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Cyprus News Agency: News in English, 13-05-09Cyprus News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Cyprus News Agency at <http://www.cyna.org.cy>CONTENTS
[01] EU leaders to focus on energy and tax fraud/evasion at May CouncilEnergy, tax fraud and tax evasion will be the focus of the discussions among the EU heads of state and government, who will meet on the 22nd of May in Brussels.In his letter to the EU leaders, President of the European Commission Jose Manuel Barroso said that the European Council will discuss two important and topical issues, namely energy and tax evasion/fraud. Referring to energy, he noted that energy prices differ considerably across the EU, because the market is fragmented. [02] Appraisal well in Cyprus` block 12 after first half of JuneNoble Energy will drill an appraisal well in block 12 of Cyprus' exclusive economic zone after the first half of June, with the process lasting up to three months, J. Keith Elliott, Noble Energy's Vice President for the Eastern Mediterranean region said. He noted that another well might be necessary to establish a clear picture about the size of the resource.During an interview, on the sidelines of the 2013 Offshore Technology Conference, in Houston, Texas, Elliot said he was satisfied with the working relationship established with the Cyprus government, adding that he did not believe things were progressing too slowly. Elliott has recently (last April) assumed his new duties, following an overhaul in Noble's organisational structure, that added three major operating regions, including the Eastern Mediterranean. [03] Quest for new growth model for Cyprus well underwayTalk of the need for the Cyprus government to form a new economic growth model is well underway beyond the island's borders as well, and it involves the international press, economists and analysts.A common theme is the acknowledgement that along with the banks a very large part of the rest of the services sector will be affected - a serious blow for a country where the tertiary sector makes up 80% of the GDP, tourism included. It's not all doom and gloom though, as the ongoing debate reveals choices and possibilities. As far as the banks are concerned there is a new landscape and a new equilibrium of sizes and opportunities. "It will be an opportunity on the one hand for the subsidiaries of foreign banks to expand their operations, and on the other hand it will be difficult for them to compete with the Bank of Cyprus, an institution which will have a huge share of the market," Professor of International Finance at Cass Business School, Kate Phylaktis told CNA. voulibuilding100.jpg [04] Stavrakis: Banks' expansion destroyed the economyFormer Finance Minister Charilaos Stavrakis has said that the Cypriot economy has been destroyed as a result of the big expansion of business of the two biggest Cypriot banks, namely Bank of Cyprus and Laiki, into foreign markets and poor corporate governance and not because of the public debt and budget deficit.Stavrakis said that the Board of Directors of Cyprus' two biggest banks have not risen to the occasion with respect to effectively monitoring the actions of their managers. He also spoke of invested interests among members of the Board of Directors, who may have been intertwined either because they had loans or for other reasons. Former Finance Minister, who served his ministerial post between February 2008 and August 2011, was speaking before the Investigation Committee set up to look into the near collapse of the banking sector and the economy of the country. [05] Unemployment in Cyprus rises by 27.7% in April compared to 2012Unemployment in Cyprus increased in April by 27.7% compared to April 2012.The number of unemployed, registered at the District Labour Offices on the last day of April 2013, reached 45.201 persons. According to the Statistical Service of the Republic of Cyprus, based on the seasonally adjusted data, the number of registered unemployed for April 2013 increased to 44.043 persons in comparison to 41.413 in the previous month. Cyprus News Agency: News in English Directory - Previous Article - Next Article |
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