Business Mail
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‘Golden visas’ risk being exposed to fraud, insider says
By Stelios Orphanides Foreign investors applying for a Cypriot ‘golden visa’ may be exposed to malpractice and fraud if the government decides to grant companies or individuals selling...
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Fiscal council urges government to focus on reducing debt
By Stelios Orphanides The government should contain spending and instead focus on reducing public debt “as early as possible,” the Cyprus News Agency (CNA) reported on Friday, citing the...
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Cypriot construction sector NPLs highest in Europe
By Stelios Orphanides Almost a decade after the 2008 real estate bubble bust, Cyprus’s ratio of non-performing loans in the real estate and construction sector remain among the highest in...
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Moody’s says new capital gains tax exemptions to aid banks
By Stelios Orphanides Moody’s Investors Service said that the decision of the Cypriot parliament to also exempt the sale of real estate from the capital gains tax when the generated cash...
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Fitch says medium term debt drop unaffected by Co-op
By Stelios Orphanides Fitch Ratings said that the sale of the Co-op’s operations to Hellenic Bank and the related increase in government debt will not alter the public debt’s reduction...
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CySEC says cash payments of €10k banned
By Stelios Orphanides The Cyprus Securities and Exchange Commission notified supervised companies that accepting €10,000 or more in cash payments is considered a criminal offence under...
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June harmonised inflation seen at 1.7%
By Stelios Orphanides The harmonised consumer price index rose in June 1.7 per cent compared to the respective month of 2017 mainly on higher energy prices, the statistical service said....
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Haulers block Limassol port briefly in protest
By Stelios Orphanides A group of truck drivers disrupted the operations of the Limassol port on Wednesday when they briefly blocked the entrance over the introduction of a new type of...
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Unions, Co-op agree to talk again on Thursday
By Stelios Orphanides A meeting held between unions of the Cyprus Cooperative Bank and the lender’s administration to discuss the implementation of the deal with Hellenic Bank on Tuesday...
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CBC governor sparks new controversy with comments she denies
By Stelios Orphanides Central Bank of Cyprus governor Chrystalla Georghadji, who had been criticised for remaining silent in recent months when events unfolded around the Co-op, made a...
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Tourist arrivals up 8.2% in June
By Stelios Orphanides The number of tourist arrivals in June rose 8.2 per cent to 511,073 compared to the respective month of 2017 on a strong performance of the UK market amid signs of...
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Russian businessman Savvidi seen behind violent protest in FYROM
By Stelios Orphanides Russian businessman Ivan Savvidi financed political groups in the Former Yugoslav Republic of Macedonia (FYROM) with at least €300,000 to protest against an...
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Co-op buys €3.2bn in government bonds, sells back April issue
By Stelios Orphanides The government issued on Friday €3.2bn in bonds in favour of the Cyprus Cooperative Bank with a maturity of 5 months to 53 months, the Public Debt Management Office...
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Hellenic, Coop engage in business transfer talks
By Stelios Orphanides Hellenic Bank and the Cyprus Cooperative Bank have launched talks aiming at completing the agreed transfer of the latter’s operations by September, the Cyprus News...
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MTN sells Cypriot unit for €260m
By Stelios Orphanides South Africa’s telecom MTN Group sold its operations in Cyprus to Monaco Telecom S.A. for a total of €260m, Reuters reported on Monday. The South African company...
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Parliament passes Solidarity Fund Budget
By Stelios Orphanides The parliament approved on Friday a supplementary budget which provides for the allocation of €25m in taxpayers’ money to the (National) Solidarity Fund to...
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Court of Justice of EU rejects lawsuit against 2013 bail-in
By Stelios Orphanides The Court of Justice of the European Union (CJEU) rejected lawsuits filed by depositors at Bank of Cyprus and Cyprus Popular bank for impairments suffered in 2013....
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Moody’s considers upgrading Hellenic, Co-op after deal
By Stelios Orphanides Moody’s Investors Service said that it has placed the credit rating of Hellenic Bank and the Cyprus Cooperative Bank on review for a possible upgrade following the...
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Parliament accepts Anastasiades’s referral of insolvency law
By Stelios Orphanides Parliament on Friday accepted President Nicos Anastasiades’s referral of the law on the treatment of bankrupt persons passed by the House on June 28, the Cyprus News...
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Company registrations up 17% in June
By Stelios Orphanides The number of company registrations rose in June an annual 17 per cent to 1,123 unaffected by tougher anti-money laundering measures including shell companies being...
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NPLs drop to below €20bn in March, CBC says
By Stelios Orphanides Non-performing loans in the Cypriot banking system fell in March by almost €2.1bn to €19.9bn in a month, which is the lowest since December 2014, the Central Bank of...
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April tourism revenue down 4.3% as Britons, Russians cut spending
By Stelios Orphanides Revenue from tourism fell in April 4.3 per cent to €181.4m compared to the respective month of 2017 against a 9.7 per cent increase in arrivals, the statistical...
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Q1 home prices down 1.8% Q/Q, Cystat says
By Stelios Orphanides Home prices fell 1.8 per cent in the first quarter of the year compared to October to December last year, the first quarterly drop in four quarters, the statistical...
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Saloon registrations up 3.3% in June
By Stelios Orphanides The number of saloon cars registered in June rose 3.3 per cent, to 4,533, compared to June last year on an increase in second-hand vehicle sales, the statistical...
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BOC agrees to sell UK unit to Cynergy Capital
By Stelios Orphanides Bank of Cyprus, the island’s largest lender, said that it agreed to sell its subsidiary, Bank of Cyprus UK, to Cynergy Capital Limited, a UK-based group, for a total...