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Posted on: 2/15/2018 7:04:36 AM under General News
Finance Minister Harris Georgiades commented on February 14 on positive official data released on Cyprus' growth for 2017 noting that they show that "we are on the right track."
"The confirmation for a growth rate of 4% for 2017 shows we are on the right track," Georgiades said on his Twitter account.
It is a result, he adds, "of efforts made by the productive forces of this country but also of the responsible decisions taken."
"We are continuing the effort" he concludes.
Cyprus growth rate in the fourth quarter of 2017 accelerated to 4.0% marking the highest growth since the second quarter of 2008, according to data released by the Cyprus Statistical Service.
As reported in the Gold News
Posted on: 2/14/2018 5:53:34 AM under General News
Eighty five percent of banks cite implementation of a digital transformation program as a business priority for 2018, according to the EY Global Banking Outlook 2018. Investment in technology to drive efficiency, manage evolving risks and benefit from growth opportunities is seen by banks as critical for sustainable success.
Addressing cybersecurity is the top priority for global banks (89%) in 2018, replacing last year's top priority of managing reputational, conduct and culture risks, which falls to sixth place in this year's report. Recruiting, developing and retaining key talent (83%) also garners significant attention as banks strive to integrate cyber experts into their organizations amidst a skillset shortage.
Posted on: 2/13/2018 7:11:27 AM under General News
THE European Commission (EC) agreed to partially fund the cost of infrastructure to enable Cyprus to import LNG. This was one of the 17 projects selected under the framework of the European support programme for trans-European infrastructure Connecting Europe Facility (CEF) on 25 January.
The specific project is known as CyprusGas2EU and its purpose, according to the EU list of projects, is to 'remove internal bottlenecks in Cyprus to end isolation and to allow for the transmission of gas from the Eastern Mediterranean region.'
As reported in Cyprus Mail
Posted on: 2/12/2018 7:27:23 AM under General News
As an E.U. member since 2004 and a member of the Eurozone since 2008, Cyprus is a fully compliant platform. Positioned as a gateway between the east and west, Cyprus offers full access to the E.U. single market and serves as a link between markets in the Eastern Mediterranean, Asia and the Middle East. As a small but dynamic market, Cyprus can act as a sandbox for companies wishing to test the success of goods or services before escalating their activities into bigger markets.
Posted on: 2/8/2018 6:55:31 AM under General News
Woolworth Properties PLC has agreed to sell three properties to Bank of Cyprus subsidiaries. In particular, the deal concerns the well-known Shacolas Tower on Ledra Street, Superhome Center (DIY) department store in Strovolos and Debenhams Apollon in Limassol for a total price of €44 million.
According to an announcement made by Woolworth Properties on the Cyprus Stock Exchange, its subsidiaries Estelte Ltd and Calandra Ltd have agreed to sell three of their properties to Ravenica Properties Ltd, Wiceco Properties Ltd and Arleta Properties Ltd (subsidiaries of Bank of Cyprus):
• The property, known as Shacolas Tower, on Ledra Street in Nicosia, owned by Calandria Ltd (the biggest part of which is being rented out to H&M), was sold to Ravenica Properties Ltd.
• The property in Strovolos, owned by Estelte Ltd, (which currently hosts Superhome Center (DIY) Ltd – subsidiary of Ermes Department Stores Plc) was sold to Wiceco Properties Ltd.
• The property in Limassol, owned by Woolworth Properties (which is currently being rented out to the affiliated company Ermes Department Stores Ltd and operates in the Debenhams Apollon department store) was sold to Arleta Properties Ltd.
Posted on: 2/7/2018 7:07:52 AM under General News
The Cyprus Government aiming to give motive and to produce investments introduced a new framework with tax incentives for investments in small and medium sized innovative business. Under the new Article 9A of the Income Tax Law 2002 introduced by the Income Tax (Amendment)(No.2) Law 2016(135(i)/2016 qualified independent investors that make a risk-finance investment in an "innovative small and medium sized enterprise” are allowed to deduct the cost of the investment from their taxable income in the year the investment is made.
Posted on: 2/6/2018 7:15:52 AM under General News
A new marina is to be built at Famagusta in the north of the island, it was reported on Tuesday.
According to Turkish Cypriot media reports, authorities announced plans to construct a new marina aimed at attracting more visitors.
Posted on: 2/5/2018 7:28:05 AM under General News
The European Investment Bank (EIB) has agreed the first infrastructure project in Cyprus under the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, the European Commission said in a press release on February 2.
The EIB will provide Eur 35 million to the Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS) to build a 210,000 tonne privately-owned storage facility.
The Juncker Plan-backed project will focus on enhancing energy efficiency and it will improve Cyprus's energy security by increasing the amount of reserve oil stocks held in the country.
Posted on: 2/2/2018 4:24:20 AM under General News
Noble Energy, Inc. has announced that it has signed a definitive agreement to divest a 7.5 percent working interest in the Tamar field, offshore Israel, to Tamar Petroleum Ltd. for cash proceeds of approximately $560 million and 38.5 million shares of Tamar Petroleum. Based upon today's closing price of Tamar Petroleum, total consideration of this transaction is approximately $800 million. This follows an initial divestment of 3.5 percent of the Tamar field in mid-2016. Combined proceeds from both transactions total nearly $1.25 billion, including almost $1 billion in cash.
Posted on: 1/30/2018 12:50:00 AM under General News
160Tbps super-fast fibre-optic subsea data cable to handle up to 60% of the world's internet traffic at peak time
Global telecommunications will undergo a drastic and revolutionary change with the introduction of the Quantum Cable, the super-fast subsea cable of up to 160Tbps in the Mediterranean, following a Memorandum of Understanding and Heads of Agreement signed in Nicosia between the owner, Quantum Cable, and a leading U.S.-based global industry supplier, major S&P company and supported by government officials from Cyprus and Greece.
Posted on: 1/29/2018 4:41:53 AM under General News
The Cyprus International Tax Conference is presented for the first time to address recent trends and developments in taxation across Europe and the globe. Distinguished speakers from the local market and abroad will share their knowledge and view on recent tax developments and various topics of concern to international tax professionals.
Alongside the conference, attendees will be offered the chance to network with like-minded peers and professionals from the financial and professional services sectors in Cyprus.
More information available from here.
Posted on: 1/25/2018 11:21:23 PM under General News
The new casino 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.
Posted on: 1/25/2018 2:50:49 AM under General News
Bank of Cyprus, the largest financial institution on the island, is today making its own contribution to the shift towards an API Economy by embracing the concept of Open Banking.
The Bank is making available to interested parties functionality of its core banking systems in the form of Application Programming Interfaces (APIs), in a secure manner, in line with the PSD2 Directive and in accordance with industry best practices and standards.
Through these tools and technologies, the Bank extends its banking ecosystem enabling third party solution providers to integrate apps and services and to focus on what matters the most – creativity and innovation in defining the new digital banking experiences of the future, for the benefit of the Bank’s customers and the economy.
As a starting point, developers and other interested parties are invited to visit the SandBox Developers portal (sandbox.bankofcyprus.com) where they can sign up and freely test the functionality of the Bank of Cyprus API offerings.
As reported in Cyprus Business Mail
Posted on: 1/23/2018 10:15:25 PM under General News
The government is pushing for a comprehensive policy framework to promote the audiovisual industry, which is expected to bring development, economic and cultural benefits such as the promotion of Cyprus as a shooting spot and its promotion as a tourist destination, the influx of capital, jobs, increased involvement of local production companies and other audiovisual-related companies, the acquisition of expertise and know-how that will lead to upgrade the services of Cypriot film producers and technicians through the experience gained from cooperation with foreign producers.
As reported in InBusiness News.
Posted on: 1/23/2018 5:41:57 AM under General News
Vodafone has won the tender for the acquistion of a 100% stake in Cyta Hellas, the Greek telco owned by the Cyprus Telecommunications Authority.
A contract for the transaction could be signed as soon as Sunday, January 28, the date of the presidential elections in Cyprus, Broadband TV News reports.
It adds that sources indicate Vodafone bid €117 million for the telco, beating the offer of around €100 million submitted by Wind Hellas. China's PCCW, another interested party, did not submit a bid in the end.
The Cyprus Telecommunications Authority will exit the Greek market with losses, having invested over €200 million in Cyta Hellas over the last 10 years.
Meanwhile, Vodafone will strengthen its position in the fixed-line sector in Greece, increasing its subscriber total from under 750,000 to close to one million.
Posted on: 1/22/2018 7:11:51 AM under General News
Societe Generale Bank - Cyprus Ltd has been utilising Point Nine's proprietary post trade processing platform Circle to revamp its trading operations and has been successfully meeting the standards of the Markets in Financial Instruments Regulation (MiFIR) transaction reporting requirements which went live on January 3, 2018.
With the MiFIR regulations requiring more agile and robust data control processes, Point Nine's Circle platform offers Societe Generale Bank - Cyprus Ltd a seamless and effective solution for processing, analysing and reporting trading data.
Saving businesses time and money, Circle's MiFIR transaction reporting engine includes features such as Cross Asset Class coverage, Data mapping, Data enrichment, a Full Audit Trail and Daily Reports, which ensure clients have access to timely and accurate data for regulators.
Furthermore, Point Nine's Circle processes data from various sources, covers all asset classes, translates and submits the reports to regulatory bodies in the format required and also handles acknowledgment messages.
Posted on: 1/18/2018 11:27:25 PM under General News
Limassol Municipality is looking to re-energise the interest of cruise organisers on the basis of the city's strategic planning to become a top cruise destination, a goal pursued also by DP World Limassol, the company that operates the multi-purpose terminal at the city's port.
Mayor of Limassol Nicos Nicolaides and representatives of the Cyprus Shipping Chamber held a meeting on Wednesday focusing on a series of related issues.
"Cruises are a key component of our city's tourism, but also of the revitalization of the city centre" Limassol Mayor told the Cyprus News Agency.
Nicolaides said that two trips to Marseilles and Haifa, scheduled to take place in March and April, respectively, are part of the effort to establish cooperation.
"It is extremely important to render Limassol a top cruise destination" the Mayor noted, adding that to achieve that the Municipality needs to develop its infrastructure.
Posted on: 1/18/2018 1:27:58 AM under General News
As the citizenship industry booms, The Economist’s 1843 magazine reveals which passports offer the best perks.
What about a Cyprus Passport? Visa-free access to 159 countries; dual citizenship allowed.
Alexandrou Corporate Services provides a vast spectrum of services including formalization of Citizenship for non-European citizens.
Contact us at email@example.com for more information.
Posted on: 1/17/2018 3:00:39 AM under General News
Contracts for Larnaca port and marina project are expected to be signed in 2018, Minister of Transport, Communications and Works Marios Demetriades said.
The Minister visited Monday the port of Larnaca to inspect the work and consultations with potential investors. In statements to the Press, he said that contacts with the investors will be held over the next few days.
"We hope that the process will move as fast as possible to implement this great project that will change the lives of Larnaca citizens," he noted.
He also said that he was confident the project would proceed because of the quality of the potential investors and added that they are discussing with three foreign consortia. Two of the consortia have already arrived in Cyprus for consultations with the ministry and site inspection.
Posted on: 1/16/2018 5:11:25 AM under General News
Ministry of Energy, Commerce, Industry and Tourism and PMV Maritime Holdings Ltd signed on January 15 the contracts for the development of Paralimni marina, at the south-eastern part of the island.
Addressing the signing ceremony, Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism said "the construction of the marina will further enrich our tourist product, attracting more tourists in Cyprus.”
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