Day: December 21, 2022

The United States support efforts to de-escalate tensions between Greece and Turkey, State Department Spokesperson Ned Price has said, adding that NATO unity is especially important.

Price was asked to comment on Senator Menendez’s remarks regarding Erdogan’s statement that he will fire a missile at Athens unless the Greeks stay calm. He said also that Erdogan is a close friend and ally of the presidents of Russia and Iran, and added that as chairman of the Senate Foreign Relations Committee he will not approve any F-16s for Turkey until Erdogan halts his campaign of aggression across the entire region.

“Our assessment is what is reflected in what I just shared regarding the statements that we’ve heard between our two close NATO Allies. This is a time, we think, when unity within the Alliance and between and among Allies is especially important. We regret the escalation of tensions between two Allies, especially between two such important NATO Allies. It doesn’t serve anyone’s interests, and we continue to support all efforts to de-escalate those tensions, including the efforts that are being undertaken now or have been undertaken in Brussels” Price said.

SOURCE: CYPRUS NEWS AGENCY

The Chairman of the Cyprus Securities and Exchange Commission (CySEC) Dr. George Theocharides has been appointed Chairman of Risk Standing Committee (RSC), a press release issued by the CySEC says.

The RSC is part of the European Securities and Markets Authority (ESMA) and the successor of Committee for Economic and Markets Analysis (CEMA), for which Dr. Theocharides is serving also as Chairman, since March 2022.

It is added that the RSC will continue to contribute to ESMA’s mission by monitoring developments in financial markets, assessing systemic risks, and providing economic background analysis for the general tasks of ESMA. Furthermore, the RSC is entrusted with further responsibilities on risk analysis related to consumers, ESG and innovation, as well as other emerging issues.

“I am honoured to have been appointed to this role and I reaffirm our commitment to contribute?to the healthy development of the financial markets in Europe, encouraging innovation and ensuring investor protection” Dr. Theocharides said.

Dr. Theocharides’ mandate as Chairman of the RSC will run for a two year period from 1 January 2023 until 31st December 2024, the press release concludes.

SOURCE: CYPRUS NEWS AGENCY

Quantities of natural gas that, according to preliminary estimates, total between 2-3 trillion cubic feet (Tcf) have been discovered in the “Zeus-1” target within Block 6 of the Republic of Cyprus’ Exclusive Economic Zone.

The consortium made up of Eni Cyprus Limited (Operator) and TotalEnergies EP Cyprus B.V. successfully completed an exploratory well, the Ministry of Energy, Trade, and Industry announced on Wednesday.

Drilling, undertaken by drill ship “Tungsten Explorer” at a distance of 162 kilometers off the coast of Cyprus, 5 kilometers west of the “Cronos-1” well, and in a water depth of 2,300 meters “revealed the existence of a 105-metre column of clean natural gas, with quantities that, according to preliminary estimates, total between 2 and 3 trillion cubic feet (Tcf).”

The “Zeus-1” discovery, the third in a row by the licensed consortium in Block 6, following “Calypso-1” and “Cronos-1”, has also been successfully tested in terms of its technical quality characteristics. The finding confirms the region’s bright energy potential, says the Ministry.

The results of the latest drilling are being incorporated, by Eni and TotalEnergies, into the studies conducted for this very purpose, according to the announcement from the Ministry of Energy. The Ministry and the consortium have already begun to examine ways to speed up and optimize the exploitation of the discoveries in Block 6 of the EEZ of Cyprus.

SOURCE: CYPRUS NEWS AGENCY

The condition of the 4-year-old girl, who is being treated intubated in the Intensive Care Unit of the Makarios Hospital with Streptococcus A, remains serious and critical, Health Minister Michalis Hadjipandela said on Wednesday. The Minister said that if deemed necessary, the child will be sent abroad for further treatment.

The Health Minister stated that there is ongoing communication with the infectious disease – paediatric intensive care specialist from Israel, in remarks made following the President’s laying of the cornerstone for Phase A of the Athalassa Mental Health Centre, assuring that “if the child needs to go abroad, he will go.”

“The latest update I have on the child is that his condition remains serious and critical,” Hadjipandela said.

Asked if the doctor from Israel is expected back, he said that officials are in contact with him.

It should be noted that the pediatrician who assessed the condition of the 4-year-old girl left for Israel at 23:00 last Monday.

SOURCE: CYPRUS NEWS AGENCY

The strategic plan of the Hellenic Bank was approved by its Board of Directors, states a press release issued by the Bank.

The press release notes that the main strategic pillars of the Plan are growth, asset quality, cost rationalisation, and capital and funding optimisation.

The Plan addresses the Bank’s structural challenges for driving the Bank forward as a leading player in the local market. The Plan, enabled by an increased focus on digitalisation, includes initiatives to increase customer engagement to reinforce trust and grow the business, focus on Environment, Social and Governance (ESG), including Green financing. It also aims to streamline operations to ensure optimal resource utilisation, build a sustainable bank through Non-Performing Exposures (“NP?s”) deleveraging and cost optimisation and unlock human potential through enhancing employee culture.

Following the Plan’s approval, the Bank will seek to achieve targets for the medium term, such as the increase of new lending to more than €1.2 billion per annum, the decrease of the expense-income ratio to less than 50% and the increase of the return on tangible equity at 10%.

Further to previous statements regarding the positive impact on its financial performance from the rising interest rates, the Bank notes that the evolving interest rate environment will continue to support its performance in the coming years. As per its Plan, the Bank expects its profit before tax for FY23 to be higher than €200 million, mainly driven by the expected changes in interest rates and the improved cost structure following the successful Voluntary Early Exit Scheme completed in November 2022.

Taking into account the Bank’s expected financial performance as per its Plan and post the completion of the Starlight Project, expected in early 2023, the Bank will engage with its regulators for commencing dividend payments from 2023 onwards, subject to relevant regulatory approvals.

Commenting on the approval of the Plan, Oliver Gatzke, Chief Executive Officer of Hellenic Bank Public Company Ltd, stated that “the revised medium-term targets indicate that our transformation journey is on track. We are addressing the Bank’s structural challenges and unlocking the potential within the organisation, towards creating a bank for the future that generates value for all stakeholders.”

SOURCE: CYPRUS NEWS AGENCY

A four-year-old girl who is being treated in hospital in critical condition after being diagnosed with Streptococcus A, is to be transferred to Israel for further treatment, Cypriot authorities said on Wednesday. The permanent secretary of the Health Ministry, Christina Yiannaki, said that this is “one of the largest operations” set up by the Ministry, with the aim of saving the child.

Yiannakis told CNA earlier in the day that, a team of doctors was expected to arrive from the Israeli Tel Hashomer hospital, at around 2pm, with special, extracorporeal circulation equipment to make possible the transportation of the girl to Israel within the day.

According to Dr. Yiannakis, the operation is expected to last about four hours, and noted that, “this is one of the largest operations set up by the Ministry of Health, with the aim of saving the child”.

She also noted that the health condition of the four-year-old girl remained critical.

The four-year-old was diagnosed with flu last Wednesday and was receiving medication on the instructions of her pediatrician, but, after her condition deteriorated, she was taken to the Makarios Hospital on Sunday where she tested positive for streptococcus.

Due to the seriousness of her condition, the four-year-old was intubated.

SOURCE: CYPRUS NEWS AGENCY

The government is not discussing the abolition of COLA, the Minister of Labour and Social Insurance, Kyriacos Kousios, told the Press after a meeting with the trade unions on the issue on Wednesday. After the meeting the trade unions announced that an all-union meeting has been called for Thursday to decide on whether they will proceed with measures, as it seems that there is no convergence on an agreement with the employers’ side, after the postponement of a scheduled joint meeting set to take place Thursday.

The joint meeting of the employers’ organisations and the trade unions that was scheduled for Thursday has been postponed, due to health reasons on the employers’ part, the Minister announced. He said he was making efforts to hold the meeting as soon as possible, “but I don’t expect it to be held in 2022”.

“The sides maintain their positions”, he noted, underlining that there is no discussion on abolishing COLA. “We are discussing the renewal and modification of a transitional agreement signed by the social partners in 2017. It is within this context that I am working towards a consensus. At the moment I can’t be optimistic”, he said, adding that he hoped the social partners would once again show responsibility.

Responding to a question about the government’s position, the Minister said that “the government is not in favor of abolishing COLA”, noting that the provisions of the transitional agreement, on the basis of which the discussion is taking place, “are clear” and do not provide for the abolition of COLA.

The trade unions’ representatives said that COLA should be fully restored according to the essence of the transitional agreement signed in 2017, which does not include any window for its abolition. The only discussion concerns the “when and how” of the full restoration of COLA, they noted.

The unions added that they have submitted constructive proposals to find a proper solution, but the employers’ side did not bring any proposals to bridge the gap. That is why they announced an all-union meeting for Thursday, in order to discuss possible measures and mobilisation.

SOURCE: CYPRUS NEWS AGENCY

The European Commission announced that it has approved a Cypriot voucher scheme for a total of 12 million euros, to help households have better access to high-speed broadband services, with the aim of fostering digitalisation in the country.

According an announcement, the scheme supports the take-up of broadband services over the existing infrastructure, ensuring a wide availability of high-speed broadband services to citizens.

The scheme will run until 30 June 2025 and will be partially funded via the Resilience and Recovery Facility, following the Commission’s positive assessment of the Cypriot Recovery and Resilience Plan and its adoption by the Council.

The aid will take the form of vouchers to households that do not have a subscription to a connection providing at least 100 megabits per second (Mbps) download speed. The scheme will cover part of the set-up costs and the first 12 months of subscription to broadband services providing at least 200 Mbps download speeds.

The scheme is expected to benefit approximately 82,000 households. All broadband service providers capable of providing the eligible services will be eligible under the measure.

In a statement, Executive Vice-President in charge of competition policy Margrethe Vestager said that the scheme will ensure that citizens can have access to high-speed broadband services.

“This will contribute to the economic development and social cohesion in Cyprus, while ensuring that competition is not unduly distorted” she added.

The Commission assessed the scheme under EU State aid rules, in particular Article 107(3)(c) of the Treaty on the Functioning of the European Union, which allows Member States to support the development of certain economic activities or of certain economic areas under certain conditions.

The Commission found the scheme to be necessary to address a market failure, namely the slow take-up of eligible broadband services by households in Cyprus. Even though networks able to provide the high-speed broadband services are widely available in Cyprus and despite households’ growing needs, data shows that the take-up of such services by Cypriot households continues to be relatively low, the Commission notes.

According to the assessment, the measure has an incentive effect, since connectivity and access to broadband services would not be facilitated to the same extent in the absence of public support.

Also, it has been found that the scheme has sufficient safeguards to ensure that undue distortions of competition are limited and that the aid does not have undue negative effects on competition and trade in the EU. In particular, the measure is proportionate as it is limited to the minimum necessary and in time. In addition, the scheme is technologically neutral, ensuring equal treatment of broadband services providers capable of providing the eligible services. Furthermore, the measure covers part of the costs of subscribing to new high-speed connections or of upgrading existing connections.

Finally, it is noted that Cyprus carried out a market assessment and a public consultation that show that the design of the measure prevents conferring a disproportionate advantage on one or more specific service providers to the detriment of others, also in the light of the wholesale access obligations provided by the relevant national regulation.

The Cypriot scheme will enter into force the day following its publication in the Official Journal of the European Union, which is expected in January 2023.

SOURCE: CYPRUS NEWS AGENCY

? Cypriot team will be in Antarctica on 25 December 2022, in the coldest, highest, windiest, and driest continent on Earth, where the lowest earth temperature – 89.2 C, of all time, has been recorded, as part of the national program “Flag of the Republic of Cyprus on the highest peaks of the world” which is under the auspices of the President of Cyprus and the National Olympic Committee.

The Cypriot team will raise the flag of the Republic of Cyprus on the peak of Antarctica, the Cyprus Olympic Committee announced. The participants in the expedition will be remembered in history as being a part of the first-ever official Mount Vinson climbing expedition in Cyprus (4892 m).

According to the National Olympic Committee’s announcement, this peak is the most remote, the most expensive for an expedition to conquer, and the coldest of the Seven Continental Peaks to climb. It is also the eighth most exposed peak on Earth.

The Cypriot team recently returned from a successful expedition to Kilimanjaro (5895m), the highest peak on the African continent, where they spent 11 days raising the Cyprus flag.

Yevgeny Staroselskiy, a citizen of Cyprus and holder of the title “Snow Leopard,” who has scaled Mount Everest and a plethora of the world’s most challenging peaks, is the director of the national program “Flag of the Republic of Cyprus on the highest peaks of the world,” which is run under the direction of the President of Cyprus and the National Olympic Committee.

Staroselski has already raised the flag of Cyprus at many locations across the globe, including Mount Everest in Tibet (8848m), Mount Aconcagua in South America (6962m), Mount Denali in North America (6190m), and Mount Elbrus, Staroselski has already flown the Cyprus flag (5642m).

SOURCE: CYPRUS NEWS AGENCY