Daily Press Review - 1/8/2019

ETYK becomes a Hellenic Bank shareholder

The Cyprus Union of Bank Employees (ETYK) has officially become a major shareholder of Hellenic Bank, through the provident fund it is managing. As it was announced, the provident fund of Cyprus’ bank employees purchased yesterday, 25.85 million shares in Hellenic Bank (€0.876 per share and worth €22.6K in total). As a result, the provident fund’s stake in Hellenic Bank has increased from 0% to 6.26%. Hellenic’s shares were sold by the Investment Fund 7Q Invest Ltd/Multi Opportunities, which reduced its participation in the bank’s share capital (from 8.79% to 2.53%). It should be noted that Hellenic Bank announced that the 45^th Annual General Meeting of the shareholders will take place on Wednesday 28 August. A month before the AGM, the shareholders still haven’t settled. It should be noted that only Wargaming and Third Point are participating in the departing BoD of the bank.



ETYK members officially shareholders of Hellenic Bank

Same as above, with Brief.com.cy reporting that it should be noted that the ETYK’s share purchase has been added to a series of similar moves by other companies-organisations. It should be noted that on 13 May, Demetra Investment increased its stake in Hellenic Bank to 21% after buying up EBRD’s share. Moreover, investment fund Senvest Master Fund LP purchased 1.750.000 shares in Hellenic Bank (€0.87 per share). As a result, the Bank’s stake in the Bank increased from 4.64% to 5.07%. The abovementioned developments will potentially affect the composition of the new Board of Hellenic Bank, which will be announced at the AGM of the Shareholders on 28 August.



Occupied areas developing into a parasitic economy

Nicos Moudouros (PhD), specialist in Turkish and Middle Eastern Studies, and Turkish Cypriot academic Birikim Özgür spoke to the Cyprus News Agency about the “economic protocol” that is being promoted by Turkey for renewal in the occupied areas. They said the Turkish Cypriots’ ability to have an autonomous productive existence is gradually being diminished, with full control of the occupied areas’ water and even electricity sources slowly but surely going to Turkey. They said that by controlling strategic sectors, Turkey is ensuring that the TC community is developing into a parasitic economy, which will have consequences on the TCs’ political organisation, such as the creation of parties, unions and collective agreements, but also their social and religious life. Among other, Moudouros refers to the privatisations that are being promoted in the new “economic protocol” for the next three years, for electricity, telecommunications and ports, with strong emphasis being placed on privatising electricity production.

Ship flying Cypriot flag caught carrying 225kg of cocaine  

Mexican authorities have seized a ship flying the Cypriot flag, after it was caught transporting 225kg of cocaine. According to foreign media sources, the ship UBC Savannah had anchored at Altamira port in Mexico on 27 July, after arriving from Columbia. Twenty-two crew members were arrested, 19 of whom came from the Philippines and three from Poland. According to the sources, the ship is managed by the company ATHENA MARINE, which is based in Limassol. Investigations are underway.



July was disappointing

This past July was the worst of the past few years for tourism in the free Famagusta area. The number of tourists visiting the Ayia Napa and Protaras resorts was very disappointing, with the number of overnight stays dropping by almost 10% compared with July last year. The head of the hoteliers’ association (PASYXE) in Famagusta, Doros Takkas, said it had been many years since the region had such a poor performance. He said the main reason for it was that the free Famagusta area and the rest of Cyprus were facing extremely strong competition from Turkey, Egypt and other Northern African countries such as Morocco and Tunisia, which target the same markets as Cyprus, but cost far less to visit. The Turkish pound especially is constantly sliding and this has had a hugely positive impact on the country’s tourism, he said.



Concerns rising over West Nile Virus

Concerns are rising in the occupied areas over the West Nile Virus, with results of blood tests on six patients eagerly anticipated to be sent back from Turkey, to see whether they are suffering from it. According to a report in Turkish Cypriot newspaper Yenidüzen, the condition of one man being treated at the “state hospital” in occupied Nicosia is good, while three other patients – including a 10-year-old child – who were suspected of suffering from the virus, have been discharged and sent home.



Medical cauldron is simmering

The head of state doctors' union (PASYKI) Soteris Koumas said yesterday that there was a serious risk that a fresh wave of doctors will be leaving the OKYPY hospitals, as he described the current situation as a “simmering cauldron”. He warned that if the incentives for the specialist doctors who choose to join the GHS are not announced by September, many of them will choose to join the system as private doctors, and this he said would be a threat to the hospitals’’ sustainability.



Situation with GHS like a Black Friday

Three personal doctors speak to Phileleftheros about the current situation in the public health system, with one describing the behaviour of a significant number of citizens as shoppers on a Black Friday, as they seek mass referrals for specialist doctors, diagnostic examinations and lab tests. He said Cypriots are under the false impression that “the more examinations and tests you undergo, the safer you are.” They said that personal doctors were preparing a letter to be sent to the Health Insurance Organisation, seeking the launch of an informative campaign to educate the public on how the new system works.

 

Life expectancy at birth is 82.20 in Cyprus

Life expectancy at birth is estimated at 80.9 years for 2017 in the EU; 83.5 for women and 78.3 for men, according to Eurostat. In Cyprus, the life expectancy is 80.2 for men and 84.2 for women, with the population average at 82.2.