Month: August 2022

The Department of Forests has issued a red alert for forest fires valid for Friday.

In a press release it urges the public to be cautious and avoid any actions that can cause a fire such as using tools or agricultural equipment that create heat, sparks or flame.

It recalls that lighting a fire for food preparation is permitted only in the barbecue areas of camping sites.

The fine for those who start a fire without a licence amounts to up to 10 years in prison or €50,000 or both sentences combined according to the forest law of 2012, and up to five years in jail or €20,000 or both sentences combined according to the Prevention of Fires in the Rural Areas Law of 1988.

Anyone who notices smoke or fire should contact 1407 (Forests Department) or 112 (Fire Department).

Source: Cyprus News Agency

This year’s revised target of gradual recovery for the tourism industry will be attained, Philokypros Roussounides, Director General of the Cyprus Hotel Association (CHA) told CNA, and referred to the challenges in the coming months, mainly due to lack of personnel and high inflation.

The CHA Director General said that, at the moment, the average occupancy for the month is around 80%. Most of the tourists come from abroad, but there is enough mobility from inland as well, he added.

Taking into consideration the circumstances after the war in Ukraine, “we are satisfied” he said. Of course the estimate and forecast were very different for this year before the war, Roussounides went on, but noted that “we adjusted the goal after the developments.” The first target set was, according to CHA Director General, to have a better result this year than in the last one, so as to mark the gradual recovery of the industry, which should have been a rapid one otherwise. “It seems that we are very close to achieving it and we hope that tourism influx will continue in the coming months,” he noted.

Replying as to whether they managed to overcome problems with the lack of personnel, Rousounides noted that this is a challenge that will hover over the industry for the next five years. “Beyond that, there are other huge challenges ahead, due to both rising energy costs and rising inflation, as well as supply chain issues.” As he noted, all these present a mix of huge challenges which the industry will face in 2023, as they will significantly reduce the purchasing power of potential tourists in the coming season, while their savings cushion due to the pandemic will disappear. “We will do everything in our power to be affected as little as possible by that, because the tourism industry will certainly be affected”, he said.

As for the problems the tourism industry is facing this year, he noted that several units, due to lack of staff, may not have been able to fully offer their services, in some cases restaurants remained closed, while a small number of hotels did not open.

The President of the Paphos Hotel Association, Thanos Michaelides, told CNA that despite the fact that Paphos in the past received a good portion of the arrivals from Ukraine and Russia, the region enjoyed arrivals from many other markets as well, so Paphos is less affected compared to other areas, particularly due to the large UK market. Michaelides confirmed that occupancy in Paphos region also stands at 80%.

Source: Cyprus News Agency

The at-risk-of-poverty rate for people aged less than 65 years living in households with very low work intensity in Cyprus was 51.6% in 2020, compared to 64.0% in the EU, according to data released by Eurostat, the statistical service of the European Union.

This rate ranged from 48.7% in Denmark and 49.9% in Ireland to more than 70.0% of the population in nine EU Member States. It reached a peak of 85.4% in Lithuania, followed by Romania (84.2%) and Latvia (80.6%).

Work intensity reflects how much all working-age household members have worked as compared to their full potential.

The general trend, according to Eurostat, is that the higher the work intensity within a household (the closer people are to full employment), the lower the probability to be at-risk-of-poverty.

Data for 2020 in the EU shows that the at-risk-of-poverty rate was 64.0% for people aged less than 65 years living in households with very low work intensity as compared to 5.3% for people living in households with very high work intensity, while the percentage for people living in households with medium work intensity was 23.6%.

Across all EU Member States, a similar pattern was observed. In the case of Cyprus, poverty risk was at 3.8% for people living in households with very high work intensity, while the percentage for people living in households with medium work intensity was 27.8%.

Source: Cyprus News Agency

FOR THE PERIOD FROM 1800 04/08/2022 UNTIL 1800 05/08/2022

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1006hPa (hectopascal)

Seasonal low pressure is affecting the area. The weather will be mainly fine but during the night and early morning hours locally increased low cloud is expected, with risk of local mist or fog patches.

Visibility: Good, but moderate to poor in mist and very poor in fog

Sea surface temperature: 26°C

Warnings: NIL

AREA PERIOD WIND STATE OF SEA

West Coast

Night Northwest 3 to 4, later Northwest to Northeast 3 Slight, later Smooth to Slight

Morning East to Southeast 3, gradually South to Southwest Smooth to Slight

Afternoon West to Northwest 4, at times locally 4 to 5 Slight

South Coast

Night Southwest 3 to 4, later Variable 3 Slight, later Smooth to Slight

Morning Northeast to Southeast 3, gradually Southeast to Southwest Smooth to Slight

Afternoon Southwest 4, at times locally 4 to 5 Slight

East Coast

Night Southwest to Northwest 3 to 4, later West to Northwest 3 Slight

Morning Northeast 3, gradually East to Southeast Smooth to Slight

Afternoon Southwest 3 to 4, locally 4 Slight

North Coast

Night West to Northwest 3 to 4, later Southeast to Southwest 3 Slight, later Smooth to Slight

Morning Southwest 3, gradually Southwest to Northwest Smooth to Slight

Afternoon Southwest to West 3 to 4, locally Northwest 4 Slight

Source: Cyprus News Agency

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