Cyprus Press Review - 6/11/2019

Hellenic Bank and ANT1 present E2K19

Hellenic Bank in cooperation with Antenna present the E2K19, the biggest ESPORTS event that has ever taken place in Cyprus, on Saturday 30 November and Sunday 1 December. It is a two-day competition for video game lovers. With three arenas, four games and prizes over €8,000 the Royal Hall in Nicosia which hosts the event is expected to be full. PC Arena: The biggest tournament in the arena sponsored by INSPOT will be League of Legends, which will have a €5.000 prize. The finals will be shown on ANT1 TV channel on Sunday 1 December. There will also be a PUBG tournament in the same arena. PS4 Arena: Sponsored by Public, the biggest tournament of FIFA 20 that has ever taken place in Cyprus will be held in the PlayStation 4 arena, with 150 players and awards over €1000. Virtual Arena: For the first time in an eSports event in Cyprus a virtual arena is introduced, where gamers and E2K19 guests will be able to compete in the continues Battle Royal games that will take place through the Call of Duty: Mobile, which is available on all mobile devices. Prizes will exceed €1,000. With this event, ANT1 is approaching an industry, which is attracting revenues close to €1b, while at the same time, the total number of gaming fans exceed the fans of huge events like NBA!



ETYK is suing Hellenic Bank

ETYK ordered its lawyers to immediately proceed with criminal lawsuits against the management of Hellenic Bank (the Board and its executive directors). In a circular, the association reports that the bank’s management is violating the agreement and the Constitution (Administrative Court decision), hinting at the role of the Ministry of Labour, (Minister Zeta Emilianidou) for supposedly benefiting ETYK. On the contrary they argue that the Ministry of Labour should have done much more, as without hesitation it found that the there is a violation of the Constitution, and as such, it should have begun criminal proceedings. On their side, Hellenic Bank officials comment that no one applied any pressure on the employees. At the same time, they fire back at ETYK saying that they called the union to the negotiating table without any result, and as such, they decided to unilaterally proceed with raises based on an assessment system, in order not to victimise the organisation’s personnel.



ETYK-Hellenic Bank clash intensifies

The conflict between Hellenic Bank and ETYK, in relation to the labour rights. The two sides once again exchanged heavy words, while the union said that it ordered its lawyers to immediately proceed with criminal proceedings against members of the Board and executive directors. With a circular, ETYK said that management officials bullied the employees, took advantage of temporary workers and violated the agreement and the constitution as they didn’t grant the Cost of Living Allowance (ATA), which amounts to 1.5% of their salary and should have been given to all the employees from 1 January 2019. Moreover, the circular referred to non-transparency with regards to the annual incremental raise that was recently given. Commenting on the above, a banking official reported that the raises were given on the basis of a fairer and more merit-based system, based on performance and productivity. The official also said that the total amount of raises, is bigger than that foreseen in the collective agreements, which have expired. Moreover, he said that the Bank repeatedly asked ETYK to negotiate to no avail. “Unfortunately, instead of sitting at the negotiating table, ETYK prefers to create the impression of tension and exacerbate the climate, with blackmail and threats”, he distinctly reported.



KEDIPES paid €2.2m in fees to four different legal firms

KEDIPES paid €2.2m in fees to four legal firms for its deal with Hellenic Bank and its daily operations from September 2018 to September 2019. According to the memo that was given to the House Watchdog Committee, KEDIPES paid €1.1m to Freshfields, €575,9K to the legal firm Christoforos Ioannou LLC, €326,2K to Tassos Papadopoulos & Associates LLC and €191K to Christos M. Triantafyllides.



Co-op loans were transferred to Hellenic with surcharges

Haravgi reports that loans from the Co-op were likely transferred to Hellenic Bank with surcharges (which relate to practices that were commonly applied by the banks in the past). According to the memo that was given to the House, the two sides reached an agreement on the procedure, which includes 11 stages for the return of the abovementioned overcharges. According to the procedure, the losses will be compensated by KEDIPES. The article goes on to describe the 11-step procedure. In the meantime, according to the newspaper’s sources, the first claim by Hellenic as part of the asset protection scheme will be submitted around the end of the year, instead of November which had initially been the plan. The asset protection scheme has to do with the €2.6b guarantee that was given to Hellenic Bank for potential losses resulting from the Co-op portfolio, as part of the deal between the two. Hellenic Bank is expected to announce its financial results on 29 November, in which it will mention the amount of its claim.

 

Hellenic Bank invests in society

Economy Today presents an overview of Hellenic Bank’s Corporate Social Responsibility programme. The Bank believes that CSR is a process of continuously improving the way it operates and its responsibility towards the society. The bank’s corporate social responsibility efforts and strategy focus on four main pillar: People, Society, Environment and Market. “In terms of the Society pillar, we invest in developing programmes with significant social impact. At the same time, we continue programmes to support vulnerable groups as well as organisation with important social impact. We invest in client trainings for digital services, through projects such as emathisis, while through the mobile service units, we provide rural areas with access to banking services. As it comes to the Environment, the correct management of our energy consumption through our ISO 5001 certification and our Green Offices project, is of the highest importance for our organisation, while by financing the Eco Schools programmes, we are contributing in developing an environmental culture for children. As it comes to the People pillar, our priority is to train and develop our staff through our feedback system, in a work environment where labour rights, diversity and equal opportunities are encouraged. Finally, as part of the Market pillar, we are making an effort to further develop our digital services. The article goes on to list and provide an overview of all the Corporate Social Responsibility initiatives and projects of the organisation.



Antonis Tsapatakis: surpassing every limitation

Hellenic Bank presented the Paralympic Champion Antonis Tsapatakis, in a special speech which aimed to support people with disabilities. Tsapatakis spoke about how he found the strength to overcome his limits and make his dreams come true. The event’s coordinator was Louis Patsalides, who starred in a video on accessibility in Cyprus along with Tsapatakis. Using humour the two protagonists attempted to show how important it is to respect people with disabilities, by showing some examples in our daily lives. Over the course of the evening, they donated two mobile ramps, to the Margarita Liasidou institute and the Special School Theoskepasti in Paphos, sponsored by Hellenic Bank. The event was held in cooperation with Annabelle Hotel and Round Table 7 Paphos, as part of their Access City Paphos campaign, which aims to improve accessibility and introduce people with disabilities to the economic and cultural life of Paphos. On his part, the General Manager of the Corporate Development & Products of Hellenic Bank congratulated Mr Tsapatakis on his recent successes and wished him good luck at the Tokyo Olympics in 2020. Finally, he underlined that the bank’s goal is to always stand by people with disabilities and support their efforts and rights.



Good news from the British market

Cypriot tourism stakeholders said they are optimistic over the coming tourism season, as they anticipate the same number of tourist arrivals as last year. Of course, there is still a huge obstacle ahead; namely Brexit, which following countless postponements is expected to happen in 2020. British tour operators have showed a very keen interest in bringing tourists to Cyprus and covering the gap left by Thomas Cook, as it has emerged through the meetings Cypriot stakeholders had with their associates during the World Travel Market that is currently underway in London. The message coming from the UK is that stability is being restored following the collapse of Thomas Cook. Its main competitors TUI, Easy Jet and Jet2 will seek to increase their stakes on the island, while online companies On The Beach Group and Love Holiday intend to enter the race, increasing the number of rooms they will pre-book. As for the hole left in the number of airlines and flights from the UK to Cyprus, there is confidence that this will be filled by other airlines.



Number of registered unemployed drops by 19.1%

The number of registered unemployed has returned to 2010 levels. The data released yesterday by CYSTAT have confirmed the improvement of the labour market conditions. Specifically, according to the data kept at the Distric Labour Offices, the number of registered unemployed stood at 16,544 in the end of October 2019. According to the data corrected for seasonal fluctuations, the number of registered unemployed was reduced to 21,273 in October 2019, compared to 21,481 in the previous month. Compared to October 2018, there was a 19.1% drop in unemployed persons (3,903 persons).



European Commission to intervene on passports

The recent defamatory developments in relation to the Cyprus citizenship by investment programme, seem to have been the tip of the iceberg for the European Commission, which is preparing to take matters into its own hands. A Commission representative told Phileleftheros that by the end of the year, EU regulations will be put forward for this type of programmes, as it is not only a matter of safety for each EU country, but for the whole EU. The Commission expects that all Member States with such citizenship programmes, carry out checks on matters of safety and the applicants’ history, with the highest standards possible. Insufficient controls, may create risks for the public order and safety, not only for the specific member state but the whole Union”, he said distinctly.



Another three high-rises in Larnaca

Another three high-rise buildings that include apartments will be built in Larnaca by the Quality Group. One will be a 12-storey building and will go by the name “Best Western Marina”, while the other two will be 10- and 12-storey buildings and will be named “Habitat”. The Best Western Marina project will be at a 500-metre distance from Larnaca’s port and marina.



Despina Theodosiou

Tototheo Maritime co-CEO, Despina Panayiotou Theodosiou was awarded as Woman Leader in International Shipping at the WHO IS WHO International Awards. “This award gives me great joy, as it relates to two of the most important roles of my professional career – as CEO of Tototheo Maritime and as president of WISTA International. Each with different challenges and priorities, but intertwining to the core of shipping, as it is shaped today, in its evolution into an innovative and sustainable business sector, offering equal opportunities.”



Good news from the British market

Cypriot tourism stakeholders said they are optimistic over the coming tourism season, as they anticipate the same number of tourist arrivals as last year. Of course, there is still a huge obstacle ahead; namely Brexit, which following countless postponements is expected to happen in 2020. British tour operators have showed a very keen interest in bringing tourists to Cyprus and covering the gap left by Thomas Cook, as it has emerged through the meetings Cypriot stakeholders had with their associates during the World Travel Market that is currently underway in London. The message coming from the UK is that stability is being restored following the collapse of Thomas Cook. Its main competitors TUI, Easy Jet and Jet2 will seek to increase their stakes on the island, while online companies On The Beach Group and Love Holiday intend to enter the race, increasing the number of rooms they will pre-book. As for the hole left in the number of airlines and flights from the UK to Cyprus, there is confidence that this will be filled by other airlines.



Airbnb to be regulated

The law proposal regulating the licensing and standards of self-service accommodations is expected to be tabled for approval at the House Plenum in two weeks. The specific law affects around 20,000 tourist accommodations, which are rented out by online platforms such as Aibnb. The proposal, discussion of which has been ongoing at the House for the past 18 months, provides for the creation of a more simplified register, which will be created by the Deputy Ministry of Tourism.



Upgrade of Limassol suburbs into centres of alternative developments

Based on a survey by an audit firm and the Land Registry Department, real estate market transactions in Cyprus are at an all-time high and will continue rising up until 2022. Without doubt, Limassol is leading the race of development and infrastructure projects, both along its coastline, as well as its town centre and suburbs. These projects are contributing to Limassol’s financial prosperity, attracting tourists and broadening the labour market. And while there are an increased number of development projects currently underway on the Limassol coastline, Cypriot and foreign investors are seeking alternative solutions for luxury housing developments in the town’s suburbs. In view of the infrastructure projects that have already been completed but also the private investments that have already begun, it has become apparent that eastern and western Limassol are being turned into a centre for alternative developments. Along the lines of this different approach is the project Citrine Estates by the CNS Group. The new luxury housing project neighbours Lady’s Mile, the grand project City of Dreams Mediterranean – Europe’s biggest casino-resort – and the Fasouri forest.



Jordanians seeking to invest in Cyprus

Kathimerini Economy interviews the chairman of the Cyprus Employers and Industrialists Federation (OEV), George Petrou, who speaks about the keen interest that was recently shown by Jordanian businessmen to invest in Cyprus – especially in renewable energy sources – during the Cyprus-Jordan business forum that was organised last month. Petrou said that meetings were held at a business-to-business level, and that OEV is waiting for the Jordanian businessmen to come back with their proposals on areas to invest. Depending on what is proposed, OEV will arrange meetings with the Cypriot businesses so partnerships can be created, he said. Meanwhile, the paper reports that there is also vast potential when it comes to tourism from Jordan. The close proximity between the two countries as well as increased frequency of flights to and from Amman are positive elements that will help boost tourism flow. Over the winter season, there will be six weekly direct flights to and from Jordan, while the Deputy Ministry of Tourism has listed the country among its priorities when it comes to cooperating with neighbouring states. Contacts have already been held to promote thematic packages in cooperation with Israel, to create a trilateral cooperation.



Bingo under the microscope of the Legal Service

The Law Office of the Republic is currently examining the bill that will regulate the conduct of bingo games. The bill was submitted to the Legal Service a month ago, for the necessary legal vetting. A source who talked to Phileleftheros, said that they will make an effort to complete the check as soon as possible, so that it goes to the House. The bill was also injected with the positions and suggestions of the stakeholders, as it was looked into during a public consultation. The bill introduces a healthy operational framework in order to create an attractive product, with respect to the local tradition. The bill includes provisions according to which, the government will receive a bingo tax from the provider (11% of its net profits from the games it offers). Specifically, 10% will go to the Republic and 1% to the National Betting Authority. The bingo services will be divided in three categories: commercial, not-for-profit and private bingo. Moreover, the bill will include provisions, which aim to protect the community, such as preventing the connection of these services with criminal elements or supporting illegality. It also includes provisions that ensure the fair and transparent conduct of the game.



Patients are worried over the implementation of the GHS’ second phase

Yesterday, the patients’ rights advocates presented a lengthy memo to the HIO which contains a record of all the delays in procedures or issues related to the second phase of implementation of the GHS. Some of those include the drafting of regulations for inpatient care and compilation of lists of consumables, discrimination in patient service by specific diagnostic centres, abuses in GHS’ services, the fact that some medical centres are not accessible to patients with disabilities, as well as the urgent need to activate and strengthen the role of the scientific council, to promote further software upgrades and immediately start an information campaign. Mr. Marios Kouloumas said that patients’ rights advocates are worried over the delays observed and despite efforts being made to resolve the issues, they call the relevant authorities to move forward at a quicker speed. He stated, "If the necessary steps to improve the services offered in the first phase of the implementation of GHS are not taken now, June will come and we won’t be completely prepared for the system’s full implementation."