Day: January 9, 2023

Non-performing loans (NPLs) at the end of October 2022 amounted to €2.69 billion, showing a decrease of €32 million compared to the previous month.

According to updated data released on Monday by the Central Bank of Cyprus, with a reference date of October 31st, 2022, NPLs to total lending stood at 10.5% at the end of October, compared to 10.6% the previous month. In the same period, total loans fell to €25.66 billion, from €25.83 billion in September 2022.

Moreover, total restructured loans in October 2022 decreased to €3.09 billion, compared to €3.12 billion in the previous month, of which €1.29 billion continue to be classified as NPLs, compared with €1.31 billion in the previous month.

Accumulated impairment (provisions) in October 2022 decreased by €6 million, to €1.40 billion, of which, those concerning NPLs are €1.27 billion. Total accumulative provisions against total NPLs stood at 47.3%, up from 47% in September 2022.

According to the data of the CBC, the NPLs of non-financial corporations fell in October 2022 to €1.03 billion, from €1.04 billion in the previous month, of which €884 million concerned small and medium enterprises.

Total accumulated impairment (provisions) to total non-performing loans was at 65.1% and of small and medium enterprises at 65.5%.

The total NPLs of households decreased by €6 million, to €1.35 billion in October 2022, with the provisions to total NPLs ratio standing at 33%.

Source: Cyprus News Agency

Foreign Minister Ioannis Kasoulides had the opportunity to discuss issues of bilateral and European interest with Foreign Policy and Security Policy Advisor Jens Plötner in Berlin on Monday.

According to a post by Kasoulides on Twitter in German, his working visit to Berlin began “with a very fruitful and productive meeting with Foreign Policy and Security Policy Advisor Jens Plötner, a tour d’horizon of current issues on our bilateral and European agenda.”

It is noted that Kasoulides will meet later on Monday with his German counterpart, Annalena Baerbock, with whom he will discuss the further deepening of bilateral relations between Cyprus and Germany, the Cyprus problem and Ukraine.

Source: Cyprus News Agency

Cyprus is not facing any problem with medicine shortages, assured Head of the Pharmaceutical Services, Elena Panagiotopoulou, who also assured that at least for 2023 Cyprus does not seem to be affected by the shortages observed in Europe of beta lactam antibiotics and antipyretics.

She assured that Cyprus has available supplies of this specific type of medicines and stressed that there should not be panic as the panic itself leads to shortages in the market.

According to reports, recently there have been great shortages in Europe of b-lactam antibiotics such as amoxicillin and penicillin as well as antipyretics. A similar situation is faced in the US, China and Canada.

Panagiotopoulou said Cyprus is not facing this problem as the market here is small and it has its own pharmaceutical industry adding that there is raw material to manufacture these drugs on the island.

During a meeting she convened with the suppliers made up of the Cypriot pharmaceutical industry, pharmaceutical companies and the Pancyprian Pharmaceutical Association, she received written assurances that there is no question of shortages of medicines in Cyprus.

She did not rule out the possibility that the global shortage will also affect Cyprus, if the problem continues for a long time, however, she said she believes that it will not continue for long, since Europe is making great effort to resolve the problem.

“When there is a global shortage it definitely means that the raw materials are running out. Therefore this can affect Cyprus as well. However, at least for 2023 it does not seem that Cyprus will be affected for this category of medicines” she said.

Panagiotopoulou also said there is close cooperation between the Pharmaceutical Services and the Cyprus pharmaceutical industry and the Association of Pharmaceutical Companies in Cyprus and the Pancyprian Pharmaceutical Association with all assuring that there will not be any surprises. They Pharmaceutical Services were also assured that they will be informed on any shortages so that measures can be taken.

Asked if people try to purchase quantities of such drugs, Panagiotopoulou said that antibiotics are sold only with prescriptions. Without a prescription, she added, it is an offence to sell antibiotics.

Source: Cyprus News Agency

Her Royal Highness The Princess Royal, Princess Anne, will visit the Republic of Cyprus, the United Nations Buffer Zone and the Sovereign Base Area at Dhekelia on Tuesday 10th and Wednesday 11th January, the High Commission announced. The Princess will also be received by President Nicos Anastasiades at the Presidential Palace.

The visit – an invitation from UN peacekeepers – will allow The Princess Royal to meet and thank the serving British peacekeepers from The Queen’s Own Gurkha Logistic Regiment and The Royal Logistic Corps for whom Her Royal Highness is the Colonel-in-Chief. The visit will recognise their service and contribution to the UN Peacekeeping Force in Cyprus (UNFICYP), the press release reads.

The Princess Royal will accompany the Regiment on a tour of the UN Buffer Zone and the Commonwealth War Graves Commission cemetery at Wayne’s Keep where Her Royal Highness will lay a wreath at the Cypriot memorial.

The Princess Royal will attend a Reception hosted by the British High Commissioner to the Republic of Cyprus, Irfan Siddiq OBE, at his Residence, where Her Royal Highness will recognise the ties between the UK, Cyprus and the Commonwealth.

Her Royal Highness will conclude the visit at the British Sovereign Base at Dhekelia where The Princess will meet members of the British Armed Forces and their families and open a new school for the children of serving personnel.

British High Commissioner, Irfan Siddiq OBE, said that he is pleased to welcome Her Royal Highness The Princess Royal to Cyprus. He added that her visit ”is an important opportunity to showcase the strength of the enduring links between our two countries through our friends and partners – from the President of the Republic to our peacekeepers.”

Source: Cyprus News Agency

Cyprus’ trade deficit climbed to €6.82 billion for the period of January to November 2022, marking an increase of 39% compared with the respective period of last year, according to provisional data published by the Cyprus Statistical Service (Cystat) on Monday.

According to Cystat, total imports of goods in January–November 2022 amounted to €10,378.2 mn as compared to €7,928.1 in the respective period of last year, marking an increase of 30.9%.

Total exports of goods in January–November 2022 rose by 17.8% year on year, amounting to €3,558.6 mn compared to €3,022 mn in January–November 2021.

In November total imports of goods in November 2022 were €983.5 mn as compared to €937.1 mn in November 2021, recording an increase of 5%.

Imports from other EU Member States were €575.5 mn and from third countries €408 mn, compared to €525.5 mn and €411.6 mn respectively in November 2021. Imports in November 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €153.3 mn as compared to €157.8 mn in November 2021.

Total exports of goods in November 2022 amounted to €317.3 mn compared to €369.6 mn in November 2021, recording a decrease of 14.2%.

Exports to other EU Member States were €76.8 mn and to third countries €240.5 mn, compared to €101 mn and €268.6 mn respectively in November 2021.

Exports in November 2022 include the transfer of economic ownership of mobile transport equipment (vessels), with total value of €132.6 mn as compared to €148.4 mn in November 2021, Cystat added.

Source: Cyprus News Agency

Germany stands firmly by Cyprus’ side as regards the Cyprus issue FM Annalena Baerbock said on Monday, following talks with her counterpart Ioannis Kasoulides in Berlin, in the framework of a working visit.

She said that the UN decisions are the basis for dialogue, adding that Turkey’s stance for a two-state solution or any unilateral actions on her behalf, are not acceptable.

Kasoulides said in his statements that the creation of conditions conducive to the resumption of negotiations for the settlement of the Cyprus Problem, on the basis of the UN resolutions, was and remains the government’s absolute political priority.

He added that he informed Minister Baerbock on efforts to regain the lost trust between the two sides, as well as about the need for a new initiative by the UN Secretary- General.

“Unfortunately, all efforts are blocked by Turkey and the Turkish-Cypriot leadership, who have prioritized upgrading the separatist entity in the occupied territories and securing equal international status”, he said.

Kasoulides also said that he informed his counterpart about Turkey’s provocations against the Republic of Cyprus in Varosha and the buffer zone, “which are aimed at trying to create new faits accomplish.”

“I personally thanked Minister Baerbock for Germany’s support in the goal of the reunification of Cyprus as well as the efforts to prevent illegal Turkish actions”, Kasoulides added.

He described the meeting as fruitful noting that they had the the opportunity to confirm their common will to further promote the friendship and cooperation between Cyprus and Germany.

In her statements, the German Foreign Minister, said that there is no question for them of a two-state solution in Cyprus.

She added that one cannot choose one’s neighbors and that is why it is good to be ready for a constructive relationship and this relationship is particularly useful for the coming months.

“But we expect the same from other parties, of course. We will do everything we can for a de-escalation and you should count on our solidarity within the EU”, she said.

According to Baerbock, Cyprus is giving indications that it is ready for dialogue, adding that it has been made clear to the Turkish side that the dialogue must be within the framework of the UN and unilateral actions from the Turkish side are not tolerated.

Kasoulides in his statements also noted that at this critical international juncture precisely, at a time when the foundations of international relations and our value system are being shaken, it is necessary to hold a targeted and meaningful dialogue at the bilateral and multilateral level.

He said that they discussed bilateral relations and ways to further deepen cooperation in various fields, especially in the fields of defense and security noting that Cyprus and Germany have recently signed the first cooperation protocol, which lays the foundations for the creation of a mutually beneficial relationship.

“We exchanged views on the situation in Ukraine following the Russian invasion, assessing the EU’s coordinated response, but also the complications created at global level in the area of energy supply and, the food crisis”, Cyprus FM said.

He noted that he reiterated the need to preserve the unity of the EU, but also the importance of continuing our support for the independence, sovereignty and territorial integrity of all states, without exception.

As regards migration, Kasoulides said that he thanked Germany for its constructive approach to efforts to find European solutions, but also for their bilateral cooperation and the assistance provided to Cyprus through EASO.

Baerbock acknowledged that Cyprus is currently carrying a very heavy burden saying that in 2022 Cyprus had 120,000 asylum applications, which compared to the German population, would be as if the latter had 1.5 million asylum requests.

She referred to the cooperation protocol on migration and efforts by Germany to support minors arriving in Berlin.

Cyprus has been divided since the 1974 Turkish invasion. The latest round of peace talks under the UN aegis took place in the summer of 2017 in the Swiss resort of Crans Montana, but failed to yield any results.

Source: Cyprus News Agency

Marlands Project, co-funded by Creative Europe Program of the European Union, is formed by a community of Contemporary Artists and Scientists motivated to address cultural and ecological issues pertinent to the Mediterranean islands. Within the framework of this program, the first Biennale of Contemporary Art of Mediterranean Islands is presented.

Bringing together multiple partners (Catholic University of Valencia (Spain), Art Made Association (Spain-France), Spazju Kreattiv (Malta), Es Baluard Museu (Mallorca), Isola Catania and Tree (Sicily) Cyprus University of Technology (Cyprus) and associated partners CSIC-IMEDEA (Mallorca), Legambiente (Sicily), Jardi Botanic Soller (Mallorca), TACA Foundation (Palma), Loop Festival (Spain) and 4Goodcause (Sicily)), the project aims to implement collaborations between arts and sciences and raise awareness on environmental and ecological concerns pertinent to the region. Marlands focus on the Mediterranean Islands will aim to uncover, show and contribute to the circulation and awareness of the islands’ issues, creating a collective and hybrid network.

By placing the role of scientific research, artistic creation and cultural exchange at the heart of its mission, the project further intends to strengthen and facilitate exchanges between the scientific and cultural actors and to revitalize the audiences’ participation. More specifically, by selecting distinguished artists and scientists who have created a significant and recognized work that corresponds to the theme of Marlands Project, it manages to develop an expanded interdisciplinary practice.

For the first edition selected artists are Edgar Sarin, Lucy Orta, Max Fouchy, Olga Sabko, and Klitsa Antoniou. Following open calls, hybrid artists’ residencies and cross disciplinary collaborations between scientists, artists, crafts people and cultural makers, the outcomes are exhibited at the newly formed Mediterranean Islands Contemporary Art Biennale spreading on all selected islands. The exhibitions will be accompanied by talks, workshops, and conferences, both on the involved islands and throughout Europe. The project is curated and managed by Elena Posokhova.

In this frame, Klitsa Antoniou on January 11th, 2023, will present her project Hydor_is_Land at Theatro Polis/Nimac in Nicosia. The project is a collaboration with Dr José Rafael García March/Scientific Consultant, George Lazoglou/Technological Design, Ruben Solar Ru/Sound Composition, Kyriacos Kousoulides/Video Editing and supported by Art Seen Gallery and CYENS-Centre of Excellence. Hydor_is_Land is a research-based installation which insinuates the location of a coastal landscape or a seascape and reveals the vastness of the underwater space characterized by an alternating transparency and material tension.

Following the thematic parameters of Marlands Project and the Eco-environmental focus of Creative Europe Program, the artwork addresses issues pertinent to the case of Cyprus and more specifically the invasion of alien species to its coast as a result of climate change and human activities and confirms the magnitude of the devastation of human impact. Cyprus is one of the first EU states affected by the “Lessepsian migration”, the movement of marine species across the Suez Canal, from the Red Sea to the Mediterranean Sea. The increase in sea water temperature, occurring both globally and even more rapidly in the eastern part of the Mediterranean, as a result of climate change, offers an increasingly suitable environment for the distribution of this species. This invasion greatly affects the marine ecosystem causing the decline of local species and biodiversity.

Mediterranean Islands Contemporary Art Biennale takes place concurrently at parallel locations: Spazju Kreattiv, Valetta, Malta, Isola Catania, Catania, Sicily, TACA Studio, Palma and Mallorca and Es Baluard Museu, Palma, Mallorca, Spain.

The opening will take place on 11th of January 2023 at 19.30 at Theatro Polis/Nimac, Nicosia and the exhibition Hydor_is_Land will be accessible to the public for the next four days 12 to 15 January 2023 and from 11.00 to 14.00 and 17.00 to 20.00

Source: Cyprus News Agency

The Ministry of Foreign Affairs expressed sorrow on Monday over the tragic accident that took place in the early hours of Sunday near Kaffrine, Senegal with a post in French on its official Twitter account.

“We express our great sadness at the tragic accident near Kaffrine, Senegal, which left many dead and injured. We will convey our condolences to the country and to the families of the victims,” the ministry’s message says.

It is noted that thirty-nine people were killed and about a hundred others injured near the town of Kaffrine in Senegal when two buses collided, prompting the country’s President Macky Sall to declare a three-day national mourning period and announce immediate measures to improve road safety.

Source: Cyprus News Agency

The process concerning the development of natural gas deposits in block 6 in the Cypriot EEZ will proceed with a fast pace, Minister of Energy, Commerce and Industry Natasa Pilides has said, announcing the entry of French TOTAL in the field of renewable energy in Cyprus.

Pilides who accompanied TOTAL’s vice president Laurent Vivier during a meeting with the President of the Republic Nicos Anastasiades, described the meeting as very constructive.

“We discussed the company’s commitment and its optimism concerning the Cypriot EEZ and the prospects for the supply of Europe with natural gas from Cyprus, as well as some plans (of TOTAL) to invest in some significant renewable energy project to be made with some of the company’s associates in Cyprus, which will assist Cyprus very much to proceed with green transition,” Pilides said after the meeting.

Responding to a question whether TOTAL and ENI, who hold the hydrocarbon exploration and development license in block 6, have developed plans for an expedited development of the natural gas reserves discovered in block 6, Pilides recalled that the Italian ENI is the operator in block 6.

“We are in discussions concerning development. It is still early to have a specific plan but surely activity will continue concerning the actions to be made in 2023 and I believe the whole process will continue with fast steps,” Pilides added.

Two discoveries have been announced in block 6 in 2022. In Cronos 1 with a natural deposit estimated at 2.5 trillion cubic feet (tcf) and the latest in Zeus 1 with an estimated natural gas deposit between 2 and 3 tcf. ENI, which is the operator of the block said it targets a “fast-track development of block 6.”

Responding to a question, the Energy Minister said that the Ministry is in communication with the operator of the “Aphrodite” gas reservoir, concerning its development plan. “The development plan is at the final stages and we will have news very soon,” she added.

Furthermore, replying to a question, Pilides said the scenario of transporting Cypriot natural gas to Egypt’s LNG terminals remains the most plausible but added that the Ministry is in talks with the licensed companies with regard to possible synergies.

With regard to TOTAL’s plans to invest in a solar park in Cyprus, Pilides said the project concerns a large photovoltaic plant, but gave no numbers concerning the plant’s capacity.

But she noted that this project is expected to cover a significant percentage of renewable energy in Cyprus total energy mix.

Source: Cyprus News Agency