Daily Press Review - 14/5/2019

ΠΟΛΙΤΗΣ NEWS Δημοσιεύθηκε 14.5.2019
Daily Press Review - 14/5/2019

In the press today:


Demetra becomes the major shareholder of Hellenic Bank

Demetra Investment became the major shareholder of Hellenic Bank, after the European Bank for Reconstruction and Development (EBRD), which held 5.39%, sold its shares. Demetra Investment bought €10.7m-worth of EBRD’s shares for less than €10m. Even if it was initially leaked that EBRD intended to exercise its preference rights in the share capital increase, it didn’t choose to do so. The non-exercise of its preference rights, reduced EBRD’s equity to 2.6% and after they selling its shares to Demetra, it now has no equity in Hellenic Bank. Demetra Investment, on the other hand, has become the biggest shareholder of Hellenic Bank, with 21% compared with Wargaming’s 20.6%. After this development, the battle on who will end up controlling the Bank’s board will intensify before reaching its climax in the annual general meeting of the Bank. Considering the completion of the share capital increase, the shareholders who hold over 5% of the Bank’s share capital are the following: Demetra Investment Ltd 21% (previously 10,1%), Wargaming Group Ltd 20,61% (previously 24,9%), Poppy Sarl (Pimco) 17,30% , Third Point Hellenic Recovery Fund LP 12,59% (previously 26,2%), 7Q Financial Services Ltd 9,99%. It should be noted that Senvest holds 3.9%, while the Church of Cyprus holds 1.7%. It should be noted that the share capital increase, came about after the issuance of €100m Preference Rights and €50m though Private Placement, so as to achieve the absorption of the Co-op by Hellenic Bank. The announcements at the Cyprus Stock Exchange are expected in the morning of 14 May. 

Life Changing Ideas with top Communication experts

The innovative series of talks “Life Changing Ideas” organised by the University of Nicosia and Globaltraining and prime sponsor and supporter Hellenic Bank, ends its 2019 talks with an extremely interesting conversation on the evolution of Communication. Yiannis Loulis and Yiannis Dimakis will analyse this matter in the context of the modern era and its continuous ups and downs and uncertainty, through an interactive presentation-discussion. As they themselves comment, “the combination of technological development, young peoples’ outlooks on life and the new societal and economic realities, create new challenges for Communication, both in its corporate as well as its political dimension. The series of “Life Changing Ideas”, are sponsored by OPAP Cyprus and Wargaming and media sponsors Sigmalive and EconomyToday. The talks are open to the public, after they purchase a ticket and will be held at Cine Studio of the University of Nicosia, between 18:00 and 20:00.

 House refuses to return Co-op property information to KEDIPES

a letter, the Secretary General of the Parliament, Socratis Socratous said that the Parliament does not intend to return the information that KEDIPES gave them in relation to the Co-op’s properties. KEDIPES requested that the House returns the information it gave the parliament, which included the names of the buyers of the 845 properties of the Co-op. These included party members, members of the Co-op’s Board, developers and municipalities. Socratous sent a letter to the head of KEDIPES, Stavros Iakovou stressing that the data that the company sent by mistake, have been given to the members of the House Watchdog Committee. At the same time, they underline that the committee will only use the information needed to carry out its work, without intending to use information in violation of the legislation. In the meantime, the president of the Greens, Giorgos Perdikis requested that the House Watchdog Committee holds an extraordinary meeting. In his letter, to the chair of the Committee, he reports that the matter needs to be discussed and stressed that KEDIPES is setting obstacles for the Auditor-General’s investigation of MPs’ non-performing loans.

 On the way to restructuring

Yesterday, the Minister of Transport announced that negotiations are in progress with an investor for the Larnaca marina and port. According to her, there is no specific timeline for the negotiations but the goal is to complete them as soon as possible. She explained the ongoing projects and pointed out that the Ministry is on the way to restructuring certain sectors, and their main projects include the road network, expansion of the ports, new contracts for public transportation and digital transformation.

 The 5th BEST INVEST CONGRESS in Limassol brings together International investors and local experts

The 5th BEST INVEST CONGRESS opened its doors at St. Raphael hotel resort in Limassol on May 13. For one more time investors, entrepreneurs and experts united to discuss investment and economic potential of Cyprus, identify risks and seek solutions to the main problems that our island faces today. A number of important questions were addressed related to the imbalances of the global economy, Cyprus reputation, the best sectors for capital investment, the situation within the financial system and many other subjects. The article reports that during th event, it became clear that Cyprus’ real estate market is growing despite the negative events taking place in Europe. Even the uncertainty of Brexit and the decrease in property prices in Dubai has a positive influence on the investments in Cyprus. The growth of the educational sector has resulted in increasing demand for student housing and of course tourism and the on-going casino project have also played an important role.

Panicos Nicolaou’s first interview and presentation

InBusiness reports on an interview that the newly-appointed CEO of Bank of Cyprus, Panicos Nicolaou had given to the paper in March 2018. Nicolaou had then made reference to a new era in corporate banking, saying that the bank’s Corporate Banking Division if funding business efforts with a future, as well as projects with potential, such as the big investment required for the casino-resort, which will be created in Limassol.

State hospitals’ autonomy is progressing in slow rates

Yesterday, OKYPY’s president Alekos Stamatis, said that the changes are not progressing at the desired speeds, as changes that should have taken place in the past never actually took place. Now changes must be made “five minutes before GHS implementation”. He said that there are many things left to be done in state hospitals, such as infrastructure, recruitment of human resources, digital procedures. He mentioned that they are in the process of hiring 31 doctors to replace those who quit to join the GHS. They have announced 10 additional positions which will be covered by the end of the month.

Medical associations cancelled meetings with the Health Minister

Yesterday, the Health Minister Constantinos Ioannou revealed that the Cyprus Medical Association (CyMA) is preventing medical associations contact him, and even revealed that while they were supposed to meet with 3-4 associations, they cancelled their meetings making excuses or saying that for GHS matters they must contact CyMA directly. He called on the “sane doctors” to contact him in order to discuss the issues that concern them and figure out solutions. Meanwhile, he asked citizens to be patient, because with the start of the GHS, issues are expected to emerge and these must be solved with determination.

Excessive consumption

Politis reports the findings of an international study, which show that frequent consumption of coffee or tea has been found to be related with increased probability of developing lung cancer. The danger concerns both smokers and non-smokers, and those who drink coffee with or without caffeine.

 

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