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Central Bank Approves a New Loan Repayment Holiday Until June 2021

The board of Directors of the Central Bank of Cyprus approved a new loan repayment moratorium until the end of June. The new payment holiday, also approved by the Council of Ministers as part of support package to mitigate the impact of a new three-week lockdown to prevent the spread of covid-19, is extended to borrowers who did not utilize the 2020 payment holiday that ended ...

Business Monday, 11 January, 2021

Moody’s affirms Bank of Cyprus, Hellenic Bank ratings

Moody’s Investors Service affirmed all ratings and assessments of Bank of Cyprus and Hellenic Bank, including their long-term deposit ratings of B3. The outlook on both banks’ long-term deposit ratings remains positive. Moody’s said the banks’ ratings reflect their improved funding and liquidity profiles, and strengthened capital levels compared to a f...

Business Thursday, 12 November, 2020

Economic Activity Expected To Recover In 2021, ERC of University of Cyprus Says

In Cyprus in 2021, economic activity is expected to recover as real GDP growth is projected at 4.2%, according to the economic outlook published by the Economics Research Centre of the University of Cyprus, which notes that real GDP growth in Cyprus is projected at -6.5% in 2020 as a result of the COVID-19 pandemic. It notes that the negative growth forecast for 2020 incor...

Business Tuesday, 03 November, 2020

Chevron Completes Acquisition Of Noble Energy

Chevron Corporation announced yesterday that its acquisition of Noble Energy Inc. has been completed following approval by Noble Energy shareholders. “We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deli...

Business Monday, 12 October, 2020

Talks On ‘Yishai’ Gas Field On Track Says Cypriot Energy Minister

Cyprus-Israel talks seem to be on the right track regarding Israeli "Yishai" gas field adjacent to Cyprus’ "Aphrodite" field, as Energy Minister Natasa Pilides said, after her first video conference with her Israeli counterpart Yuval Steinitz. In statements to CNA Pilides said the issue has progressed and next week there will be a discussion between the General Directors...

Business Monday, 10 August, 2020

Cyprus-Russia tax treaty under discussion in August

There is one further discussion to be held between Russian and Cyprus negotiators in August, sources close to the negotiations told the Cyprus Mail on Friday. It is still possible for Cyprus to obtain changes to the terms proposed by Moscow, the sources said, because a draft has not yet been finalised. Cyprus negotiators are seeking to have exceptions made to the 15 per cent t...

Business Monday, 03 August, 2020

Economic Sentiment Improved In July, Driven By Confidence Boost In Services

The University of Cyprus’ Economic Research Centre released its monthly bulletin, revealing that the economic sentiment in Cyprus improved as the Economic Sentiment Indicator (ESI-CypERC) increased by 4.5 points compared with June 2020, driven by confidence improvements in services and among consumers. The bulletin further stated that the increase in the Services Confide...

Business Friday, 31 July, 2020

Cyprus industrial production value and employment increased in 2018

Cyprus industrial production value and employment in the sector increased in 2018 by 11.4% and 7% respectively on an annual basis, data released by the Cyprus Statistical Service on Monday show. In particular, according to the results of the Survey on Industrial Production 2018, employment in the broad industrial sector increased in 2018 by 7.0% to 38.2 thousand compared to 35...

Business Tuesday, 07 July, 2020

Commission approves Cyprus’ airlines incentive scheme

THE EUROPEAN Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework. Under the scheme, the support will take the form of direct grants of up to €800,000 per company and will be accessible in a transparent manner to all interested airlin...

Business Friday, 03 July, 2020

Slight Increase In Monthly Earnings Of Cyprus Employees In Q1 2020

The average gross monthly employee earnings for the first quarter of 2020 (€1,956) marked a 3.3% increase from the corresponding quarter of 2019 (€1,894), according to provisional data released by Cystat. Τhe average gross monthly earnings during the first quarter of 2020, seasonally adjusted, are estimated at €2.019 and compared to the fourth quarter of 201...

Business Tuesday, 30 June, 2020

Eurobank, Kedipes report strong 2019

In announcing its results for the last quarter of 2019, showing improvements across several metrics including profits and capital adequacy, Eurobank this week said it stands ready to withstand the ongoing crunch due to the coronavirus and help the community rebuild. For 2019 the lender posted profits of €44.5m compared to €42.5m in 2018. It said its capital adequacy ...

Business Saturday, 09 May, 2020

Trade Deficit At €479.5 million For January 2020

In January 2020, based on data released by Cystat, total imports were €699.6 mn as compared to €823.5 mn in January 2019. Imports from other EU Member States in January 2020 were €475.7 mn as compared to €375.7 mn in January 2019. Imports from Third Countries in January 2020 were €22.9 mn as compared to €447.9 mn in January 2019. Total exports in ...

Business Tuesday, 05 May, 2020