Iceland-based hashpower hosting service Genesis Mining is compelling some of its customers to upgrade their Bitcoin (BTC) mining contracts following this year’s significant cryptocurrency price decline, according to an August 17 statement.

In 60 days, the company will terminate services for open-ended contracts that mine less than the daily maintenance fee. Genesis claims that the downward trend of BTC around January and heavy decline in crypto mining in April and May resulted in a reduction of mining outputs.

If customers wish to continue using Genesis’ services, they have to upgrade their existing BTC mining contracts to premium five-year contracts. Genesis notes in the announcement:

“...as a hashpower hosting service, we can only influence one out of the three main factors that determine mining rewards, and that is the infrastructure… The market price of Bitcoin and the mining difficulty are factors we cannot control.”

Genesis Mining was started in 2014, with locations in Bosnia and China. The company subsequently moved to Iceland and Canada due to the cold climate and cheap electricity rates.

In March, Genesis was issued a cease and desist order and asked to leave the state of South Carolina due to selling “unlicensed securities.” South Carolina demanded Genesis not only halt operations within its borders, but pay an “appropriate civil penalty for the wrongdoing.”

Since Bitcoin slid from it’s famed $20,000 peak last December, miners have struggled to stay above water as the combination of low prices and regulatory pressure continues to put a squeeze on the industry.

In June, Canadian provincial utility Hydro-Quebec proposed new rules, under which blockchain companies will be required to bid for electricity and quantify the jobs and investment they expect to generate per megawatt. The new regime seeks to allocate up to 500 megawatts, in addition to 120 megawatts of already existing initiatives.

Source:Cointelegraph

Cyprus’ economy grew 3.9 per cent year-on-year in the second quarter of the year, according to a flash estimate published by the statistical service on Tuesday.

Based on seasonally and working day adjusted data, GDP the growth rate in real terms is estimated at 3.9 per cent, the service said.

The rise was mainly driven by hotels and restaurants, retail and wholesale trade, construction, manufacturing, professional, scientific and technical activities, and administrative and support service activities.

Finance Minister Harris Georgiades said the rise in growth in Q2 was a result of the hard work of the country’s productive forces and “confirmation that through difficult decisions, Cyprus remains on a course of stability and positive prospects.”

The minister said unemployment has dropped below the European average, disposable income, private consumption and investment are gradually rising, while recent decisive moves in the banking sector have bolstered confidence leading to three consecutive upgrades by rating agencies.

“We ought to continue the effort, collectively and responsibly,” Georgiades said.

Source: CyprusMail

Cypriot sailor Pavlos Kontides has won the world championship for the second year running on Friday after winning gold in the Laser category at Aarhus, Denmark.

Kontides battled it out with Australia’s Matthew Wearn who was trailing by four points. The Cypriot only had to finish behind the Aussie to win the title.

“It’s a fantastic feeling. It was a difficult race against Mat,” Kontides said after the race. “I stayed behind at first but it didn’t get me down. I chased Mat and managed to conquer the title.”

Source: CyprusMail

Police on Tuesday warned the public about a new form of online fraud and extortion.

They said people receive e-mails where the sender claims to know and have access to codes and private information through malware.

The average person is usually convinced when the e-mail shows a password from one of their latest online website registrations.

The sender then threatens to release private information unless a large sum is paid in Bitcoins.

Police said users should never send money or personal data to any unknown individual and encourage the public to report all such incidents to the cybercrime unit.

http://www.cypruspolicenews.com/cyber_crime
https://cybercrime.police.gov.cy/police/CyberCrime.nsf/subscribe_gr/subscribe_gr?

Source: CyprusMail

In conformity with its growth strategy, AstroBank Limited announced that it has signed an agreement with USB Bank PLC to acquire the banking business including the staff of USB, excluding only certain assets. The agreement is expected to be completed before the end of the year following the necessary approvals from the regulatory authorities and completion of other formalities. The transaction will be financed from own resources and supported by a capital raise, primarily from AstroBank’s existing shareholders, currently at its final stages of completion.

According to a statement, with this acquisition, AstroBank strengthens significantly its position in the Cyprus market by leveraging the synergies it creates. More specifically, AstroBank, as a result will grow by more than 55% reaching Total Assets of more than €2 billion, with Gross Loans at €1.2 bln, Customer Deposits at €1.9 bln and Equity at €160 mln.

AstroBank looks forward to working closely with the management and staff of USB for a smooth transition and a combined effort, going forward, to develop the business for the benefit of the customers, the employees and the shareholders.

Source: Stockwatch

The world’s largest passenger plane, an Airbus A380, landed in Larnaca early on Thursday after departing from Denmark at 8.15pm the day before.

The plane, which ordinarily would be used to reach destinations far from Copenhagen, was reportedly used because tour operator Thomas Cook was left without an aircraft following a technical problem on the Greek island of Rhodes which left the operator short of a plane. The plane was leased from Hi-Fly, which is leasing it from owner Doric for almost six years.

While some airports need to upgrade to accommodate this type of planes, Larnaca is not one of them.

Though unusual, it is not the first time this type of plane has landed in Larnaca airport, a spokesman for airport operator Hermes said. “It happened a few times, and every time everything went well,” he said.

The Airbus A380 is a double deck four-engine jet plane. It has 550 square metres of floor space, and provides seating for 525 people in a typical three-class configuration or up to 853 people in an all-economy class configuration.

The service from Copenhagen to Larnaca would normally use an Airbus A321 with less than half the capacity of an A380.

Source: CyprusMail

Unemployment rates in Cyprus further dropped to 8.2%  (7.6% for males and 8.8% for females) or 35 000 individuals, in June 2018, from 8.3% in May 2018 and 11% or 47 000 individuals in June 2017, according to eurostat.

That was again the largest annual decrase, (Cyprus from 11.0% to 8.2%), followed by Portugal (from 9.1% to 6.7%), Croatia (from 11.1% to 9.2%), Estonia (from 6.8% to 4.9% between May 2017 and May 2018) and Spain (from 17.0% to 15.2%). Compared with a year ago, the unemployment rate fell in all Member States. In June 2018, the unemployment rate in the United States was 4.0%, up from 3.8% in May 2018 and down from 4.3% in June 2017.

Among the Member States, the lowest unemployment rates in June 2018 were recorded in the Czech Republic (2.4%) and Germany (3.4%). The highest unemployment rates were observed in Greece (20.2% in April 2018) and Spain (15.2%).

Meanwhile the euro area (EA19) seasonally-adjusted unemployment rate was 8.3% in June 2018, stable compared with May 2018 and down from 9.0% in June 2017. This remains the lowest rate recorded in the euro area since December 2008. The EU28 unemployment rate was 6.9% in June 2018, also stable compared with May 2018 and down from 7.6% in June 2017. This is the lowest rate recorded in the EU28 since May 2008.

Eurostat estimates that 17.105 million men and women in the EU28, of whom 13.570 million in the euro area, were unemployed in June 2018. Compared with May 2018, the number of persons unemployed increased by 4 000 in the EU28 and by 14 000 in the euro area. Compared with June 2017, unemployment fell by 1.657 million in the EU28 and by 1.146 million in the euro area

In June 2018, 3.415 million young persons (under 25) were unemployed in the EU28, of whom 2.412 million were in the euro area.

Compared with June 2017, youth unemployment decreased by 386 000 in the EU28 and by 266 000 in the euro area. In June 2018, the youth unemployment rate was 15.2% in the EU28 and 16.9% in the euro area, compared with 16.8% and 18.9% respectively in June 2017. In June 2018, the lowest rates were observed in Malta (5.5%), Germany (6.2%) and the Netherlands (7.2%), while the highest were recorded in Greece (42.3% in April 2018), Spain (34.1%) and Italy (32.6%).

Source: Stockwatch

The Law Office has successfully defended Cyprus’ interests in the proceedings commenced by Marfin Investment Group (MIG) against the Republic of Cyprus at the International Arbitration Tribunal, Attorney General Costas Clerides said on Friday.
 
Speaking at a press conference, Clerides said the Tribunal fully justified the positions of the Republic of Cyprus in the legal proceedings of MIG, Andreas Vgenopoulos and 19 other natural and legal persons from Greece, with which they were claiming compensation of €1.05 billion for the violation of provisions in the agreement between Greece and Cyprus for the mutual protection of investments, in relation to the former Popular Bank.
 
Clerides said the Tribunal ruled that the Republic of Cyprus had not violated any obligation emanating from the agreement and dismissed all claims. It furthermore ordered the claimants to pay legal expenses of €5 million.
 
Replying to questions, there was no right to appeal a ruling of the Tribunal, but only a mechanism for the revision of the decision for strictly restricted reasons.
 
He added that he expected the decision to be helpful in similar proceedings pending at the International Arbitration Tribunal.
 
Clerides thanked international law firm Skadden, Arps, Slate, Meagher and Flom (UK) LLP, which took this very important case for the Republic of Cyprus in cooperation with the Law Office.
 
He also referred to the close cooperation between the Law Office, the Central Bank and the Ministry of Finance in handling the case and thanked everyone involved for their hard work over the past five years.

Source: Stockwatch

Trade Unions PEO, SEK and PASYDY endorsed on Thursday a voluntary retirement scheme (VRS) for 900 employees of the state-owned Cyprus Cooperative Bank (CCB) in the context of a deal for the transfer of the CCB’s performing operations to Hellenic Bank.

 
The three trade unions held a joint conference today, analysing a revised VRS submitted yesterday by the CCB board. The VRS provide for tax-free compensation up to €180.000
 
The plan, approved by the Council Of Ministers yesterday, and will be submitted to Extraordinary Annual General Meeting next Tuesday and after its approval will be announced to the employees who will have until August 17 to opt for voluntary retirement.
 
“The assembly unanimously decided to endorse and approve the VRS so that it will be conveyed to the personnel,” PASEY PEO General Secretary Savvas Touloupos said in statements following the conference.
 
On his part, OYIK SEK’s General Secretary, Elisseos Michael, said the CCB’s revised proposal compares favourably to the VRSs implemented by other Cypriot banks while it has more just distribution of the compensation across the employees’ salary scale.
 
Andreas Louca, PASYDY senior permanent secretary said the unions examined the last VRS launched by Cypriot banks, noting that the VRS offered by the CCB is way better than the other plans.
The plan provides that the employees opting for voluntary retirement will 26% of their gross annual income multiplied by their years of employment.

Source: Stockwatch

Hellenic Bank announced that it has received clearance of the Acquisition by the Commission for the Protection of Competition (“CPC”) of the Republic of Cyprus.

According to a statement, on 24 July 2018, the CPC informed the Company of its decision that the act of concentration in relation to the Acquisition is compatible with the functioning of competition in the market.

The Company will keep investors informed of any developments relating to the Acquisition to the extent required by applicable laws and regulations.

Source: Stockwatch