News

CYPRUS: first gas, then copper and now gold

The discovery of commercial gas reserves in the territorial waters of Cyprus has led to a common interest between Greek and Turkish communities of Cyprus, who are pushing to unite. Transportation of gas from fields in the territorial waters of southern Cyprus, and the easiest way to transport it is through…


The relief of the tax system in Cyprus

Cyprus President Mr Nicos Anastasiades has stated that the Government of Cyprus is working on improvements in the current tax system of the country. The government realises that in order to attract foreign investors to look into projects and initiatives in Cyprus, there must be a hugely improved investment…


Troika agree to allow new laws in Cyprus to prove their effectiveness

The finance minister in Cyprus, Mr Harris Georgiades said that international creditors have accepted the government in Cyprus’ plan to allow the new insolvency and foreclosure framework to go ahead in order to assess its efficiency.


Details of 3 main EU creditors bills have been released

The details of two bills which are included on the list of requirements of three main European creditors in order to end the report on the implementation of reforms, have been leaked to the Cypriot press.


EU fights for the rights of turtles in Cyprus

CYPRUS: The on-going dispute between the EU and the government in Cyprus over the development of the beach at businessman’s Nicolas Shacolas scheduled €1.5 billion golf Limni resort near Polis Chrysochous looks more than likely to result in being forwarded to the European Court of Justice. The resort…


Troika overseeing key reforms of the healthcare system in Cyprus

Key progress has been made in reforms of the healthcare system in Cyprus has been recorded in the evaluation made by TROIKA.  At the weekend the finance ministry announced that the next goal is to implement the reorganisation and independence of public hospitals as a prerequisite of the National Health…


Approval of insolvency law will help banks in Cyprus tackle NPLs

The enactment of the much debated insolvency framework law last week was a positive move for banks in Cyprus because of the footing it puts in place for large-scale loan restructuring and improves the banks’ recovery prospects, Moody’s ratings agency stated.


BoC reached a restructuring agreement for a NPL worth hundreds of millions

The Bank of Cyprus (BoC) has reached a restructuring agreement with one of the islands most influential developers Leptos Estates, in order to restructure a non-performing loan worth several hundred million euros. The agreement is still pending approval by the board of Directors, Chrystalla Georghadji the Governor of the Central Bank of Cyprus said.


Cyprus holds its third annual Eastern Mediterranean Gas conference

The third annual Eastern Mediterranean Gas Conference (EMGC) is being held at the Hilton hotel in Nicosia on 17th-18th of March 2015. The conference is taking place at a time of swift developments in the energy sector of the Eastern Mediterranean continent.