Day: December 12, 2022

The banking system reported a loss after tax of €36 million on a consolidated basis in the first nine months of 2022, compared to a profit of €22.54 million in the corresponding period of 2021.

According to the aggregated data for the Cyprus banking sector as of 30 September 2022, published by the Central Bank of Cyprus, total net operating profit stood at €916.3 million in the first nine months of 2022, compared to €939.5 million in the corresponding period of 2021.

In addition, banks’ interest income in the nine months of 2022 remained roughly unchanged at €831 million compared to €838 million in the corresponding period last year. The stable trend in interest income reflects the ECB’s base rate increase, which offset the continued deleveraging of loans in the banking system.

Total administrative expenses increased significantly in the nine months of 2022, reaching €689.5 million compared to €619 million in the same period last year, with personnel expenses showing a significant increase, reaching €467.5 million compared to €388 million in the first nine months of 2021, reflecting the costs of the voluntary exit plans implemented at Bank of Cyprus and Hellenic Bank.

The aggregated results include Ancoria Bank, Astrobank, Bank of Cyprus, CDB, Hellenic Bank and the Housing Finance Corporation. It should be noted that RCB terminated its banking operations following a decision by the European Central Bank on 24 February.

Source: Cyprus News Agency

President Anastasiades received on Monday in Nicosia the Slovak President, Zuzana Caputová, with whom he discussed the latest development in the Cyprus problem, the instrumentalization of immigration by Turkey and the consequences of the war in Ukraine.

Caputová is paying a one-day work visit to Cyprus, to meet with the Slovak contingent of the UN peacekeeping force (UNFICYP) ahead of the holidays. She will also meet with the Special Representative and Head of the United Nations Peacekeeping Force in Cyprus, Colin Stewart.

Caputová arrived at the Presidential Palace at around 12.30 noon, followed by members of the Slovak delegation. According to an official announcement by the Presidency of the Republic, Anastasiades and Caputová discussed Cyprus-Slovak bilateral relations. President Anastasiades also briefed his Slovak counterpart on the latest developments with Turkey’s continued illegal actions both in the territory of Cyprus – particularly in Varosha, the fenced off part of Famagusta – as well as in its maritime zones.

President Anastasiades also referred to the problems caused due to the instrumentalization of illegal migration by Turkey, as well as to the consequences of the war in Ukraine. Anastasiades thanked Caputová for Slovakia’s principled stance vis-a-vis efforts by the Republic of Cyprus to resume negotiations for a Cyprus settlement, as well as for its solidarity within the EU, with regard to Turkey’s provocative actions.

The Defence Minister, Government Spokesperson and other government officials were also present at the meeting.

Cyprus has been divided since 1974, when 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’.

UN Security Council resolution 550 (1984) considers any attempts to settle any part of Varosha by people other than its inhabitants as inadmissible and calls for the transfer of this area to the administration of the UN. UN Security Council resolution 789 (1992) also urges that with a view to the implementation of resolution 550 (1984), the area at present under the control of the United Nations Peace-keeping Force in Cyprus be extended to include Varosha.

The Turkish Cypriot leadership announced in July 2021 a partial lifting of the military status in Varosha. A few months earlier, on October 8, 2020, the Turkish side opened part of the fenced area of Varosha, following an announcement made in Ankara on October 6. The UN Security Council called for the reversal of this course of action, while the UN Secretary General, in his latest report on his mission of good offices in Cyprus, reiterated his concern over developments in the fenced-off area, noting that the position of the UN on Varosha remains unchanged. The EU also expressed grave concern.

Source: Cyprus News Agency

We have set as a priority the upgrading of Cyprus sports in all sectors and to this end we adopted a comprehensive strategy that focuses on the promotion and essential support of our country’s talented athletes, on a team and individual level, said President Nicos Anastasiades.

Addressing an event at the Presidential Palace on Monday evening, in honor of athletes who distinguished in international competitions, the President said that this is a minimum token of gratitude from the state to all those who represent our country in the world’s top sporting events and act as Cyprus’ ambassadors.

At the event, during which 120 athletes were given awards, the President noted that the path the athletes follow requires intensive effort, systematic preparation and personal sacrifices every day, as well as patience, perseverance, self-discipline and dedication. He also said that they set an example and model of excellence for younger generations.

President Anastasiades said that the strategy aims to identify and involve children in competitive sports from a young age. He said that the Cyprus Sports Organization supports these children via the talent grant.

He also referred to the operation of sports schools but also to the implementation of programs such as, among others, that of “Middle School Sports” and the strengthening of the efforts of championship-level athletes and their coaches, providing them with the necessary guarantees for achieving their goals.

The President said that the government proceeded, among others, to draw up a National Strategy for Sports, through the preparation of a sports legislation, which has been undertaken by the Cyprus Sports Organization, the adoption of the New Plan for the Professional Rehabilitation of High-Performance Athletes, the increase of sportsmen’s grants, the implementation of the Code of Good Governance etc.

President Anastasiades said that since 2018, more than 70 projects have been completed or are in progress, totaling at 60 million euros.

He said that the athletes, beyond their distinctions, demonstrate commitment to the principles and values of fair competition, noble competition and excellence.

In his address he also praised the excellent cooperation with Cyprus Sports Organization.

Source: Cyprus News Agency

The Minister of Finance, Constantinos Petrides and the Swiss Ambassador to Cyprus, Christoph Burgener signed on Monday the Framework Agreement by which Cyprus will receive a grant of €5.4 million for the implementation of projects in the area of Cohesion.

The three projects selected for funding serve needs in the field of health and social protection as well as civic engagement and transparency, the Minister said, during a press conference, following the signing of the Agreement, at the Finance Ministry in Nicosia.

Specifically, €2.2 million will be allocated for the construction/expansion of the facilities of the Association for the Prevention and Handling of Violence in the Family (SPAVO), to serve victims of domestic violence. With the aim of a holistic support for patients with rare diseases and their families, an amount of €2.1 million will be allocated to the Karaiskakeio Foundation for the creation of a specialized Centre for this purpose. Furthermore, an amount of €1 million will be given to support the work of the Committee on Missing Persons (CMP).

It is noted that on October 31st, under the Second Swiss Contribution, an Agreement was signed between the two countries, on the basis of which Cyprus will receive €10.4 million to support measures in the area of Migration.

The total grant of €15.8 million, will be allocated to the Republic of Cyprus through the two Framework Agreements on Cohesion and Migration, based on a Memorandum of Understanding between Switzerland and EU, which was signed on 30 June 2022.

The Minister thanked the government and the Embassy of Switzerland. He noted that the projects to be funded were selected in cooperation with the Swiss government and they are in the context of policies promoted by the Cyprus government for social cohesion, which the Swiss government also embraces.

The Swiss Ambassador, in his statement, said that Switzerland is in the heart of Europe. “Even if we are not a formal member of the EU, we strive further to strengthen our relations with the EU. And with this Cohesion Fund in certain countries in Europe, we try to demonstrate that we are interested in security in Europe, in prosperity and the Cohesion for the European countries.”

He added that Switzerland, with its €1.3 billion fund, tries to foster relations, not only with the EU, but also bilaterally.

“I am particularly pleased with these three projects, because they are not the end of the story”, he said, adding that he really looks forward to cooperating with the different organisations.

“I am sure that this is a very solid beginning for bilateral relations between Switzerland and Cyprus. We are two small countries, we have a lot in common, I look forward to strengthening our relations”, he concluded.

Source: Cyprus News Agency

Cyprus Civil Defence Force announced that on December 11, 2022, the process by which it managed to receive the INSARAG External Classification certification from the United Nations Office for the Coordination of Humanitarian Affairs (UN OCHA) was completed.

In an announcement, circulated by the Press and Information Office, it is noted that the certification, which is also recognized at the level of the European Union, is proof of the capabilities, but also of the readiness of the Republic of Cyprus to respond in this field.

It is added that the training and certification process, which lasted four years, was completed on December 11 with a final exercise in Larnaca. With the end of this process, the certification of the competence and professionalism of the Republic of Cyprus, which through its Civil Defence can respond to incidents of search and rescue after natural disasters, both in Cyprus and abroad, was completed.

Source: Cyprus News Agency

Cyprus has on several occasions expressed its readiness to engage in negotiations with any relevant country, with a view to reaching a peaceful settlement in good faith of any maritime dispute in the Eastern Mediterranean, in full respect of international law, including the settling of any such dispute before the International Court of Justice.

Addressing the General Assembly in commemoration of the 40th anniversary of the United Nations Convention on the Law of the Sea Permanent Representative of Cyprus to the UN, Ambassador Andreas Hadjichrysanthou said that as an island-state and a maritime nation, Cyprus is strongly committed to upholding the provisions of the UNCLOS and actively supports its objectives and its institutions.

Cyprus, he noted, has on several occasions expressed its readiness to engage in negotiations with any relevant country, with a view to reaching a peaceful settlement in good faith of any maritime dispute in the Eastern Mediterranean, in full respect of international law, including the settling of any such dispute before the International Court of Justice.

“The legislation on the law of the sea in the Republic of Cyprus is in accordance with the provisions of UNCLOS and the country has proceeded with maritime delimitations, on the basis of the median line, with a number of neighboring states in accordance with International Law,” Ambassador Hadjichrysanthou said.

The marking of the 40th anniversary of the adoption of UNCLOS is an occasion for celebration, as well as an opportunity to reflect on the Convention’s achievements and successful contribution to the promotion of the peaceful uses and the freedom of the seas; the exploitation of their natural resources, including the sustainable utilization and conservation of their living resources; and the study, protection and preservation of the marine environment,” he pointed out.

UNCLOS, he added, is considered the Constitution of the Oceans and is a carefully worded agreement that succeeded in maintaining a balance between the rights and interests of all states, regardless of their particular characteristics.

“The provisions of the Convention reflect customary international law and establish clear rules regarding the sovereignty, sovereign rights and maritime jurisdiction of States as well as the determination of maritime boundaries. These rules apply to all states, including states that are not parties to the Convention,” the permanent representative noted.

He further underlined the importance of respecting the sovereignty, sovereign rights and jurisdiction over the maritime zones of all states as well as the principles of good neighborly relations and peaceful settlement of disputes. No state, he added, has the right to demand special treatment, nor to encroach on the rights of other states or to apply practices aimed at deconstructing the clear legal regime established by the Convention.

Hadjichrysanthou also pointed out that UNCLOS has sufficient flexibility to address emerging challenges in the seas and oceans such as the issue of sea level rise as a consequence of climate change, reiterating Cyprus’s position to address this issue within the framework of the Convention.

He urged all UN Member States who have yet to become party to the Convention to do so as soon as possible.

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. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

Source: Cyprus News Agency

Rivian Pauses Partnership Discussions With Mercedes-Benz on Electric Van Production in Europe

Rivian to prioritize its current consumer product development roadmap and manufacturing capacity expansion as well as its commercial business

IRVINE, Calif.–(BUSINESS WIRE)– Electric vehicle manufacturer Rivian has today announced it is pausing plans to produce its electric commercial vans in Europe and will therefore no longer pursue the Memorandum of Understanding with Mercedes-Benz. This Memorandum of Understanding was signed in September 2022.

RJ Scaringe, Chief Executive Officer of Rivian:

“We’ve decided to pause discussions with Mercedes-Benz Vans regarding the Memorandum of Understanding we signed earlier this year for joint production of electric vans in Europe. As we evaluate growth opportunities, we pursue the best risk-adjusted returns on our capital investments. At this point in time, we believe focusing on our consumer business, as well as our existing commercial business, represent the most attractive near-term opportunities to maximize value for Rivian. We share the same goal as Mercedes-Benz Vans, to help the world transition to electric vehicles, and we look forward to exploring opportunities with them at a more appropriate time for Rivian.”

Mathias Geisen, Head of Mercedes-Benz Vans:

“Our collaboration with the Rivian team has been based on a common engineering passion and a strong spirit of partnership. That’s why I respect and understand the decision of Rivian to prioritize the delivery of their consumer business and existing commercial business in the near-term. While the timeline for our common European production joint venture is now on hold, the pace of our own electrification strategy at Mercedes-Benz Vans remains unchanged. The ramp-up plan for our new EV manufacturing site in Jawor, Poland is not affected. We will continue with full speed and determination to scale up electric vehicle production in our first dedicated electric van plant – designed for maximum flexibility and productivity. Exploring strategic opportunities with the team at Rivian in the future remains an option, as we share the same strategic ambition: accelerating the EV adoption with benchmark products for our customers.”

Rivian is building a brand and product portfolio with the objective of maximizing impact in the shift to carbon-neutral transportation. The R1T, R1S, and Electric Delivery Van (“EDV”) last-mile delivery vans are Rivian’s first vehicles in the consumer and commercial space. The R1T and R1S are flagship products for Rivian, uniquely combining performance, utility, and efficiency – see Rivian.com for further information. On the commercial side Rivian launched the EDV, which was designed and engineered by Rivian in collaboration with Amazon, as an anchor product to combat climate change at scale in the fleet market.

About Rivian

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at rivian.com.

Forward-looking statements:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not relate to matters of historical fact should be considered forward-looking statements and are often identified by terms such as “will,” “should,” “target,” “aim,” “expects,” “plans,” “intends,” “targets,” or “believes” or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date when made, and Rivian undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law. Forward-looking statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. A discussion of other risks and uncertainties is contained in Rivian’s filings with the U.S. Securities and Exchange Commission.

Source: Cyprus News Agency

The award of the 2022 Sakharov Prize to the people of Ukraine, discussions on the EU budget the environment and energy crisis, the recent airstrikes of Turkey in Iraq and Syria, but also the prospects of a ‘two-state’ solution to the Palestinian issue are some of the items on the agenda of the Plenary session of the European Parliament, taking place in Strasbourg between December 12-15.

The European Parliament will award this year’s Sakharov Prize for Freedom of Thought in a ceremony on Wednesday at noon, Strasbourg time, to the people of Ukraine. Ukrainian President Volodymyr Zelenskyy is expected to address the plenary chamber remotely, while other representatives of the Ukrainian people will be in Strasbourg.

Other activities include a debate between MEPs, the Commission and the Czech Presidency during which MEPs will outline their demands and expectations for the 15 December EU summit.

The Parliament will also debate the latest developments and the humanitarian situation in Ukraine due to Russia’s attacks against critical infrastructure.

The MEPs are also set to push for a reform of the EU budget, due to current crises, to respond more effectively to evolving needs, address funding gaps, increase flexibility and crisis responsiveness.

Discussions have also been scheduled on the energy crisis but also the results of the UN Climate Change Conference COP27, which took place in Sharm el Sheikh from 6-19 November.

The Turkish airstrikes in Iraq and Syria are also on the agenda, as well as a debate on the prospects of a two-state solution for Israel and Palestine.

MEPs are to also quiz the Commission about how to defend EU democracies from interference.

Source: Cyprus News Agency

APOEL of Nicosia achieved a great victory against Pafos FC in the derby of Match Day 14 of the Cyprus Football League. With this victory, the team of Nicosia is in the first place of the standings with 33 points, two more than Pafos that stands in the second with 31.

Match Day 14 wraps up on Monday with the game between Nea Salamina and Karmiotissa (19:00) at the “N. Papas Group Ammochostos-Epistrofi” Stadium.

Results of Match Day 14: Pafos-APOEL 1-2, Doxa-AEK 0-1, Anorthosis-Olympiakos 1-1, Paralimni-Apollon 0-1, Omonia-Akritas 1-0, AEL-Aris 0-0.

Standings: APOEL 33, Pafos 31, AEK 31, Aris 30, Apollon 22, Omonia 22, Anorthosis 18, Nea Salamina 16, AEL 15, Karmiotissa 15, Doxa 11, Paralimni 11, Olympiakos 8, Akritas 7.

Source: Cyprus News Agency

Forty percent of citizens and nearly half of businesses have experienced some sort of cyber attack in the past 12 months, according to surveys on cyber security.

According to the Commissioner of Communications, the Digital Security Authority conducted in October and November this year two surveys throughout Cyprus to collect data and information on cyber security among 1025 citizens and 450 businesses.

The surveys showed that almost half of the businesses (46%) were attacked or suffered security breach in the last 12 months with an average of 3-4 attacks per month and that of the businesses that were attacked 48% had a financial cost amounting to almost 23,000 euro on average. The most frequent attack was phishing (36%).

It is noted that there is ignorance on the part of companies about seminars offered on cyber security issues since half of the companies do not know about them while only 17% participated in them. The businesses that participated in seminars had taken actions to strengthen their security measures.

As regards citizens, 40% of those that participated in the survey have said they had suffered an attack in the last 12 months with an average of 20.9 breaches/attacks per year. Among those, 19% had suffered costs amounting to 318 euro on average. The most frequent attack was phishing with 30%.

Only 9% said they had participated in a seminar on cybersecurity. The survey showed that those who attended seminars proceeded to security changes such as use of stronger passwords, more frequent password changes and avoidance of suspicious websites.

The Authority says that it will organise education seminars on the matter. The results of the surveys can be found under https://dsa.cy/category/press-releases/consumers-survey

Source: Cyprus News Agency