How the bank workers clawed back their 2013 losses

The decision to bail in depositors at Bank of Cyprus and Cyprus Popular Bank, widely known as Laiki, wiped out €8bn in deposits held at the island’s largest lenders. For many it meant a disaster. [...]

FINANCE
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BY Elena Economou
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Mar 19 2018

S&P keeps Cyprus at BB+ rating, positive outlook, citing NPLs

While Cypriot banks, which are struggling with a €20bn mountain of bad debt, roughly two fifths of their loan portfolio, are making efforts to reduce them via loan write-offs and restructuring and o [...]

FINANCE
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BY Elena Economou
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Mar 17 2018

Strong economic growth a credit positive for banks, Moody’s says

Strong economic growth – the highest growth rate since 2008 – is credit positive for Cypriot banks Moody’s ratings agency said on Thursday, noting however that despite the growth reduction of no [...]

MARKET TRENDS
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BY Elena Economou
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Mar 16 2018

MPs determined to act over title deed fiasco

In the absence of tangible government action, main opposition Akel said on Wednesday it will be preparing two proposals designed to iron out kinks in a 2015 law that sought to sort out the title deed [...]

MARKET TRENDS
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BY Elena Economou
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Mar 15 2018

Lakkotrypis confirms Shell’s interest to buy Cypriot gas

The minister said Cyprus was “close to a deal,” relating to talks to sell gas to one of the two liquefaction plants on Egypt’s Mediterranean coast via pipeline, without revealing additional deta [...]

MARKET TRENDS
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BY Elena Economou
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Mar 14 2018

Cyprus ready for scrutiny of Golden Visa scheme says Georgiades

The scheme allows foreign investors to acquire Cypriot citizenship within months by investing as little as €2m in assets or companies, including real estate. Until September 2016, when the cabinet m [...]

MARKET TRENDS
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BY Elena Economou
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Mar 13 2018

One of two ExxonMobil survey ships on its way to Limassol

One of the two ExxonMobil research vessels scheduled to carry out explorations in block 10 of Cyprus’ exclusive economic zone (EEZ) departed from Greece on Sunday and is headed towards Limassol port [...]

MARKET TRENDS
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BY Elena Economou
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Mar 12 2018

Israel expects decision on Cyprus-Greece-Italy pipeline in 2019

Israel expects a decision to go ahead with the construction of a 2,000 kilometre pipeline linking vast eastern Mediterranean gas resources to Europe to be made by early 2019, Israeli Energy Minister Y [...]

MARKET TRENDS
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BY Elena Economou
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Mar 10 2018

Government starts repaying €2.5bn Russian loan

The Russian loan accounted in September for 13 per cent of the total public debt of €18.8bn, according to the latest available figures on the website of the Public Debt Management Office. Source: C [...]

FINANCE
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BY Elena Economou
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Mar 09 2018

ExxonMobil: Our top priority is the safety of vessels' crews

ExxonMobil`s top priority is the safety of its vessels` crews and of others in the Eastern Mediterranean, its spokeswoman Suann Guthrie has told CNA, asked about the company`s exploration drilling ope [...]

MARKET TRENDS
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BY Elena Economou
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Mar 08 2018