CNA News – CNA – Thalia Neophytou – Nicosia 15/12/2018 12:18

House Plenary approves 2019 state budget

The House of Representatives Plenary on Friday approved by majority voting the 2019 state budget, that provides for a surplus amounting 3% of GDP. Thirty MPs from ruling Democratic Rally DISY, the Democratic Party and the Solidarity Movement voted in favour and 24 from left-wing AKEL, the Social Democrats Movement EDEK, the Citizens Alliance, the Movement of Ecologists � Citizens’ Cooperation (the Greens), the National Popular Front and independent MP Anna Theologou voted against. Speaking to the press after the voting, Finance Minister Harris Georgiades expressed his satisfaction over the budget’s approval.

Russia and Cyprus reconfirmed their excellent relations, Foreign Ministry says

The excellent level of bilateral relations between Cyprus and Russia was reconfirmed during consultations in Nicosia, on Friday, between Russian Deputy Minister of Foreign Affairs responsible on relations with EU states Alexander Grushko and the Foreign Ministrys Permanent Secretary Minas Hadjimichael. “During the consultations the bilateral relations between the two countries was reviewed and their excellent level was reconfirmed, as well as the cooperation in the context of international organisations between the Republic of Cyprus and the Russian Federation,” a Foreign Ministry press release issued here today says also noting that the consultations took place in the framework of the established dialogue between the two countries.

President raises EU – Pristina relations before European Council, Spokesman says

President of the Republic Nikos Anastasiades has raised the issue of the EU-Pristina relations before the European Council meeting, Government Spokesman Prodromos Prodromou said on Friday. According to a press release by the Presidency, replying to questions from the Serbian News Agency Tanjug, the Government Spokesman said that the Cyprus President has raised at the European Council an issue concerning the close monitoring of the relations between the EU and Pristina in the light of some alarming developments and decisions that are inconsistent with UN resolutions and agreements between the EU and Kosovo.

Cyprus issue, bilateral ties, regional and international issues discussed between House President and Hungarian Minister

Cyprus issue, bilateral ties and regional and international issues were discussed between House President Demetris Syllouris and and Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto, who paid a visit to Cyprus following an invitation by his counterpart Nicos Christodoulides with whom he signed an MoU in energy. The issue of water resources was discussed between the Cypriot Agriculture Minister and the Hungarian Foreign Minister.

NPLs and strict credit rules affect productivity, UCY’s Economic Research Centre says

The University of Cyprus’ Economic Research Centre (ERC) has warned that the large number of non-performing loans which has in turn led to stricter standards for the provision of loans by banks has affected labour productivity. In a productivity analysis released today ECR writes that in the recent years, as the domestic economy has been emerging from the earlier crisis, and output has been growing strongly, labour productivity has failed to follow suite, jeopardizing the short- and long-term prospects of the economy.

Cyprus and Romania sign MoU on diaspora issues, Photiou tells CNA

Cyprus and Romania signed on Friday in Bucharest a Memorandum of Understanding on diaspora issues. The MoU was signed by the Presidential Commissioner, Photis Photiou, and the Minister for Romanians Abroad, Natalia-Elena Intotero. Photiou told CNA that the signing of the MoU strengthens the already very good relations between the two countries. He added that Romania, which will hold the EU rotating presidency during the first six months of 2019 promotes the discussion of diaspora issues for the first time at the EU level. Moreover, he noted that Bucharest favours a possible trilateral cooperation among Cyprus, Greece and Romania.

Five coastal companies receive awards for their effort to tackle marine plastic pollution

Five coastal companies have been awarded for their sustainable practices to tackle marine plastic pollution, following a competition under the Zero Waste Beach programme, an initiative of the Project and Research Center AKTI and the Coca-Cola Foundation. The aim of the competition was to highlight the sustainable practices of coastal businesses to effectively reduce their plastic waste. The “Zero Waste Beach Awards 2018”, were handed out by the Minister of Agriculture, Rural Development and the Environment, Costas Kadis, during a ceremony at Leventis Art Gallery.

Employment up by 3.7% in Q3 2018, according to provisional estimate

Employment was up in the third quarter of 2018 by 3.7% on annual basis, a provisional estimate released by the Cyprus Statistical Service, on Friday, show. According to the estimate total employment for the 3rd quarter of 2018 is estimated at 424,467 persons, of which 376,520 are employees and 47,947 are self-employed. The number of job vacancies for the 3rd quarter of 2018 was 7,667. Employment in the broad public sector during the third quarter of this year was up on annual basis by 1.57% but dropped by 1.97% on a quarterly basis.

BoC gets green light from Irish Court for additional Tier 1 Capital Securities

The Bank of Cyprus has announced that an Irish Court ruling on Thursday, has paved the way for the bank to proceed with an issuance of Euros 220 million additional Tier 1 Capital Securities. Further to its announcement of 28 August 2018 with respect to the prospective issuance of Euros 220 mn Subordinated Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities Bank of Cyprus Holdings Public Limited Company, announces that on 13 December 2018 the Irish Court approved the reclassification of share premium to distributable reserves, pursuant to section 85(1) of the Companies Act 2014 of Ireland, the Bank says in an announcement issued here today.

Cyprus Central Bank sets countercyclical capital buffer rate at 0% for Q1 2019

The Central Bank of Cyprus set on Thursday its countercyclical capital buffer (CCyB) rate for the first quarter of 2019 at 0%. In press release issued on Friday, the Bank says that on Thursday in accordance with the methodology described in its macroprudential policy, set the CCyB rate for the period 1 January 2019 – 31 March 2019 at 0% of the total risk exposure amount of each licenced credit institution and each investment firm that provides the investment services of dealing on own account or underwriting of financial instruments and / or placing of financial instruments on a firm commitment basis and has not been exempted by the CBC due to its small or medium size.

Source: Cyprus News Agency