CNA NEWS – CNA – Thalia Neophytou – Nicosia 28/07/2018 13:26

Attorney General says Cyprus’ interests defended at International Arbitration Tribunal

The Law Office has successfully defended Cyprus’ interests in the proceedings commenced by Marfin Investment Group (MIG) against the Republic of Cyprus at the International Arbitration Tribunal, Attorney General Costas Clerides said on Friday. Speaking at a press conference, Clerides said the Tribunal fully justified the positions of the Republic of Cyprus in the legal proceedings of MIG, Andreas Vgenopoulos and 19 other natural and legal persons from Greece, with which they were claiming compensation of Euros 1.05 billion for the violation of provisions in the agreement between Greece and Cyprus for the mutual protection of investments, in relation to the former Popular Bank. Government welcomes decision of the International Arbitration Tribunal in favour of Cyprus

Overseas Cypriots assure that as long as they live they will strive to end Turkish occupation

The Cypriots of the diaspora wrapped up their conferences in Nicosia and in a press conference, in the presence of Presidential Commissioner Photis Photiou, reiterated that as long as they live they will strive in order to terminate the Turkish occupation in Cyprus. The 9th World Conference of Young Overseas Cypriots (NEPOMAK) and the Meeting of the Central Councils of the World Federation of Overseas Cypriots (POMAK) and the International Coordinating Committee Justice for Cyprus (PSEKA), were held this week in Nicosia.

Cyprus issue, bilateral ties and energy, the focus of ambassadors speeches at Overseas Cypriots conference

The Cyprus issue and the prospects for the resumption of the UN-backed talks, bilateral ties and the energy sector in the light of Turkeys provocative stance in Cyprus Exclusive Economic Zone were the focus of the interventions of five Ambassadors who addressed on Friday the Conference of the Overseas Cypriots, held in Nicosia.

Cyprus is a very reliable partner of Europol, Catherine De Bolle says

Cyprus is a very reliable partner of Europol, the Director of Europol Catherine De Bolle has stressed, pointing out that on cybercrime Cyprus is one of the most important countries in Europol. Speaking after her meeting with Chief of Police Zacharias Chrysostomou, De Bolle said that Europol’s commitment is to continue to support the Cypriot authorities in their fight against organised crime, terrorism and cybercrime.

Moodys upgrades Cypruss ratings and changes outlook to stable from positive

Moodys Investors Service, has upgraded the government of Cypruss long-term issuer rating to Ba2 from Ba3. All senior unsecured bond and programme ratings have also been upgraded to Ba2 and (P)Ba2, respectively. Cypruss short-term ratings have been affirmed at Not Prime (NP) and (P)NP. The outlook on Cypruss ratings has been changed to stable from positive. According to Moody’s the upgrade of Cypruss ratings to Ba2 from Ba3 is driven by a number of factors, such us the ongoing recovery of Cypruss banking system, in the context of which the liquidation of Cyprus Cooperative Bank Ltd via the sale of its healthy assets and liabilities has materially reduced systemic risks emanating from the banking sector.

SandP affirms its B/B credit ratings on Bank of Cyprus Public

SandP Global Ratings said Friday that it affirmed its B/B long- and short-term issuer credit ratings on Bank of Cyprus Public Co. Ltd. (BoC). The outlook is positive. We expect that robust economic recovery, recovering property prices, ongoing reforms in the legal and judicial frameworks, and the liquidation of Cyprus Cooperative Bank (CCB) will help reduce the significant economic imbalances accumulated by the Cypriot banking system throughout the crisis, says SandP. It also expects Cyprus exceptionally high stock of problematic assets to almost halve by end-2018 compared with one year earlier.

China and Cyprus reconfirm relations of friendship and mutual support

Cyprus’ relations of friendship and mutual support with China were reconfirmed during a meeting on Friday between Cyprus’ Speaker Demetris Syllouris and China’s ambassador in Nicosia Huang Xingyuan with the latter stressing that China insists on the principles of sovereignty, territorial integrity and independence of the Republic of Cyprus. A House of Representatives press release said that Syllouris thanked Huang for China’s long term support in efforts to solve the Cyprus problem and its firm position of principles, based on UN resolutions, for the island’s sovereignty, independence and territorial integrity.

CYSEC announces launch of its innovation hub

The Cyprus Securities and Exchange Commission (the CySEC) has announced the establishment of its Innovation Hub, designed to address and explore the rise of FinTech and RegTech developments. A CySEC statement said FinTech and RegTech are constantly, and quickly evolving and because of this, CySEC has decided to establish the Innovation Hub to foster a better, more effective relationship between entities operating in this area and the way they are regulated. The Innovation Hub will be a place where both supervised and non-supervised entities in innovative or new industries will have ongoing access to CySEC to best understand and implement their regulatory requirements.

Source: Cyprus News Agency