Daily Press Review - 25/11/2019

Tennis: Excellent organisation, top level

The ITF (category 3) championship, which was organised by Hellenic Bank Masters Academy, wrapped on Saturday, 16 November. The championship was for ages of up to 18 for boys and girls. It is the most important tournament that took place this year in Cyprus. 120 tennis players participated (60 boys and 60 girls) from 30 countries!



“Young Entrepreneurs Awards 2019”: The awardees

The “Young Entrepreneurs Awards 2019” took place on Thursday, 21 November, with great success for the second consecutive year. it is organised by the Cyprus Chamber of Commerce and Industry and Thessalonikis Dromena magazine, and supported by Hellenic Bank.



Extension for incentives

The tax regulations and incentives aimed at facilitating loan restructurings will be extended for another year, until 31 December 2020, after eight proposals tabled by ruling DISY were passed by majority at the House Plenum on Friday. DISY MP Demetris Demetriou said the aim was to help households and businesses, while also curbing NPLs.



Presentations in Kazakhstan

AstroBank organised two conferences in Kazakhstan under the title “Cyprus, a European Hub for Kazakhstan” last October, which aimed to promote Cyprus as an investment destination to businessmen of international scope who are active in Kazakhstan.

 

Its absence has left a gaping hole  

Opinion editorial by Politis, saying that the absence of the Cyprus Co-op Bank has left a gaping hole in Cypriot society. The Co-op filled the gap between the social classes. Society felt safe and confident because of its social dimension, its principles and values, its human-centric policy. People could send their children to university, acquire a home, sponsor their farming activities, not feel stressed about their small or medium sized enterprise; feel safe in emergencies. The paper says society needs a modern Co-op, which will operate under a special model that is based on its members’ ownership.



End to citizenship by investment

According to an opinion adopted by the European Economic and Social Committee (EESC) at its October plenary session, nationality is a bond between a citizen and a state, whether by birth right or by naturalisation. However, in recent years several EU Member States have set up investor citizenship and residence schemes to attract investment. The EESC said this practice poses serious risks and should be banned in all EU Member States. “The EESC echoes the European Parliament's call to phase out all investor schemes and recommends that until then certain mitigation measures are put in place. Member States should be urged to apply a due diligence process without specific duration restrictions and adapted to the high-risk profile of applicants. A coordination mechanism should allow Member States to exchange information on successful and rejected applications for citizenship and residence permits. All agents and intermediaries providing services to applicants should be subject to anti-money-laundering rules as set out in the Fifth Anti-Money Laundering Directive. The EU should encourage all agents providing services to applicants to be accredited and subject to a code of conduct. Authorities should maintain primary responsibility for accepting or rejecting applicants. Authorities must also maintain a set of measures to avoid conflicts of interest or bribery risks.” Referring anew to the reports of Transparency International and Global Witness, the EESC says Cyprus ranks second internationally when it comes to citizenship-by-investment schemes, with annual profits that reach €914 million, which is a little below Spain with €976 million. The EESC said that through selling citizenship, Cyprus increased its profits since 2013 by €4.8 billion.



Jo Law’s assets frozen

There have been developments in Cyprus surrounding Malaysian financier Jo Law, who caused a stir when it emerged that he received a Cypriot passport while being wanted in his country over a huge financial scandal. According to Phileleftheros’ sources, money-laundering unit MOKAS recently made two moves in an effort to prevent his assets from being moved from Cyprus. It ordered the Land Registry Office to not authorise the alienation of the mansion Law owns in Ayia Napa, worth €5m, while it also asked Bank of Cyprus to freeze the account of Law’s wife or girlfriend. It is noted that the woman in question has also applied to receive Cypriot citizenship, with no success.



Icelandic company made a stop in Cyprus for money laundering

Cyprus, along with Dubai and Mauritius, has been described as a “tax haven” where a company used shell companies for tax evasion. The new scandal, which connects Iceland with Namibia with a stop in Cyprus, goes by the name “The Fishrot Files”, and was revealed as part of the Wikileaks.



Over €500m to service debt

Public debt has fallen below 100% but the state needs to pay over half a billion euros a year to service it, despite historically low interest rates. According to the Public Debt Management Office’s quarterly report, the debt dropped in the third quarter of 2019 after Cyprus’ early repayment of its €1,563 million loan from Russia. It also repaid loans worth a total of €17m. The public debt exceeded 100% following the Co-op transaction. The cost to service the public debt in 2019 is €585.45m, while in 2020 and 2021 it will drop to €519.5m and in 2022 it will increase again to €541.18m

 

 

 

Finance Minister at the House on 6 December

Finance Minister Harris Georgiades will address the House of Representatives to present the 2020 state budget on 6 December at 11am. According to House President Demetris Syllouris, the state budget will be discussed at the House on 9, 10 and 11 December.



Budgets of 18 SGOs passed

The House Plenum on Friday approved the annual budgets of 18 semi-government organisations, including the Electricity Authority, the Stock Exchange and the Energy Regulatory Authority.



The benefits of voluntary retirement

The government has tabled a bill at the House with a voluntary retirement scheme for employees in the public service, broader public sector and local administrations. The bill includes incentives, such as non-submission of the actuarial reduction on pensions and the one-off payment of employees who choose early retirement. The bill concerns employees who up until 31 August 2020 will have completed at least 400 months of pensionable service, or who have at the most five years until they reach retirement age.



Cap for 5% VAT on primary residence

Main opposition AKEL has tabled a law proposal at the House introducing a cap on the value of properties that are eligible for the low 5% VAT rate that applies for primary residences. The party calls for the low rate to apply for properties with a value of up to €1,500 per square metre when building anew or extending an existing residence, or €2,500 per square metre when purchasing a primary residence.



Bankers Nicolaou and Matsis make their mark

The two banking market leaders, Bank of Cyprus (BoC) and Hellenic Bank (HB), are moving at two different speeds and with different policies on matters of common interest, such as charges and payroll. BoC CEO Panicos Nicolaou and HB CEO Ioannis Matsis are making their own mark on the market and are informally sharing with Phileleftheros their field of action. In banking circles, HB’s move to come into conflict with ETYK was taken as bold and a show of confidence, with which the bank’s leadership is seeking to play a leading role in banking affairs. A few years ago, HB would follow the moves of BoC and would not dare come into conflict with the union or differentiate its position from that of the banking establishment. Never in the past did it lead the way when it came to dealing with demands, leaving it up to BoC and legacy Laiki Bank. The issue of ending horizontal and automated pay rises and changing the system for granting pay rises was first tabled for discussion with ETYK in 2016, by the BoC management under then CEO John Hourican. The Irish banker retracted when he saw that this would lead to a fallout with ETYK and the matter never went ahead. In fact, the matter was brushed under the carpet, even though the renewal of the collective agreement has been pending since it expired in 2017. Now HB has taken the lead in changing the way pay rises are given. Banking circles are now waiting to see BoC’s reaction to a matter it is directly interested in. The indications from the new management, under Panicos Nicolaou, are that the bank’s at times rocky relationship with ETYK is gradually being restored. However, during a conference recently in Limassol, Nicolaou said that a change in bank employees’ pay system is inevitable and that a dialogue needs to open with the unions on this matter, for a system with salaries that are based on performance and position. Another difference between the two banks is their pricing policy. BoC proceeded with more aggressive fee hikes, while HB’s stance has been more low-key. For the first time ever, BoC was swayed by public backlash over its decision to increase its charges and postponed it for a later date, following a meeting with ruling DISY president Averof Neophytou.



The three suitors for Helix 2

Three investment funds are going after the second large package of loans by BoC, dubbed “Helix 2”, according to Kathimerini’s sources: Bain Capital, Cerberus Capital and one of Hellenic Bank’s major shareholders, Pimco. The second phase of the sale process began on 11 November and is expected to be completed soon. The “Helix 2” portfolio concerns conventional loans worth €2.8b. Only the three suitors are aware of the exact amounts due. The portfolio includes housing, business and consumption loans. During this second phase, the suitors are being provided with detailed information on the quality of the loans so they can carry out due diligence on the assets that are up for sale. In the immediate future, they are expected to submit their non-binding offers.



Free money transfers by Hellenic Bank

By using Hellenic Bank’s Web Banking and Mobile App, its customers can carry out free money transfers of up to €1,000 to Cyprus and Eurozone banks. The two online apps help customers complete their transactions faster and free of charge. Charges did apply with the old pricing policy. In an announcement, HB stresses that the regulation is “especially favourable for customers who regularly transfer money abroad, as for example students’ parents”. The use of the banks’ digital means will become a must. By acquiring access to their accounts, cards and loans via Web Banking, HB’s customers can carry out their transfers safely and without problems, but also have control over their account balances and transactions at any given time. Another simple and smart version for bank transactions is offered through the Mobile Banking app, which allows users to monitor their accounts whatever their location, and safely transfer money. For more details, HB customers can visit the bank’s website.



Borrowers’ complaints under the microscope  

The Central Bank is exerting more pressure on the supervised banks. Its governor Constantinos Herodotou, in his first interview since being appointed to the post, notes that with a recent circular, the CBC asked the banks to prepare and submit reports with the complaints of customers who have NPLs, along with their reaction to the complaints. He also refers to the mechanism the CBC has prepared for loan restructuring, which is currently with the ECB for approval, saying it is based on objective criteria and that it will operate with specific timeframes, which will not be a deterrent neither for borrowers nor for banks. Asked about the failure of the Estia scheme, Herodotou expressed his disappointment over the number of applications, as the aim of the scheme was to protect the primary residence. And according to statements by the Finance Minister, he said, those who applied to the scheme who proved to not have the financial ability to join the scheme, may have been approved for other measures under the state’s social policy. As for the next steps, he said the banks should provide an analysis on how they plan to manage those who will not be a part of Estia. “Therefore, we will have to wait to see the proposals of the banks in their three-year plan to manage NPLs on how they intend to manage this portfolio of loans,” said Herodotou, adding that the three-year plan is up to the banks to decide.



cdbbank supports investment funds

cdbbank reaffirmed the active role it has in supporting and developing the investment funds sector by participating for the third year running, as a gold sponsor, in the International Funds Summit, which was organised for the fifth consecutive year in Nicosia last week.

 

Kyprianos Exarchos head of doValue

Kyprianos Exarchos was recently appointed director of doValue Cyprus; the company that has taken on management of Alpha Bank Cyprus’ NPLs. The company was registered on 1 November and besides Exarchos, its managers include Julian Navarro Pascal, CEO of the Spanish Altamira, and Davide Soffietti, managing executive of the Italian branch of doValue.



“We apologise”

Phileleftheros commentary: In the era of digital technology and in view of the emphasis the banks are putting on their digital channels, one would expect that there would no longer be out-of-order ATMs or at least ATMs that regularly face problems. The paper says there is a pair of BoC ATMs in a popular location which are often out of order. People get irate when they see the “We apologise” sign on the screen.

 

Informing customers

Phileleftheros commentary: For the better information of their customers, when decisions are made to close bank branches, why aren’t these announced on the banks’ websites? Along with information on the closest branch that can be used alternatively.

 

Cyprus received funds of €1.6b from the EIB

Cyprus received funding of €1.6b from the European Investment Bank (EIB) over the period 2014-2019. In mid-week, Finance Minister Harris Georgiades signed a loan agreement for €40m from the EIB, to set up a fund that will sponsor investments by households, small and medium sized enterprises (SMEs) and local administration authorities in the fields of renewable energy sources and energy efficiency. According to the ministry, the funds received from the EIB were spread across the following sectors: energy (18%), water supply and sanitation (16%), loans to SMEs and mid-cap companies (29%), health and education (14%), composite infrastructures (12%), transport (6%), urban infrastructure (3%), and services (2%).



Investment firms popping up due to drop in interest on deposits

There has been a huge increase in investment firms, but also the portfolio they are managing, Central Bank data has shown. The turn towards investment firms appears to be connected to the low interest rates on deposits that are offered by the banks, and which are leading people to seek higher returns. However, those who are thinking of turning to these firms should be aware of the risks. To this end, the Cyprus Securities and Exchange Commission has issued an announcement, calling on potential investors to beware of promises for “high”, “guaranteed”, “risk hedging” or “absolute” returns, as such promises often prove to be misleading.



Multi-company provident fund

The UnitedPensions Cyprus – MAP Fund is offering its members a new, modern way to manage their accounts, with the new app MAP Fund, which is directed at those whose employers belong to the multi-company provident fund and is available on Google Play Store for Android, as well as the App Store for Apple devices.



Ancoria Insurance: Opened scholarship competition

The group pension plan by Ancoria Insurance, titled Ancoria Pension Plan, having included thousands of members from dozens of businesses in its clientele, has become established in the Cypriot market as the most reliable solution for every business that wants to offer its staff a modern pension plan. It is now offering its Ancoria Pension Plan members the opportunity for education and professional growth, through its Ancoria Scholarship Competition. Five members are selected in draws that take place twice a year.



€28m prime plot for sale

Bank of Cyprus’ REMU has put its second most expensive plot of land up for sale, with the asking price set at €28.2m. The bank acquired the plot as part of a debt restructuring agreement with a well-known major Group. The plot spans 732,767 square metres, is located in the Ayia Fyla area, which has serious growth potential. It is noted that the plot has a title deed and the price does not include VAT. The bidding process for the plot expires on 16 December 2019. According to BoC’s financial results for the second half of 2019, REMU has sold 1,284 properties worth a total of €1.02b since January 2016, while the total number of properties it is currently managing amount to 3,254, worth a total of €1.5b.



There will be no other NPL scheme

Financial Ombudsman Pavlos Ioannou has said that there will be no other scheme for borrowers, as he urged those with pending issues with the banks to act in time to settle their cases and make use of the Estia scheme while there is still time. In an interview with financial magazine Nomisma, the ombudsman said he was cautiously optimistic that by extending the deadline for the scheme as well as broadening the scope of its implementation, this will lead to a more positive response from the public. But he said that it was imperative that the banks update the public on the new criteria for joining the scheme, while he warned the public that there would be no other Estia scheme. “Therefore, I am personally calling on those interested to take advantage of this opportunity, by submitting an application to join,” said Ioannou. Asked to interpret the limited response to the scheme, he said many are blaming the phenomenon on strategic defaulters, who do not wish to reveal their real financial standing by applying to the scheme. Others, he said, claim it is the difficulty to complete the application form, which is very long and requires multiple documents, which are time-consuming and costly. And others blame the general ignorance about the plan. Ioannou said he believed that only a scientific study would determine exactly why the public’s response has been so negative, and that there are multiple factors to blame.



Development funds remain in state coffers

More than half of the funds that were budgeted for development projects in the 2019 state budget remain in state coffers,  with the implementation rate dropping to lower levels than last year. Total development expenditure for the period January-October 2019, according to the State Treasury, was €342.88m; the budgeted expenditure for the whole of 2019 is €896.41m. The implementation rate for development projects is 38%, compared with 41% in the first 10 months of 2018 and 40% in the same period of 2017. It is worth noting that the implementation rate usually increases in December, when the various state departments rush to spend as much of their remaining budget as possible.



Pessimism for next year too

The world economy has witnessed the lowest global growth this year since the 2009 recession, according to international rating agency Moody’s. It expects the economy to stay fragile as risks to credit conditions rise. Although Moody's does not forecast recession in 2020, it has warned that such risks are building amid a worldwide backdrop of trade policy uncertainty. “Recession risks will remain elevated in Europe and the US, while in China domestic rebalancing will continue to create challenges in maintaining the country's rapid growth,” it said. The agency noted the risks will be centred around the US-China trade conflict, Brexit-related uncertainty and the escalation of other bilateral disputes. It also expects interest rates to remain low and yield curves to stay flat for several years going forward, with mixed credit effects by sector. According to the US-based Moody's Investors Service, low rates will keep borrowing costs attractive for sovereigns and companies but will create a difficult operating environment for banks and insurers. They will also continue to encourage risk taking as investors reach for yield.



OECD downgrades its forecasts

The global economy is growing at the slowest pace since the financial crisis as governments leave it to central banks to revive investment, the OECD said on Thursday in an update of its forecasts. The world economy is projected to grow by a decade-low 2.9% this year and next, the Organisation for Economic Cooperation and Development said in its Economic Outlook, trimming its 2020 forecast from an estimate of 3.0% in September. Offering meagre consolation, the Paris-based policy forum forecast growth would edge up to 3.0% in 2021, but only if a myriad of risks ranging from trade wars to an unexpectedly sharp Chinese slowdown is contained. A bigger concern, however, is that governments are failing to get to grips with global challenges such as climate change, the digitalization of their economies and the crumbling of the multilateral order that emerged after the fall of Communism. “It would be a policy mistake to consider these shifts as temporary factors that can be addressed with monetary or fiscal policy: they are structural,” OECD chief economist Laurence Boone wrote in the report. Without clear policy direction on these issues, “uncertainty will continue to loom high, damaging growth prospects,” she added.



Call for more spending

Christine Lagarde has called for European governments to boost innovation and growth with higher rates of public investment, in her first major speech as president of the European Central Bank. Speaking to an audience of bankers in Frankfurt, Lagarde said that rising trade barriers triggered by the US/China tariff war should be grasped by European governments as an opportunity to build a stronger internal market. “More dynamic internal growth offers a way to improve the functioning of the euro area and to accelerate crisis recovery,” she said, adding that “there is a case for investment in a common future that is more productive, more digital and greener”. Lagarde, who also called on governments to deepen the single market for services, banking and capital markets, said Europe must create a healthier internal market to accelerate private sector investment.



33 charging points from EAC

With 33 total charging points by 2020, EAC is expected to enrich the charging network electric car e-charge. Today there are currently 19 charging points established Cyprus wide with another 14 points expected by 2020. One of the points will be located in the passenger room at Limassol port.



The unfreezing of road construction in 2020

Based on the Transport Ministry’s budget for 2020, the construction of a number of roads will proceed. The article mentions the large construction projects scheduled for 2020. The Ministry of Transport has one of the largest state budgets every year, due to the infrastructure projects it plans and implements. The cost for 2020 is estimated at €304m. Meanwhile, it’s also a Ministry with significant income due to the services it offers. According to the 2020 budget submitted to the House, the Ministry’s revenue is expected to increase to €330m. Minister Vasiliki Anastasiades stated that by mid-October, the Ministry’s revenue for 2019 was at €246.6m, of which €44.7m came from the provision of air navigation services and its share from the port management. Earnings from the privatisation of Limassol port totalled €138m by mid-October. Revenue has shown a gradual annual increase, and the Ministry estimates that the private operators of Limassol port operate at a high rate of efficiency and have already made several investments, including the two cranes installed by Eurogate at its container terminal, which are among the largest in Europe.

1. Anastasiades: A series of goals being carried out

Phileleftheros reports on the same issue as above, stating that the Ministry of Transport has set in motion a series of goals which were “stuck” due to either the financial crisis, procedures, or objections. Vasiliki Anastasiades is aware of the challenges she is facing, but aims for the creation of safe roads, public transfers, digital strategies, ports and an improvement citizens’ quality of life. She refers to the privatisation of Limassol port which proved to be a lucrative and highly successful reform, as the results have exceeded her initial expectations. She lastly mentioned that regarding Larnaca, they are developing the port and the marina as well as the intermediate area.



7 SGOs haven’t submitted their budget for 2020

The House President was rather annoyed at the House Plenary on Friday, when it was reported that 7 semi-governmental organisations have not yet submitted their budgets for 2020. The House Finance Committee chairman, Angelos Votis had said that 23 budgets were submitted by SGOs, while 7 of them have not yet submitted theirs. Syllouris then reacted by saying that the law will be respected for these organisations. Mr Votsis clarified that some of the 7 organisations have explained themselves to the Plenary officially, while some others didn’t reply at all. The House President asked Votsis to announce the SGOs that didn’t submit their 2020 budgets: 1. Cyprus Ports Authority. 2. Cyprus Theatre Organisation, 3. CyBC, 4. Cyprus Agricultural Payments Organisation (submitted on Friday), 5. Cyprus Grain Commission, 6.  Single Agency for the Out of Court Settlement of Financial Disputes, 7. National Gaming and Casino Supervision Commission.



Interest for a ferry link with Israel

Many investors have expressed their interest for a ferry link between Cyprus and Israel. They turned to the Deputy Ministry of Shipping for further information as they see huge potential for cooperation with the neighbouring country. There’s interest for a ferry link with Egypt as well. The corporations who expressed interest so far, are involved in the industry and know the risks of such a venture.



President Anastasiades gives green light to DEFA

During Friday’s meeting at the Presidential Palace, under the President of the Republic, Nicos Anastasiades, DEFA received a green light in the proceedings of the Public Gas Company for the supply of natural gas for power generation, despite the complications created by Aktor regarding the blockade from the joint venture. DEFA must proceed with the assistance of the Legal Service to safeguard the interests of the State. It is recalled that DEFA excluded Aktor SA, which was in a joint venture between JV China Petroleum Pipeline Engineering Co Ltd and METRON S.A., with Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited, ranked first in the evaluation of the project to build the infrastructure needed to import natural gas to Cyprus.



AKEL Secretary General: Government handling of hydrocarbons a communications game

Secretary General of main opposition party AKEL, Andros Kyprianou, in his welcoming speech at the "Energy Sources and Cyprus - Challenges and Prospects", held in Nicosia accused the current government it has treated the hydrocarbons more as a communication tool for domestic consumption, rather than as a tool to improve Cyprus' geostrategic position, and promote the Cyprus problem and economic development of the country. Mr Kyprianou said that it is for this reason headlines constantly refer to the selling of Cypriot natural gas to Israel, Egypt for the country's internal market, that a terminal will eventually be built in Cyprus, that signatures are placed and construction begins for the East-med pipeline, as well as headlines that we will eventually sell gat to the liquefaction terminals in Egypt where we will have revenue over $ 9 billion. "The only thing that interests the government and DISY is to cultivate illusions, that we will become an alternative energy market for Europe without consideration to the cost of developing our own deposits and the sale price of the Cypriot natural gas. In closing he said that "Energy can play an important role in efforts to find a solution. Gas reserves can become a factor of growth, peace and prosperity not only for Cyprus but also for the wider region," while assuring that AKEL will continue to pursue energy issues with seriousness and responsibility, always putting the interests of our country and our people above all else.



Paphos – Shanghai relations strengthened

The Mayor of Paphos Pedonas Phedonos and the executive vice-mayor of the Chinese city Chen Yin discussed a series of initiatives aimed at developing a close cooperation between Paphos and Shanghai. In a meeting that was held in the framework of an official visit by a 6-member delegation of the Shanghai municipality in Paphos, Phedonos and Yin discussed taking up joint initiatives in the digital and smart cities sector, since both Paphos and Shanghai have set their immediate priorities for this purpose and they are already working in this direction. They also discussed matters that relate to building a regional expo centre in Paphos for Chinese companies and organisations, matters related to developing innovation and education through mutual cooperation and support as well as strengthening relations between the two cities.



Airbnb seals $500m Olympics sponsorship deal ahead of listing

Airbnb has signed a $500m deal to sponsor the Olympic Games until 2028, as the accommodation-booking platform targets the world’s biggest sporting event.  On Monday, the San Francisco-based company announced it had joined an elite corporate list that included Coca-Cola, Alibaba and Toyota as part of the “worldwide sponsorship programme” for the International Olympic Committee, the governing body of the games.  The deal covers the next five Olympics starting with next year’s in Tokyo, and including the subsequent winter and summer games in Beijing, Paris, Milan and Los Angeles. The five cities are among Airbnb’s biggest markets for private accommodation rentals worldwide.



Paphos wants a brandname

The bodies of the financial and tourism industry in Paphos are promoting the establishment of a specialised and targeted manner to promote the district as a high-level destination. Through a series of specialised activities and the promotion of high-value projects, local organisations in Paphos are putting forward the international establishment of the name “Paphos” as an internationally-recognised brandname. This is a procedure that is rather widespread abroad for destinations that target visitors of high economic and social levels and separate themselves from destinations of mass tourism. While this plan for a “brandname” had first been discussed a few years ago, due to the crisis and essentially the fact that many development projects were abandoned, discussions for this brandname faded. Today, this projects has re-emerged in the agenda and as such, local authorities are intensifying their efforts to implement this huge goal. The establishment of the district as a quality, stable district in the sectors of economy, commerce and tourism will firstly be connected with promoting the marina project, since the local authorities believe that it is the only pending or scheduled project that is directly connected with the turn to quality, which is required by Paphos’ establishment as a brandname district.



Nausicaa Beach awarded with Gold Award by TUI

Nausicaa Beach hotel in Protaras was awarded with a Gold Award by TUI Family Life Awards 2019. The popular hotel has received this award for the seventh consecutive year, a matter that demonstrates the excellent quality of food and beverage that it offers. The award was granted to the hotel by TUI, the biggest trip organiser in the world.



Paphos accessible to persons with disabilities

Paphos aims to become a modern city which is friendly to all its citizens and visitors, and since last year huge efforts are made to turn Paphos into an accessible city for persons with disabilities. This is in the framework of “Access City” a project which aims to create an accessible city as well as change the attitude of the citizens to respect persons with disabilities.



Expansion of promenade and linear park

According to the Mayor of Agios Athanasios, in the development budget 2020 they’ve included the expansion of the promenade over Crowne Plaza hotel and the creation of a linear park. These projects are delayed due to time-consuming procedures as well as the understaffing problem of state departments.



Larnaca ETAP participates in project on tourism for people with sensory disabilities

The Larnaca Tourist Development and Promotion Agency (ETAP) is participating in the Erasmus project under the name, “Tourism for people with sensory disabilities”. The 18-month project aims to develop satisfactory solutions in the professional preparation of tourist organizations for the provision of services to people with sensory disabilities i.e. blind and deaf people as well as people with reduced hearing and vision. According to an ETAP Larnaca announcement, the project will focus on analyzing international solutions as it comes to the provision of tourist services to people with sensory disabilities and good European practices in this sector.



Limassol communities take matters into their own hands

Phileleftheros reports that Akamas’ villages and communities have taken the initiative to promote the incredible beauty of their villages and the many advantages for visitors, as well as table the many problems they are faced with. At the while, the Local Action Plan for Akamas is still pending. The paper goes on to report on the uniqueness of the communities in the area, which include the first casino to operate on the island in the 19th century, in Kritou Terra. The article says that since the casino-resort has been revolving around the casino-resort in Limassol and the satellite casinos across Cyprus, more and more visitors of the region have discovered this unique element of the community, which had previously been unknown to the island. This is what tour operators also confirm, saying that in the past few months, Kritou Terra’s casino has gained a lot of popularity, mainly due to the upcoming launch of the casino-resort. When the first casino of Cyprus was still in operation in Kritou Terra, it attracted international visitors such as the Farouk of Egypt.



Budgets submitted on time but with problems

It may be that the House forced semi-governmental organisations to respect the relevant legislation and submit their budgets within 2020, however many MPs admitted that they not being examined in depth. This is due to the huge volume of work at the House Finance Committee. The Committee has been overworked for the past one and a half months, with examining the state budget as well as dozens of other important bills and SGO budgets. In an effort to catch up with all of its pending issues, the Committee has been convening twice per week. The budgets are being checked with fast-track procedures, was understood by the management teams of the legal public persons, as the discussion on their budget is completed within just 45 minutes. It is rather indicative that during yesterday’s approval of 18 budget of semi-governmental organisations, only 3 budgets were amended (EAC, contactors council, and the national betting authority).



Cannabis a state monopoly

Following the observations made by the State Treasury and Audit Office to the Health Ministry regarding the tender for the cultivation and production of medical cannabis, the Pharmaceutical Services are offering assurances to the two state services. It is noted that the two state bodies had said there will not be much revenue for the state from the production and exploitation of medical cannabis, and called on the government to revise the relevant fees. According to Phileleftheros’ sources, the Pharmaceutical Services’ (PhS) defence is that the importation, exportation, wholesale and maintenance of reserves will be a state monopoly. Therefore, the state will purchase the entire production from the licensed producer following a relevant order, and will compensate the cost of the production, plus a reasonable profit which must be defined beforehand during the procedure to invite interested bidders, and then every year after that, depending on how everything pans out. Furthermore, the PhS said that in the case of exports, any difference in takings beyond the agreed price will be taken by the state. This is on top of the initial and annual fees provided in the relevant licence, which will more than cover any costs for supervision and implementation of the regulations. At the same time, the PhS said that at the present stage, it is not possible to estimate the size of the market, as it is not yet known what the size and scope of the licensed producers will be, as well as the extent of their turnover, particularly when it comes to exporting medical cannabis. The Services added that it is also difficult to determine the domestic market. Finally, the PhS said that the production licence issue fee of €500,000 plus the annual €30,000 fee provided in the regulations, are significantly higher than corresponding fees in other countries.



Increased consumption of antibiotics in our country

Cyprus is among the European countries with increased consumption of antibiotics and high levels of microbial resistance.  In the EU alone, it is estimated that 33,000 patients die annually due to infections by highly resistant pathogens. This number rises to 700,000 globally.

 

Symposium

Costas Papaellinas Organization/Cyprus Pharmaceutical Organization with the support and co-organization by Cyprus Foundation for Research and Innovation and by IBA, is organizing the first Symposium on Proton Therapy in Cyprus. Distinguished scientists and clinicians from Cyprus and all over the world will discuss the technology and clinical value of Proton Therapy, the bright future for Proton Therapy to fight Cancer and highlight the social necessity of having the first Proton Therapy Facility operational in Cyprus as soon as possible.

 

New cancer treatment centre in Cyprus

Proton therapy is considered a significant development when it comes to treating various types of cancer. And it will now be available in Cyprus for the first time, with the establishment of the Proton Therapy Centre that will be created in cooperation with universities and research centres. It entails an investment of a few dozen millions of euros, and will open 30 new jobs. The centre will be able to cover the needs of 350 patients annually. In an interview with Kathimerini, Yiannis Pantalos, scientific director and Senior Project Manager at Costas Papaellinas, explains the difference between Proton therapy and existing cancer treatments.



All that glitters is not gold

Coordinated by INTERPOL, Operation Pangea, is a well-established international effort to disrupt the online sale of counterfeit and illicit health products. Just as importantly, Pangea works to raise awareness of the risks associated with buying medicines from unregulated websites. Since its launch in 2008, the Operation has removed more than 105 million units (pills, ampoules, sachets, bottles and so on) from circulation and made more than 3,000 arrests. In other words, the combined efforts of police, customs, regulatory bodies and private sector companies have prevented potentially dangerous medicines from reaching unsuspecting consumers, and have dismantled a number of illegal networks behind these crimes. Local police have announced that within the framework of Pangea, the coordinated efforts of the police, customs, regulatory authorities and private companies have prevented potentially dangerous medicines from reaching consumers, while they have dismantled various illegal networks that operated behind such criminal activity. Analysis of the results of Pangea over the past decade reveals that at least 11 per cent of medical products sold online are counterfeit and all regions of the world are affected. The highest number of seizures under Pangea were of fake erectile dysfunction medicines. Other commonly faked products include anti-depressants, anabolic steroids and medicines used to treat diabetes or cancer. Since 2015, the types of illicit medicines seized have become more diversified, including quantities of hypnotics, sedatives and anti-inflammatory medication.



Aim is to wrap the dialogue

There is optimism that the dialogue that is underway between the Health Insurance Organisation (HIO) and private hospitals regarding the second phase of the GHS will end positively, while within the next few days, the HIO is expected to present its proposal that will form the basis of the cooperation. As regards the finances and guarantees demanded by private hospitals’ association PASIN, this is something that will be discussed in consultations between the HIO and each hospital separately. Health Minister Constantinos Ioannou told parliament during discussion of his ministry’s 2020 budget that he was optimistic about the second phase of the GHS. He also hailed the “significant” support the various healthcare providers have given the system. So far, 1,712 doctors have registered with the GHS, specialists and general practitioners, as well as 513 pharmacies and 132 clinical labs.



They refute claims that contacts with HIO to join the GHS are in advanced stages

Private hospitals’ association PASIN has categorically denied reports that private clinic Ippokrateion in Nicosia is in advanced consultations with the HIO. PASIN said that a framework of cooperation needed to be agreed first between the two sides, and then private hospitals would engage in consultations with the HIO. In an announcement on Friday, PASIN said it had entered the dialogue with the HIO, the Health Ministry and the state in good faith, with the aim of concluding on commonly accepted parameters for the private hospitals to join the GHS. “At the present stage, we are waiting for the HIO’s proposal so that it can be assessed by the association. Once the cooperation framework between the two sides is finalised and approved by the association, then we will call on the private hospitals to take advantage of it and enter consultations with the HIO. Therefore, we categorially deny recent reports that the Ippokrateion Private Clinic, member of PASIN, is in advanced stages of consultations with the HIO,” it said.



Cypriots are not abandoning their private healthcare plans

The implementation of the first phase of the GHS has not led to a mass cancellation of private healthcare plans, while the majority of businesses has not cancelled its existing group health plans for staff. This is the main finding of a study carried out by the Cyprus Insurance Institute in cooperation with CMRC Cypronetwork Ltd. According to the study, 55% of the public continues to claim to not be properly informed about the GHS, while 61% said they were not aware of the cost of the system. At the same time, 89% of participants have registered with the GHS, while 41% has used its services, with the majority saying they were satisfied with the treatment received. Of those asked, 21% have access to a private healthcare plan, 52% through a group plan and 48% through an individual plan. The average cost of a group plan has increased to €84.2 from €60.3 in 2017, while for an individual contract it has dropped to €74.8 from €98.2 in 2017.



Those who are abusing the GHS will seriously regret it

HIO head Andreas Papaconstantinou sent a stern message to those who are deliberately abusing the GHS, in an interview with Alithia. He said among other that measures have been taken – and continue to be taken – in order to combat the phenomenon. “They will be such measures that will have a serious impact on their future, within the health system,” he said. At the same time, he said he was optimistic the dialogue between the HIO and private hospitals would end well.

 

GHS commissioner bombarded with complaints

The GHS supervision commissioner has received dozens of complaints, in writing and verbally. The complaints will be used by the HIO to pass the necessary regulations that will resolve the problems that both beneficiaries and healthcare providers are facing. In the first three months of the GHS’s implementation, the majority of complaints were about the length of time beneficiaries had to wait to get an appointment with their general practitioner. Now these complaints have almost completely ceased. As for healthcare providers, their complaints mainly had to do with the GHS software system; these too have almost completely stopped.

 

Pancreatic cancer - 118 new cases in 2018

Pancreatic cancer remains at the same levels that breast cancer was at 30 years ago (the survival rate back then was 15%, while today it exceeds 80%). In 2018, there were 118 new pancreatic cancer diagnoses in Cyprus, while globally, out of the 18.1 million new cancer patients, 458,918 suffer from pancreatic cancer.



George Partsakoulakis: IQOS to replace conventional tobacco

In an interview, George Partsakoulakis, the Director of People & Culture at Philip Morris International, explained what corporate reform means and how Papastratos perceives its connection to the general social reform. He notes that the company envisions a world free of cigarette smoke, by betting on IQOS. He points out that after 9 decades of being at the top of the tobacco industry, they’ve decided to permanently stop producing conventional cigarettes and switch to a new generation of innovative products. During the last 10 years they’ve invested over $10b in the research, development and production of alternative cigarettes at a centre in Switzerland, with over 400 scientists.



Thousands of smoking reports in Cyprus  

There were more than 20,000 reports about smoking in the last 5 years in Cyprus. Mr. Michalis Gavrielides of the Crime Investigation Department and member of the national committee for tobacco control, sheds light on what is going on in Cyprus in relation to the smoking ban, the checks carried out and the complaints the police has received so far. The article provides a detailed report of the guidelines for the cases that smoking is legal, illegal as well as the procedure for carrying out checks. Lastly, the author lists the penalties imposed by law.



2 persons fined over illegal possession of duty-free tobacco products  

In the Larnaca district, two persons were fined over the illegal possession of duty-free tobacco products. According to the police, a 20-year-old man and a 41-year old man had bought tobacco products from the occupied areas. The former was found to have 10 packs of 50grams roll-your-own tobacco while the latter was found with 5 packs of cigarettes. Both of them were taken to the Customs & Excise department, where they were fined €1,200 and €250 respectively.