Daily Press Review - 7/12/2018

Households in Cyprus spent 13.7% of their consumption budget on food and non-alcoholic beverages in 2017, above the 12.2% EU average

More and more properties to be auctioned-off

More and more real estate units are scheduled to be auctioned-off this month. The newspaper reports that until 21 December, the auctions list schedule is full. At the same time, banks have already scheduled the first foreclosures of 2019 and have been publishing information on what will happen. For the Nicosia district three auctions have been published as of yesterday for January 2019 and mainly concern plots. The most expensive real estate units concern an industrial plot valued at €3.67m and a house valued at €1.22m. Hellenic specifically is foreclosing an office in Limassol for €324,000.


Profits from CCB a headache for Hellenic

The negative good will that has resulted from the acquisition of the Cyprus Co-operative Bank’s good portfolio is causing a pleasant headache for Hellenic Bank, writes 24H. Citing a Stockwatch report, the paper says that the extent of the negative good will has changed the capital condition of the bank, which in turn has existing shareholders seeking to open the issue of boosting HB’s capital by €150m for discussion again.


A number of new cases to be sent to the AG

A number of cases being investigated by Financial Ombudsman Pavlos Ioannou are nearing completion and will be sent to the Attorney-general to examine whether there are serious criminal offences. According to the Cyprus News Agency’s sources, some of these offences concern fraud, conspiracy to defraud, acquiring credit under false pretences and forgery.


New hotel in the capital’s centre

Israeli company Fattal Hotel Management plans to build a new boutique hotel on the busy Makarios Avenue in Nicosia, having acquired a building to transform it. The historical building belongs to the former Laiki Bank and used to house Grindlays Bank.


Applications approved for €17.9m six-year bonds

The Public Debt Management Office has approved applications for €17,943,200’s worth of six-year government bonds. The PDMO said it received 302 applications, mainly from Cypriot investors (99%), all of which were approved. The next six-year bond issue, with a maximum limit of €5m, will take place on 2 January 2019, with applications accepted from 3 until 20 December.


Market injected with tens of millions

Thousands of employees in the public and private sector are expecting their 13th salary in December. The 13th salary is a boost for households, while it also boosts the retail market during the festive season. Following the decision of the Minister of Finance, state officials, and minimum wage government employees will receive their salaries on 20 December. The respective 13th salaries and pensions will be submitted on 27 December. As far as the private sector is concerned, the 13th salary will be given by 31 December depending on the agreement of the company with its employees. The total cost for 13th salaries in the public sector will be around €135m for 61,603 government employees.


Inflation at 2.7% in November

Compared to November 2017, the Consumer Price Index increased to 2.7% last month while for the 11-month period January-November, the CPI increased by 1.4% compared to the same period last year. According to the Statistical Service, in November the CPI decreased by 0.20 units and reached 102.09 units from 102.29 units in October 2018. In the twelve-month period from October 2017 to November 2018, in comparison to the period from October 2016 to November, the annual average rate of change of the CPI was 1.2%. The corresponding rate in the previous twelve-month period was 0.6%. The largest change, when comparing the index of November 2017 and the previous month, was recorded in electricity with an increase of 33.8% and 4.2% respectively.


Eurogate: Investing in the future of Cypriot shipping

Eurogate Container Terminal Limassol welcomed students from the Cyprus University of Technology to the company’s premises, giving them a tour and allowing them to observe Limassol port’s container terminal operations first hand. In a press release, the company said this was part of its long-standing strategy to upgrade Cypriot shipping, including its human resources and the industry’s future professionals.


The cup will overflow eventually!

Weekly newspaper Gnomi writes that the right-wing government continues to implement its neoliberal policy of privatisations, despite the damaging and catastrophic results of the privatisations that have taken place so far; especially that of Limassol port. It deems the agreement signed between the state and the operating companies as a massive scandal, reiterating the claims by main opposition AKEL that the Cyprus Ports Authority paid the state dividends of €89m in the space of four years prior to the privatisation, while it is now presenting a €1m shortfall.


Contractors take measures

The climate in the construction industry is rather tense, after the Federation of Associations of Building Contractors rejected an agreement, which was reached in the presence of the mediation committee of the Ministry of Labour for Construction. The contractors’ trade unions, have decided to claim reimbursements on cuts, as well as to make collective contracts obligatory. The contractors are organising meetings around Cyprus, in order to decide on further actions, without ruling out taking dynamic measures.  


Tourism industry actors optimistic about winter season

Tourism industry stakeholders are rather optimistic for the winter season, expressing the hope that bookings during the holidays will range around 50%-80%. The President of PASYXE Larnaca Ioanna Florentiadou said to StockWatch that hotel bookings in November were around 50%. According to bookings so far, hotel bookings in December are estimated to be comparable. As Florentiadou said, in Larnaca there are a lot of hotels, which remain open all through the winter season (January-March), serving the football teams that visit Larnaca, due to the good weather conditions.


Russians interested in “Agora” in Lefkara

The Holy Metropolis of Trimythous is looking for an investor for the abandoned and looted hotel Agora in Pano Lefkara. The Holy Metropolis bought the hotel in a deal that was signed on 30 November. The Church is already looking for investors and already many businesspeople have visited the space and have expressed their interest in renting the hotel. Most of the interested investors are Russians who are active in Cyprus. “I would like to express my satisfaction because we finally reached a solution and the hotel is now definitively owned by the Church,” said the Mayor of Pano Lefkara, Sofoklis Sofokleous. Sofokelous estimates that works for the renovation of the space will begin very soon, because “Agora” remained abandoned for many years, while there is hope that there will be a final agreement with an investor within 2019.


Cypriots’ consumption expenditure

Households in Cyprus spent 13.7% of their consumption budget on food and non-alcoholic beverages in 2017, above the 12.2% EU average, figures from Eurostat show. EU-wide, ‘food and non-alcoholic beverages’ is the third most important category of household expenditure after ‘housing, water, electricity, gas and other fuels’, which accounted for 24.2% of household expenditure, and ‘transport’, which accounted for 13.0%. It is worth noting that 17.5% of Cypriot households’ budget went to restaurants and hotels; double the EU average of 8.8%. Cypriots spent 5.6% (€833.9m) of their budget on alcoholic beverages, tobacco and medicines over the past year; 4.9% went to healthcare (€735.6m) and 4.8% (€721.2m) to clothes and shoes.


The minister cut them off outright

The consultations for the NHS reached a new stalemate yesterday, after the Cyprus Medical Association insisted that doctors be allowed to practise private medicine while also being part of the NHS; which Health Minister Constantinos Ioannou outright rejected. Other proposals tabled by the doctors were also rejected without discussion, with the minister and Health Insurance Organisation being left furious with the CMA’s new demand for the system’s beneficiaries to be compensated by the HIO when they visit doctors who are not even incorporated in the NHS. On the authorities’ part, the issue of private medicine is considered closed. On the table is Ioannou’s proposal for NHS patients to pay doctors €25 for out-of-hours visits. The CMA said it will return with its demands in writing; however, the Politis newspaper reports that it has been made clear that these will not be discussed.


Cyprus is a beacon of knowledge and experience in Invasive Cardiology, it emerged at the AMC/AHI international conference

Invasive cardiologists, electrophysiologists and heart surgeons from 12 different countries of Europe and the Middle East participated in the 5th Invasive Cardiology International Conference by the American Heart Institute/American Medical Center, which took place recently in Limassol. During the conference, there was a review of the latest scientific data surrounding Invasive Cardiology, with participants agreeing that the level of Invasive Cardiology in Cyprus is very high, in comparison with those of other advanced European countries, and that Cyprus can be considered a beacon of knowledge and experience in the broad Middle East region.  

Oι ιδιοκτήτες της ιστοσελίδας www.politis.com.cy διατηρούν το δικαίωμα να αφαιρούν σχόλια αναγνωστών, δυσφημιστικού και/ή υβριστικού περιεχομένου, ή/και σχόλια που μπορούν να εκληφθεί ότι υποκινούν το μίσος/τον ρατσισμό ή που παραβιάζουν οποιαδήποτε άλλη νομοθεσία. Οι συντάκτες των σχολίων αυτών ευθύνονται προσωπικά για την δημοσίευσή τους. Αν κάποιος αναγνώστης/συντάκτης σχολίου, το οποίο αφαιρείται, θεωρεί ότι έχει στοιχεία που αποδεικνύουν το αληθές του περιεχομένου του, μπορεί να τα αποστείλει στην διεύθυνση της ιστοσελίδας για να διερευνηθούν.

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