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Statos Village                                                      Photo © CyprusExpat.co.uk

30 August 2017

1. Results from drilling in block 11 expected in September

This Autumn is set to be a period of developments in Cyprus’ energy sector, with the results from drilling in block 11 expected in September. According to sources, the companies which have secured exploration licences within Cyprus’ Exclusive Economic Zone (EEZ) continue their planning.

2. Cyprus issue, Brexit, EMA, EU-Turkey relations on agenda of talks between FMs of Cyprus- Denmark

Denmark has expressed its appreciation for the hard work and strong engagement and leadership in the efforts for a Cyprus solution, despite the lack of outcome on the Conference for Cyprus in Crans Montana, the country’s Foreign Minister Anders Samuelsen said, in statements following a meeting and consultations he had on Wednesday with his Cyprus counterpart Ioannis Kasoulides in Nicosia.  Earlier on, the Danish Minister was received by President Nicos Anastasiades.

3. Government calls on Turkey to hand over information about missing persons` burial sites

The government has called on Turkey to stop hindering research in military zones aiming at discovering the remains of missing persons in Cyprus and to hand over data and information at her disposal both for mass graves and the removal of remains.

4. Boost in provisions to facilitate sale of problem loans, Bank of Cyprus says

The increase in provisions over non-performing exposures (NPEs) will facilitate a potential sale of NPEs, that on end-June 2017 amounted to €9.7 billion or 50% of its total loan book, Bank of Cyprus management told an Annual General Meeting held on Tuesday. Earlier the bank announced losses amounting to €554 million for the first half of 2017, due to the increase in provisions amounting to €0.5 billion, raising provisions over non-performing exposures (NPEs, based on the broader EAB definition) to 48% from 42% in March 2017.

5. Government receives €6.5 million from six-year bonds

The Public Debt Management Office (PDMO) received applications for six-year government bonds for physical persons, the 9th series (September 2017), valued at €6.49 million.

6. Moody`s upgrades RCB Bank`s deposit ratings

Moody’s Investors’ Service upgraded RCB Bank’s long-term local- and foreign-currency deposit ratings to B1 from B3 and its baseline credit assessment to b2 from b3.

7. General government surplus at 1.2% of GDP in January – July 2017

Jump in state revenue by €441 million in the first seven months of 2017, compared to the previous year, led to a general government surplus of € 215.2 million or 1.2% of GDP, compared with a deficit of € 91.2 million or 0.6% of GDP in the corresponding seven-month period of 2016.

8. Cyprus at the 8th and 28th place for education and health expenditure in the EU respectively

Cyprus ranked last in the government expenditure on health in 2015 and 8th in the EU 28 in education related government expenditure, according to an infograf published by Eurostat. Eurostat created two relevant charts, sourcing the member states` national accounts.

9. Economic sentiment declines sharply in August

The economic sentiment in Cyprus registered a sharp deterioration in August, mainly driven by the weakening of business confidence in the services sector, the Economics Research Centre of the University of Cyprus said on Wednesday.

10. Revenue from tourism in Cyprus marks significant increase in first half of 2017, CTO satisfied

Revenue from tourism in Cyprus marked an increase of 15.3% in June 2017, compared to the same month of 2016. It also registered an increase of almost 20% in the first six months of the year. The Cyprus Tourism Organization has expressed its satisfaction over the increase of tourist revenues in June 2017.

11. CNA begins transmitting news in Arabic as of September 1st

As of September 1st, 2017, the Cyprus News Agency (CNA) will be transmitting news in a fourth language, Arabic. So far, CNA has been sending out news in Greek, Turkish and English. The news in Arabic will appear on a special website and will be free to access.CNA

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