Day: May 29, 2022

Cypriot sailor, Pavlos Kontides clinched the silver medal in ILCA 7 Men’s World Championship which wrapped today in Mexico.

The Cypriot silver medallist in the 2012 Olympics entered the championship’s Gold fleet’s final day in the third slot and with one fifth and one twelfth position, he passed New Zeland’s Thomas Saunders securing second spot with 68 points trailing France’s Jean Baptist Bernaz and in front of Croatia’s Filip Jurisic with 75 points.

Jurisic was among Kontides’ training partners which completed their preparation in Cyprus last December along with other top-class sailors.

The silver medal in Mexico is Kontides’ third medal in a world championship after the consecutive golds in 2017 and 2018. This medal comes after his victory in the Hyeres World Cup confirming his No1 ranking.

Source: Cyprus News Agency

The Cypriot citizen who is included in the crew of one of the two Greek-flagged tankers seized by Iranian Revolutionary Guards’ forces in the Gulf is in good health, the Cyprus Ministry of Foreign Affairs told CNA on Sunday and efforts to end the hostage-taking continue.

Demetris Demetriou, Spokesman for the Ministry of Foreign Affairs told CNA that “efforts and representations continue with the aim to end the hostage-taking”.

Asked if there are any developments over the ministry’s representations, Demetriou said representations are made in all directions, from our ambassador (in Iran) and from the Ministry in Nicosia to the Embassy of Iran but there is nothing more that can be said.

He added that the Cypriot seafarer is in good health and that his family is in continued communication with him. Demetriou added that he contacted the family on Saturday evening where he updated them on the ministry’s actions and the family conveyed that the Cypriot is in good health.

Source: Cyprus News Agency

Losing 26% of its value in the last month, Bitcoin and other cryptocurrencies are in danger of dragging the “real economy” with their unpredictable fluctuations. Fabio Panetta, a member of the ECB’s governing body, said in an interview on May 5th that “the value of the crypto asset market exceeds that of the sub-prime mortgage market that triggered the financial crisis”.

Replying to CNA written questions Christos Phanopoulos, Senior Director of the Banking Operations Division of the Central Bank of Cyprus noted that cryptocurrencies are not issued, nor are they guaranteed by any public authority, they do not have a legal status of currency or money and the operation of most of them is not subject to the control of a central body.

As he said, the main risks are related to the lack of a reliable supervisory / regulatory framework capable of offering legal protection to cryptocurrency holders, to the anonymity and lack of transparency that usually surrounds cryptocurrency transactions, to misleading or incomplete information from providers to consumers and investors.

In addition, weak governance structures and cybersecurity measures implemented by online platforms acting as cryptocurrency exchanges are at risk, with some collapsing and others being hacked. Finally, the high volatility of cryptocurrency values is dangerous, which in combination with the lack of liquidity and easy exit options from such transactions, can lead to large losses in the capital of cryptocurrency owners, he said.

Risks for the European and Cypriot economy

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Phanopoulos, answering whether the European economy can be affected by cryptocurrencies, noted that the upward trend recorded in this market and the high volatility recorded by the prices of cryptocurrencies in combination with the above risks, outline a potential risk for the European economy.

In 2018, the Financial Stability Report identified various channels through which financial stability and the economy in general can be affected. Among them, there is the impact on financial wealth and trust in general. The interconnection of the cryptocurrency market with the financial sector and payment systems is also a potential risks to the economy, he said, adding that it is worth noting that the above risks are additional unbalanced factors for the impact that can have on the economy, especially in the event of a sharp and uncontrollable downward correction of prices.

Regarding Cyprus, he noted that at this stage there is no data on the exposure of the Cypriot economy to cryptocurrencies. Based on the ECB data for 6 major economies, as published in the latest ECB Financial Stability Report, it appears, however, that up to 10% of households hold cryptocurrencies.

Digital euro

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Askedabout the ECB’s intention to issue a digital euro, Phanopoulos said the digital euro will increase public confidence in digital payments, clarifying that the digital euro will not replace cash in euros, but will work in addition to them.

He added that the Eurosystem is currently discussing what form the digital euro could take. The exploration phase, which began in October 2021, will last about two years and is expected to be completed in October 2023. It looks at how the digital euro could be designed and distributed to traders and the public, as well as its impact, and whether changes in the European legislation may be needed.

The decision to create the digital euro will be taken after the completion of the investigation phase at the end of 2023, he clarified.

He stressed that the digital euro will not be equivalent to a cryptocurrency.

“Cryptocurrencies are essentially different from central bank money because their prices are often volatile, making them difficult to use as a means of payment or as a unit of measurement, and they are not backed by any government agency. For the same reason, they carry increased risk as an investment instrument”, he noted.

On the contrary, those who will eventually choose the digital euro will be able to trust it as much as the cash in euros, as both of these forms will be of equal value and will be supported by the Eurosystem, he said.

Source: Cyprus News Agency

The ninety passengers of the first cruise ship in the super yacht category that arrived at the Ayia Napa’s Marina on Sunday were given a warm welcome by the Ministry of Transport, Communications and Works, the Ministry of Tourism, the Municipality of Ayia Napa and the Ayia Napa Marina.

In a written statement, the Minister of Transport, Communications and Works Yiannis Karoussos expressed joy and satisfaction for the reception of the first cruise ship in the Ayia Napa’s Marina.

“I am very happy to see an initiative, that I took years ago to give the first positive results. We have set up a restricted port area around the Ayia Napa’s Marina and issued a customs decree so that cruise ships can reach the Marina and disembark passengers. Our goal is to make all the Marinas of Cyprus accessible to all cruise ships”, said Karoussos.

“We hope that today the arrival of the first cruise ship in the Ayia Napa’s Marina will be the beginning to increase traffic and attract specific tourism, thus strengthening the tourism product of the of Famagusta District”, the Minister noted, adding that the Ministry will proceed to the creation of the berth in the Paralimni Marina, thus facilitating the approach of cruise ships.

Ayia Napa Mayor Christos Zannettos exchanged souvenirs with the captain of the cruise ship and said that “the ferry connectivity makes our municipality and our country stronger on the world tourist map; a connectivity that will bring multiple benefits to the local community but also to our national economy in general “.

The Ayia Napa’s Marina, said Zannettos, is a jewel of the Mediterranean and “I am sure that, through the crisis we are experiencing, such efforts are in the right direction to take us towards our economic growth and beyond.”

The arrival of this cruise ship is very important, because it is the first to enter the Republic of Cyprus from the district of Famagusta after the Turkish invasion of Cyprus in 1974, said Costas Fytiris, Director of Ayia Napa Marina.

Source: Cyprus News Agency

Nine deaths and 3.786 new COVID-19 cases were announced by Cyprus’ Health Ministry on Friday for the week between April 22 and 28, 2022. In total, 143,329 tests were carried out with the positivity rate at 2.64%.

The deaths concern six men, aged 75, 77, 78, 82, 89, and 93 and three women, one was 59 and the other two, 87 years old. So far 1,015 people have died from COVID-19, while the total number of cases recorded in the Republic of Cyprus to-date is 480,220.

In addition, 89 patients with COVID-19 are in hospital, among them, 20 who are in serious condition. Ten of these are intubated and the other 10 are being treated in high-dependency units. According to the Health Ministry, 42.70% of patients are not vaccinated.

There are also 11 post-Covid patients who continue to be intubated in Intensive Care Units.

The new cases announced concern 482 detected through PCR tests, and 3,304 from rapid tests.

Nine cases were detected through contact tracing, 347 cases emerged through testing on private initiative, while 2,297 positive cases emerged through rapid tests and 1,007 cases were recorded through the testing programmes of the Ministry of Health. These include 950 found positive at testing sites, 56 in nursing homes, and one in the National Guard.

Source: Cyprus News Agency

Household electricity bills were up by 36% in Cyprus in the second half of 2021 compared with the same period of 2020, data released by Eurostat, the statistical office of the EU, on Friday, show. In general, in the second half of 2021, average household electricity prices in the European Union increased sharply compared with the same period of 2020 (€21.3 per 100 kWh), standing at €23.7 per 100 kWh.

According to the data, the third largest increase in household electricity bills was recorded in Cyprus, with prices increasing by 36% in the second half of 2021 compared with the same period last year.

Average gas prices in the EU also increased compared with the same period of 2020 (€7.0 per 100 kWh) to €7.8 per 100 kWh in the second half of 2021.

More recently, wholesale prices for electricity and gas have increased substantially across the EU. Energy and supply costs, caused by several economic factors, mainly drove the increase.

Taxes and levies accounted for 36% of the electricity bills charged to households in the EU in the second half of 2021. For gas bills, the corresponding share was 30%. There were no significant changes in this price component compared with a year ago.

The largest increase in household electricity prices in the EU in the second half of 2021 (expressed in national currencies) was registered in Estonia (50%), ahead of Sweden (49%) and Cyprus (36%). The only decreases were observed in Slovakia (6%) and Hungary (0.1%).

Expressed in euros, average household electricity prices in the second half of 2021 were lowest in Hungary (€10.0 per 100 kWh), Bulgaria (€10.9) and Croatia (€13.1) and highest in Denmark (€34.5), Germany (€32.3), Belgium (€29.9) and Ireland (€29.7).

Gas prices also increased between the second half of 2020 and the second half of 2021 in 20 of the 24 EU Member States that report natural gas prices in the household sector (Cyprus is not included in the data as there is no natural gas provision for households).

The largest increases in household gas prices in national currencies), were observed in Bulgaria (103%) followed by Greece (96%) and Estonia (83%). The only decreases in price were recorded in Slovakia (12%), Czechia (5%) and Portugal (1%).

Expressed in euro, average household gas prices in the second half of 2021 were lowest in Hungary (€3.1 per 100 kWh), Croatia (€4.0) and Lithuania (€4.1) and highest in Sweden (€18.6), Denmark (€12.5), the Netherlands (€11.0) and Spain (€10.8).

Source: Cyprus News Agency

On the 19th of June citizens will be offered the alternative to travel to Greece by sea, with a ferry link connecting Cyprus and Greece after more than two decades.

The Cypriot-flagged passenger ferry M / V Daleela, was built in 1991 with a capacity of 400 passengers. It has 38 first class cabins for 110 passengers, 68 second class cabins for 180 passengers and 110 seats. In addition it can carry more than 100 vehicles.

The first trip of theM / V Daleela will take place on the 19 of June during a special ceremony at the port of Limassol, in the presence of the President of the Republic.

In statements on Friday, Deputy Minister for Shipping Vasilis Demetriades recalled that the last ferry link between the two countries was 21 years ago.

The Deputy Minister said that ticket prices will be lower than initial estimates. For a single trip the VIP cabin costs €50 per person, the first class single room €30 per person, the first class double room €25 and the 1st class quadruple €20 per person. Second class cabins cost €10 per person for a one way trip, while seats cost €8. Prices do not include taxes and port fees which are at €30.21 per person (for one way trip). The fare for children aged 4-12 years is €5 for a single trip while children up to four years will travel for free. Taxes and port fees in both cases are €23.06.

Vehicles up to 5 meters will cost €60 for a one-way trip plus taxes and port fees €41.72, for motorcycles the cost is €30 plus taxes and port fees€32.96. The company decided not to charge for bicycles, but there will be a fee of 47 cents, for a single trip, concerning taxes and port fees.

Passengers could bring along their pets on specific cabins, with a charge of €50. The ship will also have kennels that will cost €35 for a single trip.

On board there will be a restaurant, a cafeteria, a doctor’s office, a bar and children playgrounds, as well as a casino. Full meals will not exceed €12.

Reservations can be made through the Top Kinisis Travel beginning May 7th.

Source: Cyprus News Agency

Cyprus Deputy Minister for Shipping appeared cautiously optimistic over the season’s tourism prospects despite the setback caused by the war in Ukraine, stressing that Google searches for Cyprus the last few months topped the respective searches for the island in 2019, a record year for Cypriot tourism.

Addressing the exhibition “Taxidi 2022”, which opened its gates after two years of absence due to the Covid-19 pandemic, Perdios said that despite the difficulties everyone should “feel encouraged, to feel strength because, yes, it is a difficult year but it is not going to be a disaster.”

Due to the war in Ukraine and the sanctions against Russia, Cyprus’ second largest tourist market, the Cypriot tourist authorities have said that an estimated 800,000 arrivals from these two markets should be considered as lost.

However, Perdios referred to the data for Google searches for Cyprus, noting that “from January to the end of April we are plus 10% compared to the same time of 2019” following the loss from Russia and Ukraine.

“So, after taking that business out from Cyprus, we are seeing a 10% increase in Google searches for Cyprus compared to 2019,” he said, adding that “in April we are seeing an increase of 25% compared to 2019 and every week in April we had 1.5 million Google searches for Cyprus.”

“This is bigger than the Google searches per week we saw in 2019 in the month of August,” he added.

Noting that these are very important statistics, Perdios said however that “this does not mean we will have a better season than 2019, no this is not what I said, what I said is there is a lot of pent-up demand and a lot of interest for Cyprus.”

“So, it is up to all of us to make sure that we work together and deliver a better season than many people expected,” he noted. “I am very happy to say that we are improving what Cyprus is who we are and our product and based on this this is why we see more demand for Cyprus,” he said.

Source: Cyprus News Agency

Amidst the difficult international situation with the war in Ukraine, Turkey presents itself as a peacemaker while, at the same time, it blatantly violates international law, by occupying more than 36% of our homeland and by carrying on its illegal provocations and violations, in the East Mediterranean and in the enclosed city of Famagusta, actions that clearly aim at the division of Cyprus, said on Friday Minister of Defence Charalambos Petrides, during an event for the celebration of the Patron Saint of the Army, Ayios Georgios.

According to the Minister, Turkey’s stance and behaviour creates a difficult environment that dictates for us to be extra vigilant and to continue to upgrade the operational capabilities of the National Guard. He said that the modernisation of weapons systems in the army is a top priority of the current government.

Petrides added that the Ministry in cooperation with the ?ational Guard is implementing Cyprus’ armaments program pointing out that the aim is to turn the National Guard into a modern and flexible army, capable of effectively meeting any challenges.

At the same time, he stressed that we take initiatives at a political level for the resumption of talks for a just settlement of the Cyprus problem, based on international law and the principles and values of the EU, adding that this is the goal of the Confidence Building Measures that the Greek Cypriot side has presented on the table.

Cyprus has been divided since the 1974 Turkish invasion. Numerous rounds of talks under the aegis of the UN to reunite the island, have failed to yield results.

Source: Cyprus News Agency

Cyprus President Nicos Anastasiades welcomed the reinstated ferry connection between Greece and Cyprus after 21 years of absence.

The ferry connection will commence on June 19, Deputy Minister Vassilis Demetriades, announced on Friday.

“The reinstatement of the ferry link between Cyprus and Greece is indeed a historic day,” Anastasiades said speaking to journalists, adding that the ferry connection will serve the people who refrain from travel due to fear of flying.

“Therefore, I can only welcome the effort (to reinstate the ferry connection) that has been successful”, he said.

Source: Cyprus News Agency