meeting

Cyprus Shipping Chamber delves into emissions trading system

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Cyprus Shipping Chamber delves into emissions trading system

The Cyprus Shipping Chamber held a meeting to discuss the EU Emissions Trading System (EU ETS) that became effective on January 1, 2024. The meeting aimed at informing member companies about their obligations under this new system. The Ministry of Agriculture, Rural Development and Environment, which is the Managing Authority of the EU ETS in Cyprus, provided a presentation on compliance with Community Regulations. The event also included strategic group meetings between participants and service providers to discuss solutions to challenges posed by the EU ETS. The meeting saw participation from representatives of seven service providers and over a hundred executives from member companies.

Eurobank growing into a regional powerhouse , — Cyprus central to its plans

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Eurobank growing into a regional powerhouse , — Cyprus central to its plans

– Eurobank’s financial results for 2023 exceeded initial expectations.
– Eurobank has a business plan for 2024-2026 aiming to become a regional banking powerhouse.
– The bank has a strong presence in Cyprus, which is expected to deepen.
– The bank’s board of directors will meet in Cyprus on March 20-22.
– Eurobank’s 2023 financial highlights include a per-share net profit of €0.31 and a return on equity of 18.1%.
– Earnings per share increased by 21.1% compared to 2022, reaching €2.07.
– 37% of net profits came from international activities.
– The Capital Adequacy Ratio (CAD) was 20.2% and the Common Equity Tier 1 (CET1) ratio was 17%.
– Non-performing exposures (NPEs) were at 3.5%, with a coverage ratio for non-performing loans of 86.4%.
– The loans-to-deposits ratio was 72.3%, and the liquidity coverage ratio was 178.6%.
– The business plan for 2024-2026 includes integrating Hellenic Bank in Cyprus and expanding in the region.
– About 50% of profits are expected to come from international operations.
– The plan targets a capital return of about 15% on a recurring basis and a dividend payout ratio of nearly 50% by 2026.
– Net interest income increased by 46.9% compared to 2022, reaching €2.17 billion.
– Fee and commission income grew by 4.2% in 2023, totaling €544 million.
– Organic revenues increased by 35.8% annually, reaching €2.71 billion.
– Operating expenses increased by 5.2% compared to 2022, reaching €902 million.
– The cost-to-income ratio improved to 33.2% in 2023.
– Organic pre-provision operating income increased by 58.6% annually, totaling €1.816 billion.
– Provisions for impaired loans increased by 24.7% compared to 2022, reaching €345 million.
– Organic pre-tax operating profits surged by 69.4% in 2023, totaling €1.47 billion.
– Adjusted pre-tax profits amounted to €1.55 billion, with adjusted net profits increasing by 6.6% to €1.256 billion.
– Adjusted net profits from international activities increased to €468 million in 2023.
– Operational performance in Cyprus and Bulgaria showed substantial improvement.
– Eurobank acquired a majority stake in Hellenic Bank and completed the acquisition of BNP Paribas Personal Finance in Bulgaria.
– Eurobank’s regional presence is significant, contributing approximately 37% to its profitability in 2023.
– Eurobank Cyprus began operations in 2007 and is the third-largest bank on the island.
– Eurobank Cyprus operates in five core business pillars.
– Eurobank has no intention of using Hellenic Bank’s excess liquidity elsewhere in the group.
– Eurobank and Hellenic Bank will continue to operate separately until conditions are met for their merger.
– Eurobank signed a Memorandum of Understanding with NPCI International Payments Limited to enhance remittances from Greece to India.

Holguin to meet Disy leader

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Holguin to meet Disy leader

UN Secretary General’s personal envoy Maria Holguin is on her second visit to Cyprus, where she will continue her meetings. She is scheduled to meet with the head and members of the Cyprus Chamber of Commerce and Industry in Nicosia and with Disy party leader Annita Demetriou. President Nikos Christodoulides mentioned a forthcoming meeting with Holguin and expressed willingness to meet Turkish Cypriot leader Ersin Tatar in Holguin’s presence. Holguin was appointed by UN Secretary-General Antonio Guterres in January to explore restarting Cyprus talks and has met with the leaders of both communities and the guarantor powers.

UN Envoy continues assessment over potential new negotiations

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UN Envoy continues assessment over potential new negotiations

Maria Angela Holguín Cuéllar, the personal envoy of the United Nations Secretary-General, is in Cyprus to gather assessments on the failure of the talks in Crans Montana and to understand the positions of various political forces regarding the future of negotiations in Cyprus. During her meetings with leaders from both sides of the divide and party leaders, Holguín has emphasized not rushing into negotiations without sufficient momentum and has sought to understand each side’s desires and perceived responsibilities of the other side. She has indicated a preference for focusing on the present rather than past failures. Various political leaders have expressed their views to Holguín, ranging from skepticism about the potential for confidence-building measures to contribute positively, to differing perspectives on the future of negotiations and the possibility of a federation. The National Unity Party in the occupied territories has stated that the chapter of federation is closed, while the Republican Turkish Party supports efforts to create common ground for resuming official negotiations and seeks a comprehensive solution based on political equality.

Cabinet approves grants scheme for agricultural upgrades

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Cabinet approves grants scheme for agricultural upgrades

The Ministerial Council approved the second call for proposals of the grants scheme for the creation, modernization, and digital upgrade of processing or marketing units of agricultural products, as announced by the Minister of Energy, Commerce, and Industry, George Papanastasiou. This scheme is part of the Recovery and Resilience Plan for 2021-2026 and has a budget of €25 million. It aims to support existing and new small and medium-sized enterprises. Approximately €3 million saved from the first call will be used in this second call. Applications must be submitted through the electronic system of the Ministry of Energy, Commerce, and Industry. The scheme is also open to cooperatives and beekeepers.

EU agrees , €5bn boost for Ukraine military aid fund

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EU agrees , €5bn boost for Ukraine military aid fund

European Union countries agreed to provide 5 billion euros for military aid for Ukraine as part of a revamp of the European Peace Facility (EPF) fund. This decision was made after envoys from the EU’s 27 member countries reached a compromise on the overhaul of the fund at a meeting in Brussels. The EPF has already been used to allocate some 6.1 billion euros for military aid to Ukraine.

House to vote on expansion of pre-primary education

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House to vote on expansion of pre-primary education

The Cyprus Parliament is expected to vote next week on a bill to expand free and compulsory pre-primary education to include children aged four years old and above. This follows a letter from Education Minister Athena Michaelidou to the House Education committee, urging them to advance the matter. The committee, led by Diko MP Pavlos Mylonas, discussed the initiative, which aims to address issues within the education sector through collaboration between relevant ministries and deputy ministries. Support for the bill was expressed by MPs, highlighting its potential benefits for low-income families and the necessity of the reform. Concerns were raised about the need for proper consultation and the impact on nursery schools, with a meeting planned between the Education ministry, the Social welfare deputy ministry, and the private preschools association (Sipek) to discuss these issues. The government plans to gradually lower the age of acceptance into nursery schools to four years old over the next few years.

New Nicosia court buildings in five years

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New Nicosia court buildings in five years

The construction of the new Nicosia District Court buildings is expected to be completed in five years, as announced by Transport Minister Alexis Vafeades. This announcement was made following a House legal committee meeting which was also attended by Justice Minister Marios Hartsiotis. Preliminary work for the construction, including archaeological and explosives surveys as well as a traffic study, has been completed. An initial costing of the project has also been done. The transport ministry is addressing the need for a second access passage through the adjacent Unficyp camp and is in contact with the department of public works. The next steps include updating the budget to reduce costs, adjusting the designs in consultation with the department of urban planning, and launching an architectural competition. Additionally, the foreign ministry is consulting on moving buildings of the Unficyp camp, with final recommendations expected.

Calls for resignation over money laundering oversight

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Calls for resignation over money laundering oversight

MPs in Cyprus have expressed concerns over the country’s compliance with money laundering regulations due to a lack of coordination and communication between the police, the money laundering unit (Mokas), and the customs office. Over €160 million in cash has entered Cyprus in the past four years, raising questions about tax evasion and money laundering investigations. A recent case involved the arrest of a 31-year-old Ukrainian woman facing 60 counts of money laundering, having brought €8 million in cash to the country. There is criticism over a “strange” meeting in 2023 where police allegedly instructed the customs office to route information through them before reaching Mokas, a directive not supported by law. The customs office provides Mokas with a USB detailing declared cash sums every three months, indicating a delay in communication. Concerns were raised about the lack of real-time information sharing, the effectiveness of the legal framework against money laundering, and the existence of a shadow economy. The committee chair criticized the absence of coordination among state services and described the situation as “criminal” due to the inaction of Mokas and the police.

Chinese-led group to visit Vasiliko over stalled LNG plant

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Chinese-led group to visit Vasiliko over stalled LNG plant

High-level officials from a Chinese-led consortium responsible for constructing the liquefied natural gas (LNG) terminal at Vasiliko in Cyprus are expected to visit within the week. Energy Minister George Papanastasiou announced that the government will request a timetable for consultations between the parties and mentioned that if a positive outcome is not reached, a joint decision to suspend cooperation will be made. He highlighted that work on the terminal has stopped as the government wants to know the company’s plans and when the floating unit, currently in Shanghai, will be certified. Papanastasiou emphasized that building the LNG terminal at Vasiliko is the fastest way to introduce natural gas for electricity generation in Cyprus, aiming to reduce emissions and lower electricity costs. Additionally, Cyprus plans to participate in the Great Sea Interconnector project with an investment of up to €100 million, with consultations ongoing with investment funds and the Independent Power Transmission Operator (IPTO). A meeting with the largest investment fund interested in the project, from the United Arab Emirates, IPTO, and the energy ministry, is scheduled to take place to shape the course of this project.