Day: December 16, 2022

This year, no restrictions related to COVID-19 are expected to be in place during the Christmas and New Year holidays, the Health Ministry’s communications advisor Constantinos Athanasiou has told CNA, noting that the ministry is expected to issue in the coming week some simple recommendations ahead of the holidays.

In statements to CNA, Athanasiou ruled out the possibility of measures being imposed in view of the holidays, stressing that the relevant Ministry would go ahead “only with recommendations” and that what is in place is the responsible behaviour of each individual.

Invited to comment on the number of new cases reported in the previous seven days, he said that both the positivity rate and the number of people receiving treatment in hospital for the disease are dropping.

The Ministry expects that there will possibly be an increase in new cases during the holidays, he said, adding however that this should not be a cause of concern.

At the same time, replying to a question about the vaccination rate he said that the Ministry continues to inform people about vaccines and that between November 1st and December 14th, 24,000 people were vaccinated.

On a daily basis, he noted, between 600 and 700 vaccinations take place.

Source: Cyprus News Agency

Capital Intelligence Ratings (CI Ratings or CI) has upgraded the Long-Term Foreign Currency Rating (LT FCR) of Bank of Cyprus (BoC) to ‘BB’, from ‘BB-’. BoC’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) have also been raised to ‘bb’ and ‘bb’, respectively, from ‘bb-’ and ‘bb-’, citing “the substantial improvements in asset quality and the resulting positive impact on the Bank’s capital and overall credit loss absorption capacity.”

At the same time, the Limassol-based agency has affirmed the Bank’s Short-Term Foreign Currency Rating (ST FCR) of ‘B’ and Extraordinary Support Level (ESL) of Uncertain. The Outlook for the LT FCR and BSR remains Stable.

CI noted that improved operated environment improved as economic performance remained resilient in 9M 22 despite external adversities and is expected to recover further, with the increase in investments and net exports in the second half of this year partially offsetting the impact of the war in Ukraine and higher inflation.

The sound economic performance has improved the operating environment for banks in terms of asset quality risks, lending opportunities, and profitability, hence the upward adjustment of our OPERA assessment, the agency added.

According to CI, funding and liquidity continue to be the principal credit strengths supporting the CFS. “The Bank enjoys a well-diversified and stable retail customer deposit base and has very little reliance on wholesale funding. Liquidity metrics continue to be strong,” it said.

Another credit strength CI added, and the key contributor to the change in the CFS, is the substantially improved asset quality.

Recalling that NPLs have reduced markedly over the last three years due to sales, mostly to Pacific Investment Management Company LLC (PIMCO), CI said that sale to Helix 3 was completed in November 2022, bringing the NPL ratio down to mid-single digits at end Q3 22.

“This had the effect of reducing the residual impact of unprovided NPLs on the Bank’s capital, and to improve net profitability due to lower provisioning requirements,” CI said, adding that these factors, in turn, have improved BoC’s overall credit loss absorption capacity despite the still moderate NPL coverage ratio.

The agency noted, however, that the bank remains exposed to the volatile tourism and real estate sectors which are also a major source of outstanding NPLs, as well as stage 2 loans – both of which remain high. As a result, asset concentration risk is still considered a credit challenge.

Furthermore, CI said the Bank’s status as the largest bank in Cyprus with a leading market share in lending and over a third of customer deposits supports the ratings.

The agency pointed out that the bank’s net profitability improved moderately in H1 22, albeit from a very low base, having returned to positive territory in 2021.

Recalling that the small loss in Q3 22 reflected the one-off costs associated with the voluntary staff exit plan, which will reduce personnel expenses from 2023 onwards thus expected to have a positive impact on operating profitability, CI pointed out that net and operating profitability are still considered low and the cost-to-income ratio is high.

According to CI, although the rising interest rate environment in the EU is likely to benefit BoC in full year 2022 and into 2023 in terms of improved net interest margin, further significant cost savings may however be limited as bank employee salaries remain relatively high and staff are strongly unionised.

“The high inflation may also pressurise operating costs. We thus consider it uncertain whether the anticipated income improvement from higher interest rates and the already achieved cost savings can fully offset the impact of inflation and subdued loan growth. Operating and net profitability thus remain a credit challenge for the Bank,” the agency added.

Source: Cyprus News Agency

Foreign Minister Ioannis Kasoulides hosted on Friday a working lunch to the European Union member states’ heads of mission accredited in Nicosia.

A tweet from the Cyprus Foreign Ministry says that there was a “useful and productive tour d’horizon on timely Foreign Policy issues pertaining to Cyprus question, as well as our common European and Regional agenda”.

Source: Cyprus News Agency

European Council members bid farewell on Thursday evening to President of the Republic of Cyprus Nicos Anastasiades, after attending for ten years the Summits. The President will not run again for office at the presidential elections that will take place in February next year.

The ceremony took place in Brussels on the sidelines of the Council’s working dinner, in the presence of the leaders of the EU member states and the heads of the EU institutions.

According to a press release by the Presidency, during the ceremony, a video was shown as tribute to President Anastasiades for his valuable contribution to the EU. Addressing the ceremony the President referred particularly to the Cyprus problem asking his colleagues in the Council to work closely with the new President of Cyprus to reach a solution based on the European acquis communautaire and the parameters set by the UN.

Speaking at the ceremony, European Council President Charles Michel praised President Anastasiades’ personality and experience in the EU, as well as the way he always expressed his views for the benefit of Cyprus and its people and for building a common European understanding. He also thanked him for his “impeccable rhetoric and presentation of evidence-based arguments.”

“Thank you for your friendship, for our cooperation” he said, adding that “we have been companions around this table with 5 British Prime Ministers, 4 Belgian Prime Ministers, 7 Italian Prime Ministers, but also 3 Presidents of the Commission”.

Concluding, Michel expressed his “warm and sincere wishes for the best and thank you for the solidarity, thank you for the loyalty.”

President Anastasiades thanked Michel for his words and said that this was the last European Council he attends and therefore it is a day of strong emotions.

He said that being a member of the European Council for ten consecutive years has been one of the most rewarding experiences of his life and noted that it has certainly not been an easy journey, considering the numerous challenges and many crises but “your commitment and determination to find mutually beneficial solutions to address concerns and meet the interests of each individual Member State has been exemplary.”

The President of Cyprus expressed sorrow for the fact that his vision for the reunification of Cyprus and its people did not become reality and asked his counterparts to work closely with the next President of Cyprus and use their influence.

“What I ask of you all is not to lose sight on the Cyprus problem. A problem, which is essentially European, since a member state of the European Union remains divided. As a member state of the European Union, Cyprus receives daily threats and suffers from violations against its sovereignty and the unhindered implementation of its sovereign rights,” he underlined.

The President urged the members of the European Council to work closely with the new President of Cyprus to reach a solution based on the European acquis communautaire and the parameters set by the United Nations, while at the same time exerting their influence on Turkey to participate constructively in the Cyprus negotiations and refrain from any provocative and illegal actions against Cyprus.

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

Students are the group most frequently connected to the internet (99%), according to the results of the 2022 household information and communication technology usage survey, published by the Statistical Service on Thursday.

According to the survey, nine out of ten people use the internet at least once a week, while internet use decreases with age, starting at 98.8% for the 16-24 age group, internet use decreases to 71.1% for the 55-74 age group. People with a high level of level of education use the internet more frequently (97.9%) than people with a low level of education (64.4%). It also appears that women use the internet more frequently than men, with rates of 90.4% and 88% respectively.

The most popular internet activities in Q1 2022 were messaging via Skype, Messenger, WhatsApp and Viber (91.9%), making calls online (91.4%), watching videos from sharing services such as YouTube (88.6%), participating in social networks such as Facebook and Twitter (87%) and searching for information about products or services (81.6%).

In addition, the survey found that 17.8% of those who used the internet in the first quarter of 2022 used online educational materials but not a completed online course, 17.7% took an online class, and 17% communicated with teachers or students using online audio or video tools.

In the period between April 2021 and March 2022, 50.7% of people between the ages of 16-74 accessed information stored for them by public authorities or agencies, 41.2% received information and 15.3% accessed information from public databases or registers, according to the results of the e-government survey.

In terms of e-commerce, the survey shows that the percentage of people who made purchases online in the first quarter of the year fell to 37% compared to 48% in the same period last year.

The most popular goods or services categories ordered or purchased online were clothing, shoes or accessories at 75.8%, orders from restaurants, fast-food chains or catering services (delivery) at 71.8%, sports equipment at 34.5% and computers, mobile phones or other electronic accessories at 30.6%.

Finally, the survey showed that 84.8% bought from local Cypriot sellers, 77.7% bought from sellers based in EU countries and 59.7% bought from sellers from the rest of the world.

Source: Cyprus News Agency

The donation of a lunar geological sample collected during the Apollo XVII mission by the US government to the Republic of Cyprus will serve as another token of the strong bonds between the two countries, said the President of the House of Representatives Anita Demetriou on Monday at a ceremony held at the Presidential Palace in Nicosia, in the presence of the American Ambassador to Cyprus Judith Garber and Deputy Minister for Research and Innovation Kyriacos Kokkinos.

In his recorded message prior to the donation, NASA Associate Administrator Bob Cabana said that Apollo XVII astronauts brought back this tangible piece of our nearest celestial neighbour to be shared with the world as an act of good will, adding that the success of the recent uncrewed Artemis mission has paved the way for future missions, which will include the first woman and the first person of colour on the surface of the moon.

US Ambassador Judith Garber said for her part that the people of the United States are proud to donate this unique piece of space exploration history to the people of the Republic of Cyprus as a commemoration of the 50th Anniversary of the Apollo XVII mission and in recognition of the deepening scientific and technical relationships between the two countries.

She added that a shining example of this cooperation was the selection last week of a Cypriot team as one of the ten global winners of the 2022 NASA Space Apps challenge out of 3,000 project submissions.

Quoting Apollo XVII mission commander Eugene Cernan, Garber said that as fragments of all sizes, shapes and colours became a cohesive rock outlasting the nature of space, sort of living together in a coherent and peaceful manner, the United States shared a piece of this rock with many countries around the world with the hope it will be a symbol of mankind that can live in peace and harmony.

“As I am preparing to say farewell to Cyprus, I know the same hope can be found here. Cyprus can and should live in peace and harmony in the future and that will require continued and persistent efforts by us all together,” she concluded.

Acting President of the Republic and President of the House of Representatives Annita Demetriou said that the lunar geological sample will serve as another token of the strong bonds that unite and characterize the two countries and their people.

She added that the bilateral relations between the United States and Cyprus have taken giant leaps in recent years, expressed through a plethora of joint ventures and initiatives, such as the signing of a statement of Intent on Security Issues, the joint commitment and cooperation in the fight against terrorism and the illegal trafficking of drugs and human beings, the Eastern Mediterranean Security and Energy Partnership Act, the US investment in CYCLOPS, the participation of the USA in the 3+1 mechanisms and the renewal of the Science and Technology Cooperation Agreement.

The involvement of US Energy giants like Exxon Mobil, Noble and Chevron in Cyprus’ Exclusive Economic Zone and the participation of the USA as an observer in the East Mediterranean Gas Forum are tangible examples of American interest in the region and a vote of confidence to the role that Cyprus can play in the energy field, continued Demetriou, adding that the recent State Department announcement to lift the arms embargo for the coming fiscal year was a political milestone and another testament of the trust built between the two countries.

The close friendship and collaboration between the Republic of Cyprus and the USA is defined by their common adherence to the rule of law, democratic values, respect of human rights and freedom, noted Demetriou, adding that both countries work tirelessly to address challenges such as the COVID 19 pandemic, terrorism, cyber and maritime security, climate change, as well as the promotion of stability, security and prosperity for the countries and the people of the Eastern Mediterranean.

“Naturally, the greatest challenge faced by all Cypriots is addressing the division of our country caused by the illegal Turkish invasion and continuous occupation”, stressed the President of the House and expressed her appreciation for the United States’ principled stance on efforts to reach a viable, functional and lasting solution to the Cyprus problem, “a settlement that will reunify the island and its people based on the agreed UN framework of a bizonal bicommunal federation with political equality, as set out in the relevant Security Council Resolutions, and in accordance to the international law and the values and principles of the European Union”.

Concluding, the House President paid tribute to Ambassador Garber’s efforts during her tenure in Cyprus to deepen and enhance the collaboration between the two countries in various fields such as the political. economic, commercial, cultural, scientific or in the area of energy and security and defence.

Deputy Minister for Research and Innovation Kyriacos Kokkinos said in his address that today’s ceremony marks another key milestone in Cyprus’ long-standing relationship with the United States and thanked the American ambassador for her commitment and hard work in further expanding cooperation between their two countries, particularly in the field of science and technology.

He added that at the beginning of the year Cyprus and the United States signed a ten-year agreement in these fields, translated into a partnership with tangible and impact-oriented outputs, while two days ago the Deputy Ministry hosted representatives from the State Department Science Diplomacy who engaged in a meaningful discussion with key stakeholders from the local research and innovation ecosystem.

Space is considered a key enabler for accelerating the twin digital green transition and advancing social prosperity, said Kokkinos, adding that the United States is the pioneer and a leader in space exploration and has already built a strong space economy with a substantial contribution to GDP, an economy that creates hundreds of thousands of jobs every year.

He noted that as the 21st century gets further underway, the space economy is growing and evolving together with the development and profound transformation of the space sector and the further social and economic integration of space, while earth observation and satellite communication were vital in addressing the COVID-19 crisis, showing the enabling role space plays for growth in huge array of sectors.

In this new reality, drawing from the experience of international partners like the United States and through its partnership in the European Space Agency, Cyprus aims to be part of the space revolution, paving the way for a sustainable and resilient future, said Kokkinos.

He added that a number of steps have been taken in this direction, such as formulating the national space strategy, which will be officially announced next week, and the development of national space laws to authorise and supervise space activities and enhance the practice of registering space objects.

At the same time, he noted Cyprus has increased its subscription in the context of new agreements with the European Space Agency and put forward ambitious objectives, among which the earlier transition to associated membership.

“I truly believe that expanding our space cooperation can inject a strong momentum in our already close relationship with the United States”, concluded Kokkinos.

Source: Cyprus News Agency

A social dinner between Cyprus President, Nicos Anastasiades, and Turkish Cypriot leader, Ersin Tatar, is scheduled to take place in late January, while Greek Cypriot negotiator Menelaos Menelaou and special representative of the Turkish Cypriot leader, Ergun Olgun, are expected to hold next week their last meeting before the end of the year, CNA has learned.

Menelaou and Olgun attended a meeting and a dinner with the UNSG’ Special Representative, Colin Stewart last Wednesday, to discuss, as the UN announced “ongoing matters, to recognize their collaboration in 2022 and continue this important work in 2023.”

According to CNA information, Stewart will be leaving the island on Thursday for the Christmas holidays and will fly in January to New York for the discussions that will take place at the UN seat on the UNSG’s reports about his good offices mission and the UN peacekeeping force in Cyprus (UNFICYP).

CNA has learned that no separate meetings of Stewart with Anastasiades and Tatar have been scheduled before the UN diplomat leaves the island. The three men had met on December 7 in the framework of an end of the year reception which the UN in Cyprus hosted at Ledra Palace, during which Anastasiades and Tatar agreed to have a social dinner before the former’s term of office wraps up at the end of February 2023. The dinner is scheduled to take place in late January; however, this remains to be confirmed.

Meanwhile the UNSG’s reports will be handed over to the UN Security Council members during the first week of January. Stewart will brief during the second week of January the UNFICYP troop -contributing countries and after that the UN Security Council members. The resolution for the renewal of UNFICYP’s mandate for six more months will be adopted by January 31st.

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

Cypriot ophthalmologist, surgeon and vitreo-retinal specialist, Dr. Theodoros Potamitis, has recently become an examiner at the Royal College of Ophthalmologists, UK, which makes him the first Cypriot doctor -examiner in one of the most difficult, worldwide, exams for gaining the specialty.

In an interview with CNA, Dr. Potamitis, director of the Pantheo Eye Center, spoke about this development and expressed the opinion that in the coming decades thanks to technology there will be fewer blind people.

He said that as a doctor he feels honored but noted that it is an honour for Cyprus as well since it proves that “they consider our level to be equal to theirs.”

Dr. Potamitis added that as an examiner, he will need to travel 2 to 3 times a year to Great Britain and that this is a position that requires constant updating on any developments in ophthalmology.

Pointing out that the level of the medical community in Cyprus is quite high, he said that any negative comments especially after the implementation of the General Healthcare System do not correspond to reality.

“The level of medicine in Cyprus is quite high,” he stressed, saying that private sector clinics which are outside the General Healthcare System are no better than the rest. He explained that the only difference is that “the clinics that joined the system are forced to work differently, due to time pressure and workload”.

Replying to questions, he pointed out that the last decade has seen tremendous developments in ophthalmology, for diseases for which we previously had no treatment option, such as diabetic retinopathy, which is the main reason for blindness in people under 65 years of age”.

In recent years, he continued, we have intraocular injections, which stop this disease, with very good results, while the use of computers and software, as part of a surgery, has become routine.

Furthermore, he referred to gene therapy and electronic – artificial vision. The latter, he said, is a treatment under development for conditions where the eye nerve has been damaged. An electronic chip in the eye, he explained, replaces neurological tissue so the patient can see shapes.

“Just as mobile phone cameras have evolved over a decade, we expect that, in the coming years, this treatment will provide good vision to a person who was previously blind,” Dr. Potamitis noted.

Asked if in the future there will be no blind people, he said that this would be too optimistic, as “there will always be something that we cannot cure. But there will be diseases that we now think are incurable, which in future we will be able to cure”, he said and gave a series of examples such as retinal detachment, which 40 years ago would lead to blindness whereas today 98% of patients are cured.

As regards the use of robotics in ophthalmology, he explained that it is still in an experimental stage in medical centres abroad and is expected to evolve in about a decade, in order to support surgeries.

In ophthalmology as in all other health areas, “prevention is better than cure”, Dr. Potamitis noted, adding that there are many eye diseases that can be treated very easily and effectively in their initial stages, but are untreatable in their final stages.

“Unfortunately, we experience this every day, that is, people waiting to go blind before they go to the doctor,” he warned and underlined that there are no more excuses for someone not to visit a doctor, as the General Healthcare System of Cyprus offers this prevention for free.

The majority of patients, he said, are diabetics who should be examined at a regular basis, as well as people with a family history of pressure in the eye or retinal detachment.

Dr. Potamitis urged people to visit the doctor once a year for a check up.

“Even if you are well, even if you can see well, at least once a year you must go to an ophthalmologist,” he said.

Asked whether the eyes are the mirror of the soul, he noted that indeed “our words may be different, but our eyes express the truth, all the love and sorrow we feel, are always expressed through our eyes.”

Source: Cyprus News Agency