eastern Mediterranean monitoring the West Capella… which, it is assessed, may carry out drilling activities,” the military said.

On Thursday, Turkey’s foreign minister said it would take measures against Greek Cypriot exploration for oil or gas around Cyprus. He added that Turkish Cypriots had rights over those reserves.

Source: CyprusMail

The opportunities offered by Cyprus in the sectors of financial services, shipping, energy, ICT and innovation were explored during an event organized in London by Cyprus Investment Promotion Agency and Bloomberg on Tuesday. 

Cyprus Minister of Finance Harris Georgiades addressed the event held in the presence of important business people of Cyprus and the United Kingdom. 

Titled “Cyprus: A growing financial center within the EU” the event hosted a host of speakers covering areas such as financial services, investment funds tax, and regulations as well as case studies of investment opportunities. 

Among the speakers were Constantinos Herodotou, Executive Director & Member of the Board, Central Bank of Cyprus, John Hourican, CEO, Bank of Cyprus, Yannis Matsis, CEO, Hellenic Bank and George Appios, CEO, AstroBank. 

According to a press release issued by CIPA, the discussion registered the latest positive developments in the banking sector, such as progress made in managing non-performing loans and the estimates of Cypriot bank CEOs on the outlook of the Cypriot economy and particularly the financial services sector. 

Another panel discussion outlines the advantages offered by the Cyprus investment sector, which is developing rapidly into an advanced capital management center while presenting the Cypriot authorities’ plans to further strengthening the regulatory framework. 

Furthermore, representatives of foreign companies operating in Cyprus shared their experiences from the island, outlining the reasons why they chose Cyprus as their base. 

According to CIPA, participants were requested to answer a questionnaire evaluating Cyprus as an investment destination and state the reasons why they would invest in Cyprus. 

A total of 89% of the responders stated they would invest in Cyprus with the first reason quality of life garnering 23%, with Cyprus’ strategic location attracting 18 per cent of the responses and regulatory framework coming third with 15%. 

Commenting on the event, CIPA Director Kyriakos Kokkinos highlighted the need to conduct similar events of targeted promotion of Cyprus in international markets and to encourage a continuous dialogue between businesspeople operating in Cyprus and the UK. 

Along the same lines, CIPA Director General Natasa Pelides said parallel to the efforts made by CIPA at home to promote the necessary reforms it is imperative to utilize opportunities for the promotion of Cyprus abroad particularly in the mid of significant developments such as Brexit. 

Source: Stockwatch

Cypriot banks will benefit from improved construction activity and the expected recovery in demand for new properties, according to Moody's. 

Last Thursday, the Statistical Service of Cyprus released data showing that the number of building permits issued in the country during the first four months of 2017 reached their highest level since the 2013 banking crisis. 

“We track the number of newly issued building permits as a leading indicator2 for the performance of real estate and construction loans and mortgages and to gauge the overall health of these sectors, which combined contributed 13% of GDP in 2016. Although Cypriot banks continue to face significant asset quality challenges, a sustained increase in demand for building permits would be a credit-positive indication of an improving operating environment for the construction and real estate industries. 

During the first four months of 2017, 1,861 building permits were issued, 8% more than the year-earlier period. The increase is the result of a 38% increase in building permits for the construction of new homes. The total value of permits issued in the first four months of 2017 was 36% higher than in 2016”, says in its weekly outlook. 

“We expect that recovering demand for new real estate and overall improvement in the sector will increase construction companies’ cash flows, with positive implications on banks’ asset quality in the construction and real estate sectors, which constituted approximately 18% of gross loans as of March 2017. Nonperforming exposures (NPEs) in these sectors, based on the Central Bank of Cyprus’ assessment of troubled loans using the European Banking Authority’s broad definition, declined to 56.4% in March 2017 from 73.0% in November 2014, with the recovering construction and real estate sectors accelerating asset quality improvements”, the reports adds. 

Of the large domestic banks, Bank of Cyprus Public Company Limited (Caa1/(P)Caa1 positive, caa13) is likely to benefit most from an improvement in these sectors, which accounted for 31% of gross loans as of March 2017. Furthermore, the bank has taken on its balance sheet, via its Real Estate Management Unit (REMU), €1.4 billion of property through debt for asset swaps, an amount that constitutes 6% of total assets and is the largest share of any Cypriot bank. A gradually recovering property market would facilitate REMU’s sale of these assets and reduce the likelihood of the bank recording losses. 

Notwithstanding the improving operating environment, it will take time for Cypriot banks to rehabilitate their balance sheets because of the long cure periods for restructured loans before they are reclassified as performing, and the substantial volumes of distressed debt, with system-wide NPEs at 45% of gross loans as of March 2017.

Source: Stockwatch

1. This glass-tile Stradivarius in Bedford, NY that's begging for a raucous New York Philharmonic summer party.

The violin's bow is actually two koi ponds — that you can see while underwater because of two thick acrylic panels. You can check out process photos and more pictures on Cipriano Custom Swimming Pools & Landscaping.

2. This infinity swoosh in Mexico that probably has the power to instantly wipe away all of your worries and stress the moment you step in.

And you could step in — because you can actually rent it, price upon request, here. See more photos from the architect, Diego Villaseñor.

3. This New York City townhouse lap pool that might convince me to actually get a workout in...

...and would make for such a cool conversation piece you'd probably get tired of talking about it (jk, never).

4. This Orlando, Florida pool and chocolate waterslide that will have all the kids (and inner kids) screaming with delight.

It's only one part of the Sweet Escape House, a 10-room private mansion with themed rooms and its own private movie theater and arcade. And it's ~conveniently~ close to Disney World.

5. This sleek Hollywood Overlook pool perfect for the La-La-Land style parties of your dreams.

You can check out more of this stunning home at Rios Clementi Hale Studios, the firm that designed the house. It has an *entire wall* of retractable windows that seamlessly open this outdoor area up to the living and dining room.

6. This swim-up movie theater in a chalet where I would definitely marathon my favorite TV shows and not get any skiing done at all.

7. This Montauk, NY residence's wrap-around pool that would be ideal for two siblings wanting to host two different parties at the same time...

...even if one of those parties was also a Mario Kart tournament.

8. This indoor pool in Jakarta that's overlooked by the living room, great for watching the kids and being comfortable at the same time.

9. This ~one with the pond~ Sagaponack, New York pool ideal for lazy-ing the summer away with family and friends.

The drilling ship “West Capella”, is in position since dawn Wednesday ahead of drilling in Block 11 of the Cyprus Exclusive Economic Zone that will take place by French Total in consortium with Italian Eni which have acquire last March 50% participating interest of Block 11. 

The drillship will carry out some testing, before starting the drilling at “Onisiforos” well. The tests are expected to last a few days and less than a week. 

The General Manager of Total also said that the depth of the drilling is expected to reach 3500-4000 metres and will last between 2-3 months. Preliminary results are expected between next September and October. 
On 26/6 the Republic of Cyprus issued a directive to seafarers (NAVTEX 240/17), saying that drilling operation will be conducted in an area bounded by the drilling ship “West Capella”, from the 10th of July 2017 until 15th of October 2017. 

The rights on Block 11 were assigned by the Republic of Cyprus to Total back in 2013 at the conclusion of the second international bid round held by the country. Total decided to extend the lease of Block 11, re-evaluating its geophysical model in view of the discovery of Egypt’s giant Zohr field only about 6km away from the boundary of Block 11. 

Project for a luxury apartment with marble surfaces and deluxe Moooi lighting fixtures, furniture and carpets in Kiev, Ukraine by Iryna Dzhemesiuk and Vitaly Yurov. The designers use trendy patterns and contrast to create an unconventional space. In a living zone are composed two areas for fresh, greenery to complement the luxurious surroundings. Designers are selected Unusual pieces of furniture to show the character of the owner. For the dining area are selected Prop light design by Bertjan Pot for Moooi – lamps that add artistry and style in the room.

Source: Intiriorzine

Lawmakers have postponed until September a vote on an EU harmonising bill through which the state would levy 19 per cent VAT on building and development plots.

The legislation concerns the imposition of VAT on land sales for commercial property transactions.

On acceding to the EU in 2004, Cyprus was granted a derogation from the relevant VAT directive, allowing the island to continue exempting the supply of building land until December 31, 2007.

With Cyprus facing the risk of infringement proceedings and fines from the EU for continued non-compliance, initially, MPs were warned they needed to pass the legislation as soon as possible, before the summer recess and certainly by the last plenary session this coming Friday.

But at the House finance committee on Monday, the attorney general's office said passage of the law could be delayed for a while longer due to the fact that the European Commission has yet to initiate infringement proceedings.

The bill, as it has been amended, will now be dispatched to the European Commission via the EU Pilot process.

The EU Pilot is an informal dialogue between the Commission and the member state concerned on issues related to potential non-compliance with EU law, prior to launching a formal infringement procedure.

Along with the bill, the government will also send to the Commission a circular drafted by the Tax Department which defines ‘building land’ that is subject to the 19 percent tax.

The circular defines ‘building land’ as undeveloped building land that is ‘clearly intended’ for the construction of one or more fixed structures.

Also, the transfer/sale of land that is subject to VAT does not presuppose the existence of a title deed.

Undeveloped building land – with water supply services or not – concerns non-built-up plots (under development, completed, with a final certificate of approval, or with a title deed) within zoning designated for residential, commercial, tourist, vacation, industrial or manufacturing use, or land plots in an area in which development was activated after certain conditions apply – such as plans for a road network.

Farmland, protected areas and forest land are exempted.

Currently, consumers do not pay any VAT on purchasing a land plot, but if they build a house on that plot they pay five per cent.

By contrast, if they buy a house from a land developer they pay only five per cent VAT.

Source; CyprusMail

If you're done spending layovers trying to awkwardly nap in places all around the airport (chair, floor, next to a Cinnabon), this glamorous lodge located above an airport should be your next stop. Yes, above an airport.

Vacation rental site HomeAway was responsible for the apartment inside of the Eiffel Tower, and now they've created another loft in an unexpected place: the original flight control tower at Stockholm's Arlanda Airport.

The 380-square foot room was designed by Swedish artist and designer Cilla Ramnek. Sure it has delightfully cozy decor, plush grey carpeting and a full kitchen, but it's the panoramic views that will blow your mind. You can watch the spectacular site of planes landing and taking off, with a serious bird's-eye view.

Source: HouseBeautiful

A new modern terminal designed to accommodate the largest operating cruise vessels, opened its gates for the first time on July 5, at DP World Limassol port, according to a press release. 

As it is noted, the new terminal consists of seven pods with an internal area of 7,000 square meters. Along with 24-hour availability the terminal offers integrated services including Home Call and Day Call handling capability, ensuring an improved customer experience. 

DP world Limassol has a draft of up to 11 metres (tide free) and three 400 metre berths that can accommodate cruise vessels. It is the third addition to the cruise terminal portfolio that DP World operates globally, after cruise terminal operations in Mina Rashid, Dubai and Quinquela Martin, Argentina. 

Charles Meaby, General Manager, DP World Limassol said that “with the opening of this new terminal, all our visitors will enjoy an even more impressive welcome. DP World Limassol continues to promote the development of tourism in Cyprus and driving economic benefits for the local and national economy”. 

“This is an exciting time for Limassol and Cyprus and DP World Limassol is focused on delivering a long-term legacy creating employment opportunities and helping Limassol reach its potential of becoming a fully-serviced home port for cruise ships”, he noted. 

In April 2016, DP World Limassol was awarded an exclusive 25-year concession to operate the multi-purpose terminal in Limassol. At the same time, P&O Maritime – a DP World subsidiary – was awarded an exclusive 15-year concession to provide the Port of Limassol’s full range of marine services. 

Source: Stockwatch