In the press today:
KEDIPES: Looking at selling loans worth €1.1b
KEDIPES yesterday announced its decision to sell a package of loans worth €1.1b when the conditions allow it. It said the company was looking at ways to increase its cash flow, what with the negative impact of the pandemic. KEDIPES’ board has decided to appoint an adviser to launch the procedure. During the restrictive measures, there was an interruption of restructurings and debt recoveries, which negatively affected KEDIPES’ cash flow. Total restructured loans through managing company Altamira amounted to €157.4m in the first quarter of 2020, compared with €356.4m the previous quarter. As part of the loan moratorium, which is in effect until the end of 2020 for more than 5,650 loans totalling €773m, KEDIPES’ cash flow will be affected by €58m. At the same time, Hellenic Bank’s claim for the first quarter of 2020 as part of the Loan Guarantee Scheme is expected to increase due to the accounting provisions that will be made by HB regarding the impact from the pandemic.
No results from Estia scheme
The KEDIPES chairman yesterday said the results from the Estia scheme have been non-satisfactory, despite KEDIPES’ best efforts. The accounts that were initially eligible to participate were 7,300, for loans totalling €1.3b. Now the number has been limited to 3,764 accounts (€856m). The article mentions the challenges KEDIPES is faced with, including the Loan Guarantee Scheme and HB’s claims.
Hellenic: €2.5m deal for property in Ypsonas (photos)
APS has sold six plots of land spanning 23,943 square metres on behalf of Hellenic Bank. The properties are in Ypsonas, Limassol, and have a building factor of 80%. They are in a residential zone and in a prime area.
Hellenic Bank: Reduced energy consumption by 27%
HB has managed in recent years to reduce its energy consumption by 27% and carbon dioxide emissions by 20%, according to a press release. It has the ISO 50001 certification, has created energy-efficient branches and aligned its central offices and branches with the Green Office international environmental quality certification.
Deutsche Bank: Cyprus a top safe destination
Deutsche Bank (DB) has three safety indexes when it comes to assessing the safest destinations for German tourists to travel to this summer. The majority will opt for fewer and briefer trips, and closer destinations. For those who are still undecided, DB has prepared a list of the top summer destinations. Taking into consideration the official recommendations of the Council of the EU, the government’s strict measures, the number of cases and deaths, as well as the “opening” of the economies, the German bank unreservedly recommends tourists visit Cyprus, Portugal and Spain, for EU destinations. Outside of the EU, it recommends New Zealand and Japan as safe destinations.
The time of the list has arrived
The draft mandate of the ad hoc committee that will be stablished to examine the infamous ‘Georghadji list’ – the list of NPLs held by politically exposed persons – will be discussed at the party leaders’ meeting today. The draft, according to Politis’ sources, leaves it up to the discretion of the committee, but also parliament, whether the list will be made public straight away or not.
No light at the end of the tunnel in Russian tax negotiations
There was no progress yesterday either during the teleconference between Russian and Cypriot technocrats on the former’s demand to revise the two countries’ double taxation treaty. The Cypriot side asked for certain exemptions to Russia’s intention to impose 15% tax on dividends and revenue from taxes paid by companies to Cyprus. However, the Russians yesterday did not accept the entire list of exemptions, saying this includes a broad range of companies. According to Phileleftheros’ sources, the exemptions involve specific sectors of economic activity, such as state companies, listed companies as well as legal entities that are supervised by local authorities, such as investment firms. The Cypriot side also attempted to find out whether these regulations will also apply to other countries Russia is revising its treaties with, such as Luxemburg, the Netherlands and Malta. Even though the Russians stated that this was their intention, the matter still remains open.
Crucial meetings over Vasiliko issue
All the stakeholders involved in the matter of transferring the natural gas facilities from Larnaca to Vasiliko will be holding lengthy meetings on Monday and Tuesday at the Ministry of Energy. The Minister’s aim is to find a solution to this pending issue, before his term ends. There are two solutions on the table: using the Vasiliko port and using the VTTV facilities with some adjustments.
Louis: Cruises to restart in March 2021
In an announcement, Louis cruise lines said that it will restart cruises in March 2021. The subsidiary of the company has decided to further extend the postponement of the cruises throughout 2020. This is due to the uncertainty regarding travel, since the majority of the company’s passengers come from distant countries like North and South America, Asia, Japan, Australia which still adhere to travel restrictions. It is noted that Celestyal Cruises will work with optimism for the day after, setting as its primary goal the further development of cruises in the Eastern Mediterranean.
Mitsotakis on Hellinikon: “A project symbolising the new Greece”
“Today is a very important day; a symbolic day. By demolishing the old useless buildings of the old airport, we are laying the foundations for the new Hellinikon. One of the largest, perhaps the largest project in the Mediterranean, will be created in this space, which has been abandoned for 19 years”, said Greek Prime Minister Kyriakos Mitsotakis, who attended the opening ceremony on Friday morning. The Hellinikon will be the largest coastal park in the Mediterranean, with 2,500 acres, but at the same time this space will become a growth hive. In its full operation, the Hellinikon will create more than 80,000 jobs. It will be a modern, ecological, environmentally-friendly project; a project that will symbolise the new Greece as I believe we all envision it, Mitsotakis highlighted. The first phase of the project includes the clearing of the space, demolishing of old building and will last about 3.5 years. During this time, according to the “master plan”, they will build the casino, two hotels and some skyscrapers for offices.
Yes to Britain, no to Russia
The members of the epidemiological team of the country are aiming to give British tourists access to Cyprus, by mid-July or by the end of the month. Russia has the opposite opinion. As Leontios Kostrikis told Phileleftheros, Great Britain is currently at a better epidemiological condition than Russia and that it could be classified in the A or B category. Kostrikis notes that British tourists need to come with a negative test or have the test in Cyprus. As he explained, the situation for Russians is different. Russia’s epidemiological situation is rising and is now at the same level as the US, Brazil and Turkey. Due to the situation in Russia, Kostrikis believes that if everything goes according to plan, Russian tourists will be able to travel to Cyprus after one and a half months.
Doctor worked 26 hours…in one day
The abuses of some specialty doctors are very obvious and under the microscope of the Health Insurance Organisation (HIO), as they claim outrageous services that help their earnings take off. Some cases were found to be beyond any imagination. According to Reporter, turmoil was caused when it was identified that one doctor claimed to have worked 26 hours… in one day. In another case, the doctor claimed so many medical services, that when added up, his average working day was made up of 16 hours after being registered to the GHS.