Day: November 11, 2021

The European Medicines Agency announced that it will begin reviewing available data on the use of oral antiviral medicine molnupiravir, produced by US company MSD (Merck Sharp & Dohme), against COVID-19, in order to support national authorities who may decide to use this medicine before it receives final authorisation.

In a statement, EMA and the Heads of of Medicines Agencies (HMA) of the EU’s member states announced that they have agreed on the need for additional guidance on COVID-19 treatments in light of rising rates of infection and deaths due to COVID-19 across the EU.

To this end, EMA is reviewing available data on the use of molnupiravir (also known as MK 4482 or Lagevrio) to support national authorities who may decide on the use of this medicine for COVID-19 treatment prior to its authorisation.

While the more comprehensive rolling review is ongoing ahead of a possible application for a marketing authorisation, EMA’s Committee for Medicinal Products for Human Use (CHMP) will provide EU-wide recommendations in the shortest possible time frame to help national authorities decide on possible early use of the medicine, for example, in emergency use settings.

Molnupiravir is an oral antiviral medicine developed by US company Merck (known as MSD in the EU) in collaboration with Ridgeback Biotherapeutics.

Molnupiravir reduces the ability of SARS CoV 2 (the virus that causes COVID-19) to multiply in the body. It does this by increasing the number of alterations (mutations) in the virus’s genetic material (RNA), in a way that impairs the ability of SARS-CoV-2 to multiply.

EMA and the HMA state that they remain committed to expediting the evaluation of COVID-19 treatments and vaccines, while ensuring these meet the EU’s standards of safety and efficacy. EMA will communicate on the outcome of this review and that of the rolling review once they are concluded.

Source: Cyprus News Agency

COVID-19 is once again spreading fast in central Europe, with the spread continuing in Eastern Europe, according to the situation as captured on the epidemiological map released on Thursday by the European Centre for Disease Prevention and Control (ECDC).

For another week, Cyprus remains in the red category.

“Deep red” areas now have gone from covering a few countries to covering only a few countries, now also cover a significant part of Germany, Greece, Hungary and the Netherlands.

This week, the entirety or the majority of districts in the Republic of Ireland, the Netherlands, Belgium, the Baltic States, Austria, Slovenia, Croatia, Hungary, Romania, Bulgaria and Greece are in the “deep red” category.

Countries in the red category include Germany (with the exception of the south-east which is in deep red), Poland (with the exception of the east of the country), Finland, Norway, Sweden, Iceland and Cyprus.

Meanwhile, the situation is better in France, Spain, Portugal and Italy that are mostly in the orange category. There are some red areas in Italy, Spain and France, but also some rare “green category” areas in Italy and Spain.

Malta meanwhile remains the only country that is in the green category for another week.

Orange zone areas are defined as the areas where the 14-day cumulative COVID-19 case notification rate is below 50 and the test positivity rate of tests for COVID-19 infection is 4% or more, or the 14-day cumulative COVID-19 case notification rate is between 50 and 75 and the test positivity rate is 1% or more, or the 14-day cumulative COVID-19 case notification rate is between 75 and 200 and the test positivity rate is lower than 4%.

Red zone areas are defined as the areas where the 14-day cumulative COVID-19 case notification rate ranges from 75 to 200 and the test positivity rate of tests for COVID-19 infection is 4% or more, or the 14-day cumulative COVID-19 case notification rate is more than 200 but less than 500 (when the cumulative rate exceeds 500 the area enters the “deep red” zone).

ECDC publishes relevant maps and data every Thursday, in support of the Council recommendation on a coordinated approach to the restriction of free movement in response to the COVID-19 pandemic. The maps are based on data reported by the Member States to the European Surveillance System (TESSy) by midnight on Tuesday.

Source: Cyprus News Agency

The European Commission’s Autumn 2021 Economic Forecast which was presented on Thursday shows positive prospects for Cyprus, including an increase in GDP by 5.4% for 2021 as a whole, while real GDP is expected to reach its pre-pandemic level in the fourth quarter of this year.

Real GDP in Cyprus is also projected to increase by 4.2% in 2022 and 3.5% in 2023.

As regards to tourism, revenues more than doubled during the first half of 2021 compared to the same period in 2020, while however remaining at about 35% of 2019 levels, which means that tourism remains vulnerable to the development of the pandemic. External demand for tourism is forecast to recover gradually and to reach its 2019-level by the end of 2023.

The unemployment rate is projected to continue falling, from 8.5% in the first half of 2021 to 7.5% in 2021, 7.1% in 2022 and 6.6% in 2023.

Inflation is forecast to increase to 1.9% in 2021, slightly decelerate in 2022 to 1.7% and subside to 1.2% in 2023.

The government deficit is expected to drop to 4.9% in 2021 due to higher revenues from taxes driven by the economic recovery and increased social contributions in the context of the National Health Service (GeSY, or NHS).

The main risks to the fiscal outlook of the country include the fiscal sustainability of the NHS, as well as the fiscal impact of the envisaged expansion of KEDIPES.

As noted in the Cyprus chapter of the Commission’s Autumn 2021 Economic Forecast, economic activity in the country recovered strongly in the first half of 2021. Domestic demand, helped by fiscal stimulus, has been the main driver of growth so far.

After a historic fall, the tourism sector is bouncing back, although it is still significantly below the pre-pandemic level. The economy is expected to continue showing a robust growth performance over the forecast horizon. Public finances, negatively affected by the crisis in 2021, are set to improve significantly in the following years.

According to the European Commission, private consumption increased by 2% in the first half of the year, on the back of increased employment. At the same time, government consumption increased significantly, by 15.1%, “as a result of the support measures aimed at alleviating the crisis. Investment also rebounded, underpinned by buoyant construction activity in housing and infrastructure projects in the tourism, energy and education sectors.”

External demand for goods and services increased by 3.1%, while external demand for services increased by 8.2%.

“With respect to the latter, the successful vaccination campaign in Cyprus and the rest of the EU prompted a relaxation of travel restrictions at the beginning of the summer. This in turn led to a relatively good performance of the tourism sector,” it adds.

In 2022, real investment is expected to exceed the 2019-level, boosted by the Recovery and Resilience Plan (RRP). The forecast also incorporates expenditures financed by RRF grants, which are set to gradually increase from 0.2% of GDP in 2021 to 0.8% of GDP in 2023.

“Uncertainty and downside risks to the growth outlook remain however, mainly related to the pandemic, which makes the tourism sector particularly vulnerable,” it warns.

The Commission sees positive prospects for the labour market. “The broad utilisation of the employment support measures has helped to contain further increase in unemployment,” it says.

“Going forward, employment is expected to increase on the back of the economic expansion and the implementation of the RRP, which is also expected to facilitate reallocation of the labour force through re- and upskilling,” it adds.

Government expenditure is forecast to grow by 7.4% in 2021. This is mainly driven by the increased social payments related to the roll-out of the second phase of the National Health System (NHS) reform.

In addition, it points out, “three supplementary budgets have been approved in the second half of the year, which include among others the extension of COVID-19 measures, such as support schemes related to the health sector, wage subsidisation and liquidity support to businesses.”

“These effects are projected to be more than offset by a revenue growth of 9.6% in 2021, mainly on the back of higher revenue from taxes driven by the economic recovery, and increased social contributions resulting from higher contribution rates in the context of NHS,” it says.

The deficit is forecast to decline to 1.4% of GDP in 2022 and 0.9% in 2023, helped by the continuing economic expansion and the withdrawal of COVID-19 measures. In particular, government revenue is expected to continue to increase by 4.5% in 2022 and 3.7% in 2023.

“The realisation of contingent liabilities, the fiscal sustainability of the NHS, as well as the fiscal impact of the envisaged expansion of KEDIPES, the state-owned asset management company, represent the main risks to the fiscal outlook,” the Commission adds.

After reaching a peak of 115.3% of GDP in 2020, public debt is set to decrease to 104.1% of GDP this year on the back of high nominal GDP growth and of the use of cash reserves accumulated in the previous year.

The debt-to-GDP ratio is projected to decline further to 97.6% and 93.4% in 2022 and 2023, respectively.

Source: Cyprus News Agency

Commission spokesperson on foreign affairs Peter Stano said that any parallels between the situation in Turkey in 2015 and the current situation on the Belarus – Poland border constitutes “misinformation” and called on Russia to exert influence on Belarus to end the instrumentalisation of migrants.

Stano also confirmed that the EU is in contact with Turkey as regards the current situation in Belarus, responding to a question on the possibility that Minsk and Ankara are coordinating.

Stano during Wednesday’s press conference at the Commission was responding to a question regarding statements by Russian Foreign Minister Sergey Lavrov. According to Reuters, Lavrov had raised the possibility on whether the EU could fund Belarus to handle migration in the same way it has done in the case of Turkey.

Stano was also invited to comment on a statement by Polish prime minister Mateusz Morawiecki, who reportedly said that Belarus and Turkey were acting “in full synchronisation” over migration.

Responding to the first point, he noted that it is a long standing policy by the Commission not to comment on “remarks or reported remarks of partners from third countries or member states”. He added that “whoever claims or makes parallels between the situation with Turkey in 2015 and now with Belarus is basically engaging in disinformation”. This, he said, is a practice often used by Russia.

He added that the situation the EU is currently facing on the border with Belarus “is a state orchestrated artificially created migratory crisis”, explaining that the method is by now well-known and that the Lukashenko regime lures migrants to the country and then makes them attempt to cross into Europe illegally, keeping them in the area if they don’t succeed.

The spokesperson also repeated the EU’s call to Russia to use its influence over Belarus and the many links between the two countries to “make Lukashenko stop this illicit, inhuman and illegal activity”.

On Turkey, Stano noted that the EU is in an ongoing dialogue with the country on migration and other issues.

“We had an intense dialogue last spring when a similar situation came in a different context” he noted, adding that contacts with Turkey are ongoing and that “we reached out to Turkey also in the context of the current situation”.

The issue will be thoroughly discussed by the Foreign Affairs Ministers in the next Foreign Affairs Council on November 15th, Stano added.

Source: Cyprus News Agency

In October 2021 total government employment increased by 495 persons (0.9%) in comparison to the corresponding month of 2020 and reached 53,008 persons, according to a press release by the Statistical Service of Cyprus.

Permanent staff decreased by 641 persons (-2.4%), from 26,966 to 26,325 persons. Casual staff increased by 1,235 persons (7.2%) and reached 18,325 persons compared to 17,090 persons in October 2020.

Compared to October 2020 an increase is observed in all three categories, with the highest in Education staff (3.1%). In all three categories of permanent staff there is a decrease and the highest is observed in Civil Service staff (-3.0%). On the contrary, in all three categories of casual staff there is an increase and the highest is observed in Education staff (12.6%).

Compared to September 2021, an increase is observed in Education staff (4.8%) and in Civil Service staff (0.3%) while a decrease is observed in Security Forces staff (-0.4%). In all three categories of permanent staff there is a decrease and the highest is observed in Civil Service staff (-0.4%). In casual staff an increase is observed in Education staff (14.8%) and in Civil Service staff (1.3%) while a decrease is observed in Security Forces staff (-0.7%).

Source: Cyprus News Agency

Revenue from the shipmanagement sector in Cyprus showed a small increase in the first half of 2021 reflecting the recovery in global shipping due to the disruption caused by the COVID pandemic.

According to the Ship Management Survey for the period of January – June 2021, composed by the Central Bank of Cyprus (CBC), revenue from ship management amounted to €447 million of 4.1% of Cyprus GDP (in turnover terms) compared with €430 million in July – December 2020.

The increase, marked “a gradual recovery from the COVID-19 pandemic and the associated decline in economic activity observed during 2020,” the CBC said.

In terms of country or origin, Germany remains Cyprus’ biggest market with a share of 45% of total revenue, (compared with 42% in the second half of 2020), followed by Greece whose share rose to 13% from 12% in the second half of 2020. On the other hand, the share of Singapore, Malta and Marshal Islands’ share marked minor reduction to 7%, 3% and 3% compared with 9%, 7% and 4% in the second half of 2020 respectively.

According to the data, the Cyprus shipmanagement sector remains broadly international, as 59% of revenue came from ships under foreign registries, while 41% of the total revenue came from the management of ships under the Cypriot flag, the CBC added.

Of the €447 million of revenue, full ship management services declined slightly to 47%, crew ship management rose to 49% of total revenue while technical management remained steady at 3%. According to the CBC, these shares are close to the levels observed in the second half of 2019.

Shipmanagement expenditure rose to €425 million in the fist half of 2021 compared with €416 million in the second half of 2020, marking an increase of 2.2% compared with the second half of 2020 and broadly stable (0.5%) compared with the first half of 2020.

According to the CBC, 60% of total spending concerned crew payments, of which 44% to Non-EU seafarers and 16% in EU nationals. Shipmanagement expenditure (such as spare parts, lubricants and dry-docking) accounted for 27% of spending, while 13% of spending concerned administrative expenses.

Cyprus is considered as the EU’s largest ship management centre and among the top 3 globally.

Source: Cyprus News Agency

The European Commission’s Autumn forecasts acknowledge Cyprus’ “strong recovery” in 2021 and show the Cypriot economy’s strong momentum for the following years, the Ministry of Finance said on Thursday commenting on the forecasts released earlier today.

In a press release the Ministry points out that the Commission revised its previous forecast of 4.3% growth for 2021 to 5.4% in line with the Ministry’s forecast over 5.5% growth rate this year, while the Cyprus GDP will reach the pro-pandemic levels by the end of the fourth quarter.

Furthermore, the Finance Ministry says that Cyprus’ growth rate is higher than the euro area average estimated at 5%.

The Ministry also notes that the Commission forecasts Cyprus a GDP growth rate of 4.2% and 3.5% in 2022 and 2023 respectively which is higher that the Ministry’s projections.

“This shows that the Ministry’s projections are more conservative and at the same time the economy maintains is strong momentum in the medium and long-term,” the Ministry says.

Source: Cyprus News Agency

President of the Republic of Cyprus Nicos Anastasiades will visit Spain next month at the invitation of Prime Minister Pedro Sanchez.

The Spanish PM telephoned the President on Thursday and he extended an invitation to visit Spain which was accepted by Anastasiades. The visit will take place on 9 December, a written statement issued by Government Spokesman Marios Pelecanos said.

During the visit further strengthening relations between the two countries, issues on the EU agenda, as well as issues regarding peace, security and stability in the eastern Mediterranean, the migrant issue and other common challenges faced by the two countries, will be examined.

In view of Sachez’s visit to Turkey, Anastasiades informed him of the latest developments regarding the Cyprus issue.

Sanchez and Anastasiades will also meet in Paris, on the sidelines of the International Conference on Libya held on Thursday.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory. Numerous rounds of talks under the UN aegis to reunite the island under a federal roof failed to yield results.

Source: Cyprus News Agency

President of Cyprus, Nicos Anastasiades attends the 4th Paris Peace Forum, that starts Thursday. While in the French capital, President Anastasiades will also take part in the Conference on Libya and attend a dinner, hosted by UNESCO Director General, Audrey Azoulay.

In statements to the media on Wednesday, Government Spokesman, Marios Pelekanos referred to the Peace Forum, saying that participants will look into international initiatives to address the social and economic repercussions of the coronavirus pandemic, the need to maintain international cooperation to the benefit of world peace, global governance in the health sector, climate change, cybersecurity, fighting fake news and threats against journalists, gender equality and other issues.

The Spokesman also said that the President will participate on Friday in the Conference on Libya, which President Macron has convened and in which Cyprus will have the opportunity to participate for the first time.

He said that participants in the Conference will discuss, among others, about the withdrawal of foreign troops and the political transition in the country, in view of the elections to be held in Libya in December.

Moreover the Spokesman noted that the President will attend a dinner which the UNESCO Director General will host for the heads of state, in the framework of the 41st UNESCO General Conference

Source: Cyprus News Agency

Cyprus President Nicos Anastasiades will have a bilateral meeting with Serbian Prime Minister Ana Brnabic, on the sidelines of the Paris Peace Forum on Thursday, a presidency press release says.

In the evening, President Anastasiades accompanied by his wife will take part in a dinner hosted by France`s President Emmanuel Macron and his spouse at the Élysée Palace in honour of the leaders of states participating in the Forum.

Government Spokesperson Marios Pelekanos and Ambassador of Cyprus in France Georges Shakallis are accompanying the President at the Forum, the press release concludes.

Source: Cyprus News Agency