Day: August 3, 2022

The Cyprus Department of Meteorology has issued another yellow warning, due to extreme high temperature expected on Wednesday.

The warning is valid from 11am to 3pm local time.

The maximum temperature over the highest mountainous areas is expected to reach 32 degrees Celsius.

The authorities urged the public to take precautionary measures due to the high temperatures the last days, to avoid being outdoors if not necessary, to avoid heavy food and alcohol and to drink lots of fluids.

The elderly, children and other vulnerable groups are asked to to be extremely vigilant. In the event of an emergency citizens are asked to call 112.

Source: Cyprus News Agency

Cyprus ranks 20th among 27 EU Member States in the 2022 edition of the Digital Economy and Society Index (DESI). The DESI Index ranks Member States according to their level of digitalisation and analyses their relative progress over the last five years, considering their starting point.

Considering its starting point, Cyprus relative progress is above the expected rate, indicating that it is converging to the EU average, according to the report. Cyprus has improved its performance in almost all DESI dimensions, although in most cases it still scores below the EU average.

The most marked progress has been made in Connectivity, Integration of Digital technology and Digital public services. Cyprus ranks above the EU average on mobile broadband take-up and has improved its coverage of Very High-Capacity Networks (VHCN). It also scores high in the 5G readiness and relative coverage indicators. Nevertheless, according to the report, coverage by VHCN is still far from both the EU average and the EU’s Digital Decade target, which is for all European households to be covered by a Gigabit network and all populated areas to be covered by 5G by 2030.

The report also mentions that, although the Cyprus has improved its score in recent years, it is still below the EU average on basic digital skills. It adds that Cyprus must continue its ongoing efforts to enable it to achieve the Digital Decade target of 100% online provision of key public services for EU citizens and businesses by 2030.

Source: Cyprus News Agency

Balbec Capital, LP (“Balbec”), a global alternative asset manager with over $11 billion in platform assets, today announced the closing of its fifth global flagship fund, InSolve Global Credit Fund V, L.P. (the “Fund” or “IGCF V”), with total commitments of over $1.5 billion as well as a $100 million expandable co-investment vehicle, making it Balbec’s largest fund to date. The Fund received significant support from a diverse base of existing Balbec clients and new investors globally.

IGCF V builds on Balbec’s long-term track record of successfully sourcing and investing in credit-sensitive financial assets such as residential, commercial, and consumer whole loan portfolios across the performance spectrum, including assets subject to bankruptcy or other structured repayment plans, as well as select alternative credit assets like residential mortgage servicing rights. The Fund seeks to generate consistent, attractive returns with income yield by investing in assets that have a historically low correlation to public markets and taking advantage of Balbec’s extensive experience, nimble approach, and deep counterparty relationships globally. To date, the Fund has called 82% of commitments to capitalize on a substantial global opportunity set.

Warren Spector, Chairman of Balbec, said, “We are pleased to have closed our fifth global flagship fund, exceeding our target, a true testament to investors’ trust in Balbec’s skilled investment team, unique sourcing capability, rigorous due diligence, and disciplined approach to managing complex assets globally. As we seek to strategically scale the Balbec platform, we will continue to employ our repeatable investment process – which has proven resilient to date across market conditions – to deliver attractive returns for our investors.”

Charles Rusbasan, Founding Partner and Chief Executive Officer of Balbec, said, “Since launching the Fund, we have deployed a significant amount of its capital into opportunities that we believe have attractive risk/reward profiles with upside potential, and strong downside protection. We expect our targeted opportunity set and investment pipeline to remain robust for the foreseeable future and are grateful for the support of both our new and longstanding investors.”

Since inception, Balbec has deployed over $14 billion in 22 countries, selectively investing across geographies and asset types to source the most attractive opportunities while mitigating macro risks. The Fund’s predecessor vehicle, IGCF IV, closed in 2020 with $1.2 billion of capital commitments.

About Balbec Capital, LP

Founded in 2010, Balbec Capital, LP is a global alternative asset manager that capitalizes on niche opportunities across the alternative credit spectrum. A pioneer investor in financial assets subject to bankruptcy repayment plans or other modified repayment, over the past decade the firm has grown and diversified its platform by developing related strategies in residential and commercial mortgage loans across all stages of performance, as well as select alternative and consumer credit assets where the Balbec team has a strong competitive advantage due to its global footprint and counterparty relationships.

Source: Cyprus News Agency

The Republic of Cyprus remains committed to the One China policy, Government Spokesman Marios Pelekanos told CNA, wishing for de-escalation of tension and peace prevailing.

His remarks come after US House Speaker Nancy Pelosi’s visit to Taiwan, which provoked Beijing’s reactions.

Pelekanos said that “we remain committed to the One China policy, as expressed by the EU, with full respect for international law, sovereignty and territorial integrity, and we hope that there will soon be a de-escalation of tension and peace and security in the area”.

Source: Cyprus News Agency

The European Commission has awarded today €171 million for projects to support the reception, asylum and return systems in Cyprus, Spain, Greece, Italy and Poland. This is the result of a competitive call launched in the beginning of 2022 to fund projects in Member States under pressure, under the Asylum, Migration and Integration Fund. The support to Cyprus will go to the construction of an accommodation and pre-departure centres in the Menoyia area, in Larnaka. In Spain, it will be dedicated to the reinforcement of the capacity of the reception system in Ceuta and in Canary islands, contributing to mitigate their reception capacity overload stemming from the increased migratory pressure. The project of Italy will focus on strengthening the capacity of the reception system from arrival to all phases of reception, to protect and care for the most vulnerable refugee children and women. The financial support to international organisations in Greece will contribute to improving the quality of protection assistance to asylum seekers hosted within the reception system. It will have a particular focus on individualized management of people being in a situation of vulnerability, as well as on providing support for education to the school-aged refugee children in Greece. Lastly, the award to the International Organization for Migration (IOM) in Poland will focus on strengthening a rights-based and protection sensitive approach to the provision of direct assistance and improving return procedures. New calls might be programmed under the Asylum, Migration and Integration Fund (AMIF) budget 2023.

Source: Cyprus News Agency

US House Speaker Nancy Pelosi’s recent visit to China’s Taiwan region is a gross interference of China’s internal affairs, a major event upgrading the substantive relations between the US and Taiwan, and sends a very wrong signal to “Taiwan independence” separatist forces, says the Spokesperson of the Embassy of China in Cyprus, in a written statement.

In a reference to Cyprus, the spokesperson says that “neither China nor Cyprus is entirely reunified till today. National unity is our two countries’ shared core concern and mission. External interference has been the biggest roadblock to the settlement of the Taiwan question and the Cyprus Problem, which the Cypriot people know better than anyone else.”

The spokesperson describes the visit as a serious violation of the one-China principle and the provisions in the three Sino-US Joint Communiqués, adding that “it has dealt a severe blow to the political foundation of China-US relations, seriously infringed upon China’s sovereignty and territorial integrity, and gravely undermined peace and stability across the Taiwan Strait”.

“The Chinese side has recently and repeatedly made its firm and strong opposition crystal clear to the US side at various levels. The Chinese side will make resolute response and take strong countermeasures to uphold China’s sovereignty and territorial integrity. The US side chose to carry on the visit despite all the warnings, therefore it must bear all the consequences arising therefrom”, the statement reads.

The Spokesperson notes that there is but one China in the world, Taiwan is an inalienable part of China’s territory and the Government of the People’s Republic of China is the sole legal government representing the whole of China.

“This is at the core of the one-China principle, which has become a basic norm in international relations and a universal consensus of the international community. It is on the basis of recognizing one-China principle that 181 countries, including the US, have established diplomatic relations with China”, it says.

The statements points out that in 1979, the US made a clear commitment in the Sino-US Joint Communiqués on the Establishment of Diplomatic Relations that “the United States of America recognizes the Government of the People’s Republic of China as the sole legal Government of China”.

“The one-China principle is the centerpiece of the three Sino-US Joint Communiqués, and the premise and foundation for the establishment and development of diplomatic relations between China and the US. Each composition of the US Government, including the administrative, legislative and judicial arms, is obliged to follow the foreign policy which the US government has recognized and been committed to”, the statement reads.

The Chinese Embassy in Cyprus notes also that Nancy Pelosi is the incumbent Speaker of the US House of Representatives, and ranks second in the US presidential line of succession. “Her visit to Taiwan, in whatever form, under whatever pretext and at whatever time during her tenure, is a serious violation of the one-China policy as committed by the US Government, marking a major political provocation in upgrading the official interactions and substantive relations between the US and Taiwan, and signaling connivance and support for “Taiwan independence” separatist forces”.

The statement underlines that in the face of the total ignorance of China’s repeated representations and reckless actions by the US, “any countermeasures taken by China will be justified and necessary”.

One-China and One-Cyprus principle

———–

The Spokesperson of the Embassy also points out that the one-China principle and one-Cyprus principle serve as the political foundation of the establishment and development of China-Cyprus relations.

“Neither China nor Cyprus is entirely reunified till today. National unity is our two countries’ shared core concern and mission. External interference has been the biggest roadblock to the settlement of the Taiwan question and the Cyprus Problem, which the Cypriot people know better than anyone else. The Government and people from all social sectors of Cyprus have repeatedly and openly demonstrated unwavering support for the one-China principle”, he points out.

It is also noted that this year marks the first anniversary of the China-Cyprus Strategic Partnership and that China believes that Cyprus “will continue to stand on the right side of justice, strictly abide by the one-China principle, and oppose any infringement by external forces on China’s sovereignty and territorial integrity”.

The Chinese Community in Cyprus Strongly Opposes US House Speaker Pelosi’s Visit

———

In the meantime, the Chinese Community in Cyprus also issued a statement noting that US House Speaker and the second in US Presidential line of succession, Nancy Pelosi insisted on visiting Taiwan “in disregard of China’s repeated warnings”.

“This is a serious violation of the one-China principle and the provisions of the three China-US joint communiqués. It has a severe impact on the political foundation of China-US relations, and seriously infringes upon China’s sovereignty and territorial integrity. It severely hurts the feelings of the sons and daughters of the Chinese nation across the world, including the Chinese community in Cyprus. We express our strong indignation and condemnation on it”, the statement reads.

The Community urges the US side “to immediately stop playing the “Taiwan card” in order to use Taiwan to contain China, stop sending wrong signals to the “Taiwan independence” separatist forces, stop the vicious acts of infringing upon China’s sovereignty and territorial integrity, and faithfully implement “five noes” commitment made by the US President Joe Biden”.

Source: Cyprus News Agency

EMPN Issue 77, August 2022

View this email in your browse

Eastern Mediterranean Policy Note

Issue 77, August 2022

EASTERN MEDITERRANEAN POLICY NOTE

titled

THE CYPRIOT MODEL AND THE TRAP OF THE THREE CRISES

by Marat Yuldashev

Read the Note here

EMPN Issue 77, August 2022

View this email in your browser

Eastern Mediterranean Policy Note

Issue 77, August 2022

EASTERN MEDITERRANEAN POLICY NOTE

titled

THE CYPRIOT MODEL AND THE TRAP OF THE THREE CRISES

Source: Cyprus News Agency

This year’s summer is not hotter compared with previous ones, Senior Meteorological Officer, Michalis Mouskos told CNA on Wednesday.

In response to a question by CNA on whether the frequency of high temperatures has increased in Cyprus compared with previous years, Mouskos said that heatwaves are a combination of three parameters, namely temperature, humidity and wind, and specified that the met office issues yellow warnings for high temperatures, not heatwaves.

As regards this summer, “we haven’t seen the very high temperatures that we’ve seen in previous years, which was over 42-43 degrees Celsius,” Mouskos said.

He added, that excluding the last few days, during which, an increased level of discomfort was being experienced due to all three aforementioned factors, “we have been experiencing a mild summer with temperatures close to the seasonal average”. Mouskos noted that, in general, the summer in Cyprus is particularly hot while the period between mid-July and mid-August is the hottest of the year in Cyprus.

“Compared to previous summers, we cannot say that this summer is particularly hot or that there’s something that we have not seen before,” the Senior Meteorological Officer reiterated, adding that in previous years, apart from the three summer months, very high temperatures had been observed in May as well.

On whether climate change is noticeable in Cyprus, Mouskos said that it is not particularly noticeable, since, the Cyprus summer is dry, anyway. He added that one should examine a period of 20-30 years, not just two or three, to see the climatological trend.

According to Mouskos, this summer is not as responsive to climate change as previous ones, “but that does not mean we have escaped climate change,” he said, adding that in the future, “we should expect higher temperatures for longer periods.” However, he said, this is not what we are seeing this year.

Mouskos, said, however, that the combination of high temperatures and high humidity should be of concern because there is increased possibility of heatstroke, especially in vulnerable groups of the population and especially during the hours where high temperatures are recorded. He urged members of the public to pay heed to the advice of experts and take all necessary measures for their protection.

Source: Cyprus News Agency

The Central Bank of Cyprus (CBC) has signed the European System of Central Banks (ESCB) equality, diversity, and inclusion Charter.

The aim of the Charter, according to a press release by the CBC, is to be a means of recognising and implementing the principle of equal opportunities and diversity in every working environment of the European System of Central Banks (ESCB) and the Single Supervisory Mechanism (SSM).

CBC Governor, Constantinos Herodotou, co-signed the Charter, after the approved by the CBC Board of Directors. “By signing the Equality, Diversity and Inclusion Charter, we are declaring, in practice, our commitment to a positive and participatory work environment,” Herodotou said.

He added that diversity in Central Banks “is directly linked to enhancing productivity, attracting talented professionals, encouraging innovation and creativity, but also strengthening our values.”

With this initiative, he noted, “we emphasise that everyone plays an equally active role, receives full respect and benefits from the inclusive environment that we promote both at the level of the European Central Bank and the Central Bank of Cyprus.”

The Charter, officially presented by the ECB, is a public commitment of a voluntary nature and reflects the shared vision of eliminating discrimination and strengthening integration into the work culture of the ESCB and the SSM, the press release says.

It records a series of principles and commitments that reflect the fundamental rights of the EU towards the adoption of a strategy that takes diversity and equality into account, the press release adds.

To date, the Charter has been signed by the President of the ECB, Central Bank Governors of the ESCB, as well as national competent authorities of the Single Supervisory Mechanism.

Source: Cyprus News Agency

The condition of the 40-year-old man recently diagnosed with monkeypox is good, while all his close contacts have been traced and are being monitored, according to the protocols, officials told CNA on Wednesday.

Communications Advisor to the Health Minister, Konstantinos Athanasiou told CNA, that the 40-year-old’s condition is good and is in hospital where he is being monitored.

He added that his contacts have been notified.

Head of the state medical services, Dr Elisavet Constantinou, told CNA, that, all the patient’s contacts have been traced and, as per the protocol, they have been given instructions by the Health Ministry’s Epidemiological Surveillance Unit to self-monitor for 21 days for any symptoms. This, she said, is done in collaboration with the Unit through daily communication.

Cyprus is expected to receive by the end of August 1,400 doses of the vaccine against monkeypox.

Constantinou said they are exerting great effort to expedite the arrival of a small amount of the vaccine doses.

Cyprus’ Health Ministry announced on Tuesday that the first case of monkeypox was detected in the country.

The case was detected after a molecular test, carried out by the microbiological lab of the Nicosia General Hospital. According to an announcement issued by the Health Ministry, the person infected was a 40-year-old man with a travel history who presented clinical symptoms compatible with monkeypox.

The 40-year-old has been admitted to the Nicosia General Hospital, which is the island’s reference hospital for monkeypox, for monitoring and further evaluation of his condition.

Source: Cyprus News Agency