Day: May 26, 2022

An event titled “Assessing the landscape of FinTech in the Euro-MED and MENA region” will be held at the European University Cyprus (EUC) Start-Up Centre powered by Microsoft on 31 May at 16:00. The event aims to promote FinTech research in the region.

Speakers include the Dean ofEUC Business School, Pieris Chourides, and the Vice-President of the Cyprus Securities and Exchange Commission (CySec), George Karatzias, as well as distinguished academics and experts in the relevant field.

During the event, two reports will be presented: one on “Regional Market insights on Alternative Finance Activities”, which can be found here; and on “FinTech regulation in the MENA region”, including mapping of innovation offices and regulatory sandboxes, which can be found here.

The event constitutes an opportunity to showcase the work of the Euro-MED and MENA region Centre, and discuss with relevant stakeholders its next research milestones.

The Euro-MED and MENA region Centre was established following the signing of a research collaboration agreement in November 2021 between the EUC School of Business Administration and the Cambridge Centre for Alternative Finance (CCAF), a research centre of the Judge Business School, University of Cambridge. The aim is to accelerate tech-enabled financial innovation, and to create, exchange and transfer knowledge needed by policy makers, regulators and industry to navigate the digital transformation of the region’s financial system.

Source: Cyprus News Agency

House President Annita Demetriou sent Thursday a new letter to the international community asking for immediate condemnation of Turkey’s new provocative acts in the fenced off part of Famagusta, Varosha, and to exert pressure on Ankara to stop violating international law.

The letter was addressed to her counterparts from EU member states, the heads of parliaments of the five permanent members of the UN Security Council and chairs of international and regional parliamentary organizations.

In her letter, the House President says that the illegal actions by Turkey with the aim to change the status quo of the fenced of town of Varosha violate UNSC resolutions 550 and 789.

Demetriou also condemns the two-state solution that Turkey and the regime in Turkish-occupied Cyprus promote, saying that this solution was clearly denounced by the international community.

She also underlines that all these actions jeopardize and undermine the efforts to resume the peace dialogue for a solution providing for a bizonal, bicommunal federation and reminds the international community that the return of Famagusta to its lawful residents is included in the package of confidence building measures the Greek Cypriot side has put on the table with the aim to resume the talks.

She said that acceptance of the CBMs by the Turkish side could be a sign that it has the will to cooperate for a solution.

In her letter the House President asks her counterparts to condemn these new provocations and violations of the international law and human rights as they have rightly did in case of the Russian invasion in Ukraine and to exert pressure on Turkey to finally terminate its actions.

Cyprus has been divided since 1974 since Turkey invaded and occupied its northern third.

Varosha, the fenced off section of the Turkish occupied town of Famagusta is often described as a “ghost town”, and the UN Security Council resolution 789 (1992) urged that with a view to the implementation of resolution 550 (1984), the under the control of the United Nations Peace-keeping Force in Cyprus, should be extended to include Varosha.

Turkish Cypriot leader, Ersin Tatar, announced in July 2021 a partial lifting of the military status in Varosha and on October 8, 2020, the Turkish side opened part of the fenced area of Varosha, following an announcement made in Ankara on October 6. Both the UN Secretary-General and the EU expressed concern, while the UN Security Council called for the reversal of this course of action.

Source: Cyprus News Agency

Cyprus Foreign Minister, Ioannis Kasoulides, was received on Thursday morning in Cairo by the Arab League Secretary General, Ahmed Aboul Gheit.

The Foreign Ministry said in a post on its Twitter account that a timely discussion took place on the effects of price increases, food insecurity in the Middle East and North Africa (MENA), energy cooperation, the Cyprus problem, and regional and international challenges.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results.

Source: Cyprus News Agency

An event titled “Assessing the landscape of FinTech in the Euro-MED and MENA region” will be held at the European University Cyprus (EUC) Start-Up Centre powered by Microsoft on 31 May at 16:00. The event aims to promote FinTech research in the region.

Speakers include the Dean ofEUC Business School, Pieris Chourides, and the Vice-President of the Cyprus Securities and Exchange Commission (CySec), George Karatzias, as well as distinguished academics and experts in the relevant field.

During the event, two reports will be presented: one on “Regional Market insights on Alternative Finance Activities”, which can be found here; and on “FinTech regulation in the MENA region”, including mapping of innovation offices and regulatory sandboxes, which can be found here.

The event constitutes an opportunity to showcase the work of the Euro-MED and MENA region Centre, and discuss with relevant stakeholders its next research milestones.

The Euro-MED and MENA region Centre was established following the signing of a research collaboration agreement in November 2021 between the EUC School of Business Administration and the Cambridge Centre for Alternative Finance (CCAF), a research centre of the Judge Business School, University of Cambridge. The aim is to accelerate tech-enabled financial innovation, and to create, exchange and transfer knowledge needed by policy makers, regulators and industry to navigate the digital transformation of the region’s financial system.

For registration (both for face to face registration and online participation) please register using the link here.

Source: Cyprus News Agency

FC Omonia clinched the Cypriot Cup for the 15th time in its history, defeating Ethnicos Achnas with 5-4 on penalties on Wednesday in GSP Stadium.

The match was decided in the nail-biting penalty process, as the two clubs were not able to produce a goal both in regular time and extra time. Omonia was playing with ten players as Abdullahi Shehou was sent off in the fifth minute.

Omonia’s goalkeeper Fabiano saved two spot kicks. Omonia’s victory secures a spot for the team in Europa League.

Source: Cyprus News Agency

Margareta Cederfelt, President of the OSCE’s parliamentary assembly (OSCE PA), who is in Cyprus to take part in an international conference on combating corruption, will be received on Thursday by Cyprus President Nicos Anastasiades at the Presidential Palace.

Cederfelt, who arrived in Cyprus on Wednesday, will attend and address the OSCE PA’s conference entitled “Combating Corruption, Defending Democracy: The Role of National Parliaments”, hosted by the House of Representatives on 27 and 28 May, 2022, a parliamentary press release says.

The conference is being organised following an initiative by Cypriot MP, OSCE PA Vice President and Special Representative on Fighting Corruption Irene Charalambides, it adds.

Cederfelt is accompanied by OSCE PA Secretary General Roberto Montellla.

Today, she will be received by President Anastasiades and will also have a meeting with Defence Minister Charalambos Petrides, the press release concludes.

Source: Cyprus News Agency

International cooperation and investigation and identification mechanisms on missing persons should be enhanced, Cyprus’ Permanent Representative, Ambassador Andreas Hadjichrysanthou has told the UN Security Council, noting at the same time that UN SC resolutions should include strong provisions on missing persons whose fate remains unknown for many decades, such as in the case of Cyprus.

Hadjichrysanthou was addressing the UN Security Council during an open debate on the protection of civilians in armed conflict.

Referring to the humanitarian issue of missing persons, Hadjichrysanthou noted that there is a “need to enhance international cooperation as well as of strengthening investigation and identification mechanisms.”

He underlined the importance of the relevant Security Council Resolution 2474 of 2019 which should be used appropriately and pointed out that such strong provisions should be included in Security Council Resolutions on missing persons whose fate continues to be unknown for many decades, such as in the case of Cyprus.

“The number of civilians who survive during armed conflict continues to be a cause of concern despite international obligations of states for their protection,” he said. He stressed that the war in Ukraine is proof of the tragic consequences of conflict on the civilian population.

As he pointed out Cyprus has experienced these phenomena as a victim of aggression and knows firsthand the impact on civilians.

He referred to the need to protect the rights and fundamental freedoms of civilians who are under conditions of foreign occupation as well as the need for accountability for serious crimes and violations of international humanitarian law, including the Security Council referring such cases to the International Criminal Court.

Source: Cyprus News Agency

Economic sentiment in Cyprus improved slightly this May as the Economic Sentiment Indicator (ESI-CypERC) increased by 1.1 points compared with April 2022, according to the results of the Business and Consumer Survey of the Economics Research Center of University of Cyprus. The increase in the ESI-CypERC resulted from stronger business confidence in services, the survey says.

According to the survey data, the increase in the Services Confidence Indicator was driven by further improvements in the assessments of past performance (business situation and demand) and upward revisions in demand expectations.

The Retail Trade Confidence Indicator remained unchanged as the improved assessments of recent sales and current stock levels were offset by a deterioration in sales expectations.

The Construction Confidence Indicator stayed unchanged as firms’ assessments of the level of order books and employment expectations remained broadly stable, while the decrease in the Industry Confidence Indicator was driven by a deterioration in the assessments of current levels of order books and pessimistic views on future production, it adds.

The Consumer Confidence Indicator decreased, mainly because of downward revisions in consumers’ expectations about their financial conditions and the general economic conditions in the country.

According to the survey, in May, economic uncertainty declined in services, construction and retail trade, as uncertainty rose among firms in industry and among households.

Firms’ selling price expectations as well as consumers’ price expectations remained at extremely high levels, indicating the continuation of upward price pressures.

Source: Cyprus News Agency

Having played 120 minutes of game, and 14 penalty kicks in the Cup Final, Omonia of Nicosia has won the 15th Cup in its history.

After a 5-4 penalty shootout victory over Ethnikos Achnas at the GSP Stadium on Wednesday night Omonia celebrated the winning of the Cup despite having Shehu Abdullahi sent off after only five minutes.

The regular time and the extra time of the final ended up 0-0. At the penalties the Brazilian goalkeeper of Omonia gave the trophy to his team with two interventions in the executions of Zakpa and Peratikos. Fabiano was awarded as the MVP of the final. The young player of the greens, scored in the last penalty and let the celebrations of the thousands of fans to begin.

As regards the game, the plans of the two coaches changed drastically from the 5th minute when Ethnikos gained a numerical advantage after Omonia was left with ten players after marking by Seho on Vojkowski. Seho was booked with a red card and everything in the game changed.

Ethnikos gained advantage and lost important chances to score in the 47th minute with Ioannou, in the 58th and 61st with Mazourek and in the 78th with Koudombiak. On her part, after the first shock of having lost a player, Omonia played well and balanced the game, having missed some good chances to score, with a highlight of the two chances with Kakoullis in the 87th and 90+2 minute of the match.

At extra time the two teams just tried to score but power and passion prevailed in the efforts of the football players. As a result, good chances for a goal were minimal. The highlight of the extra time was Peleas foul kick that hit Omonia’s post.

The 0-0 led both teams in the penalties with Fabiano becoming once again the big protagonist, saving the penalties of Zakpa and Peratikos. The young Charalambous of Omonia, scored in the seventh and last penalty for his team, making the 5-4 for Omonia.

The cup winners will start their European journey from the Europa League playoffs, while if they do not qualify they have a secured place in the Europa Conference League groups, with revenues of 3 million euros.

The fans of the greens celebrated winning the Cup starting from GSP Stadium and continuing in the streets of Nicosia and other cities of Cyprus.

Source: Cyprus News Agency

FOR THE PERIOD FROM 1200 26/05/2022 UNTIL 1200 27/05/2022

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1016hPa (hectopascal)

Weak low pressure is affecting the area. The weather will be mainly fine.

Visibility: Good, at times moderate

Sea surface temperature: 20°C

Warnings: NIL

AREA PERIOD WIND STATE OF SEA

West Coast

Afternoon Southeast to Southwest 3, soon West to Northwest 3 to 4 Smooth to Slight

Night Northwest to North 3 to 4, soon Northwest to Northeast 3 Smooth to Slight

Morning Southeast to Southwest 3, at times locally Southeast 3 to 4 Smooth to Slight

South Coast

Afternoon Southeast to Southwest 3 to 4, soon Southwest to West Smooth to Slight

Night Southwest to Northwest 3, later locally Variable 2 to 3 Smooth to Slight

Morning Variable 2 to 3, gradually Southeast to Southwest Smooth to Slight

East Coast

Afternoon Southeast to Southwest 3 Smooth to Slight

Night West to Northwest 3, later locally Variable 2 to 3 Smooth to Slight

Morning Variable 2 to 3, gradually Northeast to Southeast Smooth to Slight

North Coast

Afternoon Southwest to Northwest 3, at times locally 3 to 4 Smooth to Slight

Night Southeast to Southwest 2 to 3, later locally Variable Smooth to Slight

Morning Variable 3, gradually Northwest to North Smooth to Slight

Source: Cyprus News Agency