The rate of unemployment in Cyprus rose on a monthly basis in December to 11.3 per cent, from un upwards revised 11.1 per cent in November, the European Commission’s statistical service said.

The number of unemployed in December was 49,000, Eurostat said in a statement on its website. In December 2016, the unemployment rate was 12.8 per cent.

Unemployment among youths in September, which was the latest available figure for Cyprus, was marginally revised upwards to 25 per cent, Eurostat said.

The average unemployment rate in December in the European Union and the euro area was 8.7 per cent and 7.3 per cent respectively, Eurostat said. Cyprus’s jobless ratio was the third highest in both the European Union and the euro area, beating Italy’s 10.8 per cent. Greece and Spain had the highest unemployment rates with 20.7 per cent and 16.4 per cent respectively.

The lowest unemployment ratio in the EU was that of the Czech Republic with 2.3 per cent, followed by the 3.6 per cent rate in Germany and Malta, and Hungary’s 3.9 per cent, according to Eurostat.

The unemployment ratio in Cyprus among males and females in December was 11.1 per cent and 11.4 per cent respectively, Eurostat said.

Source: CyprusMail

Bank of Cyprus, the island’s largest lender, decided to refund losses sustained by 841 of its workers’ provident funds in the 2013 baking crisis at a cost of up to €23m, the Cyprus News Agency (CNA) reported citing the bank’s chief executive officer (CEO) John Hourican.

The bank’s decision is no longer linked to bank workers’ union Etyk acceptance of an overhaul of the bank’s remuneration system, including the way workers get incremental pay rises and promotions, the CNA reported on Tuesday citing Hourican.

The compensation to the provident funds will supplement a scheme announced by the government last year. In 2013, the government made €300m to compensate up to 50 per cent of the funds’ losses and in July 2017 announced additional €168m to compensate up to 75 per cent of the funds’ losses, prompting Etyk to cry foul.

On December 7, the cabinet decided to allocate another €20m. Four days later, Finance Minister Harris Georgiades said that Bank of Cyprus was ready to cover the remaining amount as part of negotiations with Etyk.

The government’s scheme covers those who already left the bank after 2013, when it absorbed the operations and the staff of Cyprus Popular Bank, widely known as Laiki, and excludes those who still work for Bank of Cyprus.

Hourican said that the issue had been “politicised” and added that the taxpayer cannot foot the bill which a private company should shoulder, according to the CNA. Still, the bank intends to cooperate with the winner of Sunday’s presidential elections.

“We were surprised to notice that the issue became political and the bank risked being dragged into the election procedure,” Hourican was quoted as saying.

The bank continues to be in favour of agreeing with Etyk an overhaul of the remuneration system in the context of negotiations, he said and added that Cypriot banks need to modernise labour structures in order for the Cypriot banking industry to survive.

Cypriot banks are struggling with around €22bn in non-performing loans or 45 per cent of their loan portfolio. Bank of Cyprus reduced its bad loans to 50 per cent of its total loans in September, a month after it was compelled to announce €500m in additional provisions for loan impairments.

Source: CyprusMail

The Cooperative Central Bank (CCB) indicated on Monday that other than some isolated cases of deposit withdrawals from worried customers there was nothing even approximating a run on the bank.

Asked about whether people were taking their cash out, spokespersons for the CCB referred back to the statement made last week by the bank’s head Nicolas Hadjiyiannis.

Speaking on Friday, Hadjiyiannis said rumours surrounding the state-owned lender had caused “distress and created certain operational problems”.

But, he added, the bank’s capital adequacy ratio was currently at 15 per cent, higher even than the designated 14.1 per cent threshold.

“At this time, the bank has no lack of capital,” he stressed.

Hadjiyiannis called on politicians to leave the bank out of the election campaign.

His remarks came in the wake of the furore caused by President Nicos Anastasiades, who a day earlier had accused people close to a rival presidential candidate of having urged the provident funds of two governmental organisations to take their workers’ deposits out of the CCB.

It later emerged Anastasiades was referring to aides of presidential candidate Nicolas Papadopoulos.

Papadopoulos’ team vehemently denied the president’s allegations.

Anastasiades’ assertion was that the campaign teams of rival candidates were spreading malicious rumours about the state of the CCB, in order to undermine the lender and thus the government.

The CCB was recapitalised with almost €1.7bn in taxpayers’ money in 2014 and 2015.

The lender is currently struggling with €6.4bn of non-performing loans, accounting for more than half of its loan portfolio, and is at the same time working on a plan to raise fresh private capital.

On December 12, economist Marios Clerides, who served as CEO until 2015, said that election promises to trim loans and relieve guarantors not only threatened financial stability but also undermined the co-op’s recapitalisation efforts.

The comment was seen as a direct reference to Papadopoulos’s campaign ads.

In response to the rumours, the central bank had issued a statement describing them as unfounded and not helpful to financial stability.

The central bank said co-ops, along with the island’s three other systemic banks, were under the supervision of the European Central Bank and their deposits were covered by EU directives.

Speaking on condition of anonymity, sources told the Cyprus Mail that whispers of a possible new ‘haircut’ at the CCB began circulating in November last year.

The chatter can be traced back to the campaign teams of two opposition presidential candidates, they added.

“These rumours are totally unfounded. Nothing specific has happened to warrant them,” the same sources said.

Source: CyprusMail

New prospects have opened up for IronFX after the recent $100 million strategic agreementwith an institutional investor. The new investor is Gemini Financial Services (GFS), a Dubai-based financial services group specialising in international investmentsand sectors offering high growth opportunities.

According to a statement, the investment aims at the capital growth of IronFX as well asto acquisitions in the wider forex industry. Following the payment of the first tranche of $10 million, the new investor has joined IronFX’s Board of Directors. More specifically, GFS is represented by Mr. PuneetKamra, one of the Managing Directors of the Group and a specialist in transaction executions. As further tranches of the investment are made, the Group is expected to receive more board seats.

Within the framework of the agreement, IronFX has changed the name of its subsidiary in Cyprus, which was renamed from IronFX Global Ltd to Notesco Financial Services Limited. It is noted that the Company will continue to operate with the same trade names, maintaining the Group’s brand names such as IronFX and FX Giant both in Cyprus and abroad.

Markos A. Kashiouris, CEO of IronFX stated that: “This investment opens up significant prospects for IronFX, as it is expected to strengthen the company’s position in the market, giving it new momentum.” Mr. Kashiouris, noted that at this stage IronFX aims at expanding its operations in a wide range of markets as well as to create additional products and brands. He added that “this investment is of decisive importance as it reflects the confidence of the investors in the company on the one hand and in Cyprus’ financial system on the other, while contributing at the same time in attracting foreign investments”

Gemini Financial Services is affiliated with Torch Investment Management Pte Ltd, a global principal investment platform that is fully regulated by the Monetary Authority of Singapore.Torch represents a core group of sophisticated financial investors comprising family offices and boutique asset managers from across the globe.

The investment in IronFX is linked to the royal family of Saudi Arabia. Prince Mishaal bin Abdullah bin Turki bin Abdulaziz Al-Saud is a member of the Supervisory Board of both Torch Investment and Gemini Financial Services.

Source: Stockwatch

Incumbent President Nicos Anastasiades on Sunday comfortably made it through to the second round of the presidential elections slated for February 4, garnering 35.5 per cent of the vote amid an election marred by voter abstention of 28.6 per cent.

He will be running against Akel-backed independent Stavros Malas who received 30.25 per cent. The results mean that the third main contender, Diko leader Nicolas Papadopoulos with 25.75     per cent is out of the running, which will be a relief for pro-solution Cypriots on both sides of the divide.

Judging by tweets from the north after the final results were known, Turkish Cypriots viewed the development as a vote by Greek Cypriots in favour of a bizonal bicommunal federation.

Though he had an early lead over Malas, the tide turned quickly for Papadopoulos in Pancyprian results, though the Diko leader won overwhelmingly in Paphos with 37.9 per cent of the vote compared with 27.1 per cent for Anastasiades and 24.01 per cent for Malas in the coastal town.

In conceding defeat, Papadopoulos’ spokeswoman Anna Prokopiou said: “I hope the people don’t regret today’s decision.”

After slamming both the Anastasiades and Malas camps during the run-up to elections, Prokopiou said she would let Papadopoulos announce if and who Diko would support in the second round.

Chryssis Pantelides, a Papadopoulos senior staffer later tweeted: “I thank the citizens that support Nicolas Papadopoulos. I thank the hundreds of volunteers and party staffers for the long and hard pre-election activity. The decision of the people is completely respected. I hope they never regret it.”

At Akel headquarters in Nicosia, the party’s general-secretary Andros Kyprianou thanked “tens of thousands” of Akel voters and everyone else that voted for Malas.  “Today’s votes paved the way for a brighter future,” in the form of Malas who can bring about a solution to the Cyprus problem and an improved economy with the average person and middle class in mind, he said. “Cyprus can change direction and move forward [with Malas),” who will clamp down on corruption.

A total of 71.4 per cent of voters cast their ballot on Sunday. During the last presidential race in 2013, voter turnout was 83.14, which was considered low at the time. Parliamentary elections in 2016 only had a voter turnout of 66.74 per cent as Cypriots appear to be less interested in politics as each election comes round.  Turnout in Nicosia was 72 per cent, Limassol 69 per cent, Famagusta and Larnaca both 71 per cent, Paphos 74 per cent and Overseas 71 per cent.

The two leading candidates to emerge from Sunday’s election will have to seek support from the seven other candidates but in reality, this means the two with a significant voter base, Citizens’ Alliance leader Giorgos Lillikas and far-right Elam who garnered 2.17 per cent and 5.6 per cent respectively. The other four independents took less than 1 per cent of the vote between them.

Earlier polls have shown that in a run-off, Anastasiades would win against either Papadopoulos or Malas. The real battle on Sunday was always going to for the second-place contender but even exit polls had given Malas the edge before the official count even began.

Initial official results on Sunday showed Malas and Papadopoulos neck and neck with just over 20 per cent of the votes counted but the former pulled ahead quickly and maintained the 5 per cent lead over Papadopoulos that was forecast in the exit polls. Diko’s Pantelides had at the time told Cybc, it’s exit poll would be proved wrong.

Noteworthy was the fact that Elam’s Christos Christou took twice the votes of Lillikas who is likely hoping to trade his votes with one of the two contenders on February 4, for a ministerial position.  Malas has already stated categorically that he would not be seeking the support of Elam between the first and second rounds. He is the only candidate to pledge this.

An Elam spokesman, after the exit polls, thanked those who voted for Christou. “Abstention has been the real victor in the elections and that should concern all candidates. The fault lies with those that have governed and those that supported them,” the spokesman said.

While it was known from earlier polling that Anastasiades would have a comfortable lead, the real battle was whether he would go through to the second round against Malas or Papadopoulos.

According to polls, in an Anastasiades-Malas showdown, the incumbent would take 39.9 per cent against his opponent’s 26.6 per cent.

Polling stations abroad overall gave Malas 40.8 per cent on Sunday to Anastasiades’ 31.8 per cent.

Deputy spokesman Victoras Papadopoulos  said: “Anastasiades is the change people need. After five difficult years we have reached a point where development, safety and security are visible as opposed to the five years in 2008 and 2013. The ‘next day’ dilemma is unity. We believe, President Nicos Anastasiades has proven he can achieve unity in the sector of modernising the state and Cyprus problem.”

Akel spokesman Stefanos Stefanou  said irrespective of the results, voters wanted change. “Greek Cypriots and Turkish Cypriots should be the true ‘afendies’ (leaders) of the country,” he said.

Source: CyprusMail

Cypriots are heading out to polling stations today to vote for the next president set to govern for the next five years.

Nine candidates are running for the coveted position, incumbent President Nicos Anastasiades, Akel backed independent Stavros Malas, Diko leader Nicolas Papadopoulos which has the support of center parties Edek, Solidarity and Green Party.

Citizens’ Alliance leader Giorgos Lillikas, Elam leader Christos Christou, Haris Aristidou, Christakis Kapiliotis, Andreas Efstratiou and Michalis Mina,  Justice Party leader are also bidding for the chair.

Source: CyprusMail

International media outlets, including media from Turkey and also the Turkish Cypriot community, have expressed their interest in covering the presidential elections that will take place on Sunday.

According to the Cyprus News Agency, media organisations from European and Arab countries will cover the elections.

As regards Turkish and Turkish Cypriot media, between 10 and 15 journalists are expected to cover the main presidential candidates as they cast their votes, in addition to any statements they may make.  The national public broadcaster of Turkey, TRT, and Anadolu News Agency, have also expressed interest in covering Sunday’s elections.

The Press and Information Office (PIO) will operate as the press centre and the office of the chief returning officer during the elections, to help local and foreign media representatives.
The chief returning officer will make statements to the press at the PIO press centre, where the official announcements of the central election service of the ministry of the interior will also be issued.

According to Chief Returning Officer Kypros Kyprianou, all is set for the presidential elections.

“We assure you that everything is ready for the January 28 elections and if necessary for a runoff on February 4,” he said.

Provided everything runs smoothly, first results are expected to be announced at around 6.30pm local time (16.30 GMT) while final results are expected two hours later.

Around 1,000 unemployed graduates will be employed to work at the polling stations. On the day of the elections, a total of 7,500 officials and police officers will be expected to cover all stages of the elections.

A total of 550,876 people will be able to vote at the elections, including 283 enclaved (Greek Cypriots living in the occupied areas in the north) and 11,683 who will vote abroad in 38 polling stations in 15 countries. The total cost of the elections is around €4.5 million.

Source: CyprusMail

Make your tiny home dreams come true (hello, cozy mountain house!) with these affordable and roomy options. They may be teeny, but these spacious and rustic homes come with everything you need to downsize and move to your favorite destination.

Shipping Container Tiny Home

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Eagle Point Cabin Kit

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What this two-story house lacks in insulation (you'll have to install your own), it makes up for in space. It features 712 square feet downstairs and 396 square feet upstairs, giving you plenty of room for your stuff (and privacy from any housemates).

"The Cabo" Tiny House

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You'll probably want to spend most of your time outside this one-bedroom, one-bath 399-square-foot home, because that cute front porch is completely irresistible.

Timberline Cabin Kit

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If this teeny 483-square-foot home isn't exactly what you want, you can always customize the kit to add or eliminate rooms on the first floor or loft area.

Bella Cabin Kit

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"The Kemah" Tiny House

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This one-bedroom, one-bath bungalow has everything you need to create a cozy 399-square-foot home in your getaway location of choice.

Timber Frame Cabin Kit

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Lillevilla Getaway Cabin Kit

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Ready to set up camp near your favorite lake or beach? This 244-square-foot rustic stunner, complete with a sleeping loft, is ready to house your entire family (though you'll have to add insulation if you're building in a cold-weather region).

Ranger Kit Cabin

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This quaint 451-square-foot cottage, covered in beautiful Nordic Spruce panels, offers a roomy bathroom and sleeping loft.

Richmond Barn Kit

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You'll have to add plumbing and a bathroom to this barn-style home to make it livable, but we think this two-floor beauty is worth a little bit of extra work.

Source: GH

In the business world, there is not a lot that happens in terms of altruism. When an entity helps another, it is typically a quid pro quo type of situation. For example, when the government helps a large business, both parties are getting something out of the arrangement. The government gives the business a significant tax break in exchange for the boost in the economy that the business will provide. This happens on all governmental levels, from national all the way down to the governments of small towns that are trying to boost the local economy.

However, this type of arrangement typically does not happen without a great deal of thought put into it on both sides. Trust needs to be established not unlike the trust between mortgage borrowers and private money lenders, just at a much grander scale over a much longer span of time. Oftentimes, these relationships require the help of a third party such as a loan servicing company.

One example is the new casino in Cyprus that is in planning at this time. It is expected to begin its operation in 2021 and bring approximately 838 million dollars into the economy of Cyprus starting in 2022. This large amount of money is a very significant four percent of the economy of the island. It is predicted that this new casino in Cyprus will be bringing all sorts of jobs to Cyprus, including 2,500 jobs for permanent staff and 4,000 construction jobs.

Additionally, it is expected to promote tourism significantly, with an expected 300,000 people coming to visit Cyprus from all over the continent and the rest of the world. This casino will likely get a hefty tax break from the government because of what it is contributing to the economy of the nation and how it is helping the government of Cyprus in that way. The building and opening of this casino is seen as an event that will be mutually beneficial to both the owners of the business and the government of Cyprus, as is the case in most of the situations where the government provides these types of new businesses with financial help as they are starting up.

Another way in which the government can help these businesses is through loan servicing. Essentially, this is simply the government or a government-sponsored entity functioning as a lender for the business while the business is getting its feet off the ground financially. Loan servicing can give the business a significant boost, which in turn is expected to boost the economy and benefit the government. Of course, since it is a loan, the company will have to pay it back with interest in a timely manner. This is not expected to be a problem in the cases where the business is expected to thrive, make a great deal of money, and boost the economy significantly.

The government would be very unlikely to provide a loan or a tax break to a company that it does not feel will benefit the nation and the economy in a significant way, however. This is why the business would need to prove to the potential lender that it has the capability to provide jobs and bring in tourists to boost the economy. Not every business will be able to do this, so they will have to start up without help from the government. This is not to say that they will not be able to be financially successful, but they will not have the help from the government that the casino that will be starting up in Cyprus will have.

Source: CyprusMail

Vodafone said on Tuesday it had agreed to buy Athens-based CyTA Telecommunications Hellas SA for €118 million to expand its fixed line network in Greece.

The purchase will add around 40,000 mobile customers and about 300,000 fixed broadband customers, or roughly 8 per cent market share, to Vodafone-Panafon Hellenic Telecommunications Co’s network, the British telecoms group said in a statement.

CyTA Hellas is the Greek unit of Cyprus Telecommunications Authority.

Source: CyprusMail