Daily Press Review - 11/10/2019

“Rescue” operation for ESTIA

The government and the banks are trying to get the borrowers’ attention for ESTIA, since up until today not enough of them have responded to the government’s call for the scheme. According to sources, 220 applications had been submitted by the end of last week. This was a limited number compared to the estimate that there are 12,000 eligible borrowers. The number of applications has to do with €70m loans. In a wide meeting that was held yesterday morning at the Ministry of Finance, officials looked into ways to remove the difficulties and obstacles that were identified in the application process, while in the remaining 6 weeks until the closure of applications on 15 November, they will also focus on better promoting the scheme. It was made clear to the borrowers that there will be no second, better and more beneficial ESTIA scheme and anyone who is eligible has a unique chance to regulate their loan with especially beneficial terms. Conversely, they could be risking their property. The head of the House Finance Committee, Angelos Votsis also told Politis 107,6 that there will be no second ESTIA. The CEO of BoC, Panicos Nicoalou, the CEO of Hellenic Bank, Ioannis Matsis, the Director-General of KEDIPES, Stavros Iacovou and the head of the Cyprus Banks Association, Michalis Chronides as well as other officials, participated in a meeting that was led by the Director-General of the MoF, Giorgos Panteli.



What planet are you living in?

Politis’ author is critical of ETYK for demanding the imposition of a penalty against the members of Hellenic Bank’s management, for violating the salary protection law. The author mentions that the Bank has decided to give raises that are higher in total than the ones foreseen in the collective agreement. The author says that ETYK is out of touch with reality and that for other employees in the private sector, raises are contingent on efficiency, productivity and supply.



Hellenic Bank branches closed today

Hellenic Bank branches will remain closed today Friday, due to the scheduled strike organised by ETYK. However, according to a bank announcement, its digital channels (Web Banking and Hellenic Bank Mobile Bank) as well as all of its Automated Teller Machines (ATMs) will be available to carry out transactions.

 

Altamira: Seeking an investor for the emblematic SODAP complex

Asset management company Altamira is expecting to launch the process to find an investor for the emblematic SODAP complex in Limassol over the next few days. SODAP is one of the highest-valued properties Altamira has in its portfolio. It is expected to seek an investor by opening a bidding process through its online platform. SODAP is a complex of factories that is considered one of the most important samples of Limassol’s historical industrial architecture. It is located in one of the most popular and central locations of Limassol, in the Tsiflikoudia area. More specifically, it is located between the new Limassol port and the marina, while it is just a few minutes away from MyMall and the under-construction City of Dreams Mediterranean casino-resort. The unit consists of ten plots, two of which belong to the Co-operative Carob Marketing Union. The plots adjoin the sea coast with a total frontage of about 220m. They cover an area of 38,827m².



Harris’ last state budget submission

The Minister of Finance, Harris Georgiades is expected to submit the government budget to the House President today. The submission of the budget marks the beginning of discussions for the activities of each Ministry for 2020 as well as the departure of Harris Georgiades from the position of MoF. It should be noted that Georgiades resigned after the Co-op inquiry report, which blamed him for the collapse of the Co-op. However he remained in his post, after coordinating with the President until the 2020 budget was prepared. Up until now, the successor of Georgiades hasn’t been announced. However, sources report that his replacement will most likely be the Minister of Interior, Constantinos Petrides. The 2020 budget forecasts a reduced growth rate to 2.9% and unemployment to 6%. Moreover, they forecast €10b proceeds and €9.4b expenses. Moreover, in a relevant memo it is reported that they are planning significant NPLs sales, which will improve the quality of the banks’ balance sheets.



SEK demands increase of salaries and CoLA

SEK’s General Secretary, Andreas Matsas clearly declared the union’s intention to claim substantial salary raises within 2020, as well as an increase of other benefits and the reinstatement of CoLA to pre-crisis levels at the OVIEK-SEK annual convention.



High-rise buildings: gaps and deficiencies

Insurance companies have identified gaps and deficiencies in the construction and operation plans for high-rise buildings in Cyprus. These gaps affect the insurance coverage of such types of projects, as it comes to natural and man-made disasters. The Insurance Company Association convention next week will deliberate on the matter.

TEPAK organised the 20^th Global Conference on Environmental Taxation

The Cyprus University of Technology (TEPAK) organised the 20^th Global Conference on Environmental Taxation on 25-28 September in Limassol. GCET is the leading global forum for exchanges on the principles and practices of environmental taxation and other market-based instruments for greening the economy and promoting the transition to low-carbon and resource-efficient societies. The main theme for GCET20 was “Economic Policies for Low-Carbon Development”, and it was held under the auspices of the Finance Minister. Among other, the conference included three public debates on the prospects from taxing carbon emissions, matters pertaining to social justice when environmental taxes are imposed and the role that green taxation could play in limiting emissions from shipping.



One of the oil companies is late moving

One of the oil companies that are meant to be moving their oil tanks from Larnaca to Vasilikos is facing delays in moving its tanks, the Energy Ministry said during a speech at the Larnaca Chamber of Commerce and Industry’s AGM last Wednesday. In a speech read out by the ministry’s permanent secretary, minister Yiorgos Lakkotrypis said that the three of the four oil companies are expected to meet the December 2019 deadline to remove all their tanks. The fourth however (which Haravgi said the minister did not name but is EKO), has fallen behind schedule and is expected to wrap up in the first few weeks of 2020. On behalf of the Chamber, its president Stavros Stavrou expressed grave concern about the lack of progress that has been made in the tender for the joint development of Larnaca’s port and marina. He said the chamber would never allow Larnaca to fall victim to the mistakes and omissions of others in the past, blaming companies that have nothing to do with Larnaca (with the paper saying he meant business circles in Limassol) for undermining the development of Larnaca’s port to protect their own interests.



Drilling in Block 7 begins in January, Minister’s request for explanations from Descalz

The Ministry of Energy in Nicosia requested information from the headquarters of Italian Eni about the statements made by the company’s CEO Claudio Descalzi as well as the full text of the question and the answer of the head of the company provided. The head of the Italian group Eni Claudio Descalzi said he did not want to provoke a war because of drilling. Minister of Energy Yiorgos Lakkotrypis asked the Italian company’s local representatives to come to his office this morning for a meeting.  Meanwhile, the TOTAL Eni Consortium has signed during the previous days, a contract for the drilling rig that will carry out six consecutive boreholes in the Cyprus EEZ. According to the same information, the consortium locked the drilling rig to carry out confirmatory drilling in Calypso in Block 6, as well drillings in blocks 2 3 8 9 but also in block 7 which has recently been awarded.  and studies are being completed. This is an agreement involving a commitment on the part of the consortium in the order of several hundred million Euros in total just in the days when the Turkish drill ship Yavuz arrived in block 7 of the Cyprus EEZ for its illegal activity and amid Turkish threats.



Government Spokesperson: Cyprus energy program is proceeding normally

The drilling program of the Republic of Cyprus will continue normally despite Turkey's illegal actions, the government spokesman said. Speaking on Astra morning edition, Prodromos Prodromos confirmed that ENI will meet today with the Energy Minister, but as he said, there is no intention of leaving on the part of the Italian company Eni. Eni’s CEO Claudio Descalzi had said that "if someone shows up on a warship, they won't drill. Mr. Prodromou pointed out that contracts have been signed between Cyprus and Eni that must be respected.



Greece requested the presence of French warships in the Cyprus EEZ

Greek Defense Minister Nicos Panagiotopoulos discussed in Paris with his French counterpart Defense Minister Florence Parli, the possibility of French assistance with the presence of French warships near block 7, of the Cyprus EEZ in order for Turkey to stop its threats and illegal activity. The discussion also focused on the issue of Turkey’s aggressive behaviour in the eastern Mediterranean and the Cyprus EEZ. As reported in his statements the Greek minister talked about geopolitical developments in Syria and the eastern Mediterranean, block 7 in the Cyprus EEZ, and the presence of French and Italian ships in order to record the presence of the European Union in relation to offensive behaviour expressed from Turkey with the presence of Turkish ships.



Annual 2.5% drop in revenue from tourism in the first seven months of 2019

Tourism revenue fell by 2.5% on an annual basis in the first seven months of this year and by 1.1% in July, according to figures published by Cystat. It said that on the basis of the results of the Passenger Survey, revenue from tourism reached €422.0m in July 2019 — down 1.1% on the €426.6m in the corresponding month of the previous year. During the period of January-July 2019 revenue from tourism is estimated at €1,425.2 b compared to €1,461.5b in the corresponding period of 2018, recording a decrease of 2.5%.



12% of Cypriot students are gamblers

About 12% of Cypriot students between 18-35 exhibit signs of pathological and problematic gambling, according to a study by Alexander College and its Research Centre, which was launched last November and completed this January, on the youth’s perception of games of chance and pathological gambling. The main findings of the study showed that out of 401 students, 6.7% could be incorporated under the potentially pathological occupation with gambling category, 5.2% could be included in the potentially problematic occupation with gambling category, and 4% is questioning whether or not they have a gambling problem. Moreover, 40% of the subjects responded that both their parents were playing very often and 71% of subjects in the potentially problematic gambling category, were men and 88% of subjects in the potentially pathological gambling category were men. The study showed that 48.75% of the total sample know some or a person from their environment who they think had a gambling problem, while 14.25% of the sample was negatively affected by the gambling problem faced by friends or relatives.



AKEL Larnaca: Public health is in a tragic situation

AKEL Larnaca described the situation of public health as tragic, warning about the sustainability of state hospitals and by extension the sustainability of the GHS itself. In its announcement AKEL Larnaca expressed its intense concern about the area’s situation, “we witness a series of complaints on a daily basis”. Patients are complaining about delays in appointments and long waiting queues while doctors state they are professionally exhausted due to the long working hours. Reportedly, there was an incident of a doctor who fainted in Larnaca. Lastly, AKEL Larnaca called the Government to assume its responsibility and provide solutions.



Anti-Cancer: Arodafnousa’s expansion is at the final phase

Yesterday, at the 47^th Annual General Meeting the Cyprus Anti-Cancer Society presented the final phase of the Arodafnousa centre’s expansion. Its completion will provide relief care to thousands of cancer patients. At the event, the society’s president Dr. Adamos Adamou spoke of a “new beginning” which will allow the society to assist a lot more cancer patients. He explained that the Society is investing in upgrading its services of at-home nursing care, psychosocial support, and physiotherapy. He announced that the “new Arodafnousa” is expected to be ready within the next few months which will include 26 single patient rooms. It will also feature a specially designed physiotherapy centre as well as three additional physiotherapy and aromatherapy areas, and they’ve also created rooms for the psychological and social support of patients.



A battle on all fronts

A battle is ongoing on all fronts in Brussels as the Republic of Cyprus (RoC) is trying to ensure support in order to put an end to the Turkish provocations in Cyprus’ EEZ and the occupied Famagusta area, as well as revising the direct trade regulation. The leader of ruling DISY, Averof Neophytou, was in Brussels for a series of meetings and he concluded that MEPs have understood all the matters they’ve discussed and are supportive of the RoC. Mr. Neophytou emphasised the issue of direct trade with the occupied north, saying that this is an unacceptable political approach. He stressed that the European People’s Party (EPP) will never support direct trade with the occupied north. He hopes that the rest of the political groups will support this clear and absolute stance of the EPP. The leader of DIKO Nicholas Papadopoulos and EDEK leader Marinos Sizopoulos, sent a joint letter to the Socialists and Democrats groups of the European Parliament requesting the withdrawal of the direct trade regulation. They highlight that the current Government as well as all the political parties in Cyprus draw a red line on this issue and reject any further effort to revise this regulation.