Posts by tag: bank deposits

Archives April 27, 2013 posted by

Businesses welcome latest cap relaxations

BUSINESSES yesterday welcomed the relaxation of capital controls, including the lifting of restrictions for non-resident account holders in foreign banks, albeit with some conditions.

Officials however warned against exploiting the new regime.

The Central Bank’s (CBC) internal audit department director Yiangos Demetriou said it was a big step in an effort to help the operation of the nearly-paralysed market.

“We must be especially careful,” he told state radio. “Our lenders had reservations about this (and) we had a hard time convincing them,” he said.

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Archives April 6, 2013 posted by

Industry leaders gather for major gas conference

TOP oil and natural gas professionals and executives, along with companies behind the planning and development of the region’s natural gas industry will gather in Nicosia between Monday and Wednesday 

Noble Energy, is the lead sponsor for Gulf Publishing Company’s inaugural Eastern Mediterranean Gas Conference (EMGC) at the Hilton. 

Charles D. Davidson, Noble Energy chairman and CEO, will be one of the speakers. “Far more than providing tremendous business and growth opportunities for the oil and natural gas industry, the abundance of natural gas resources recently discovered offshore Cyprus and Israel have the potential to forever alter the energy-security and economic landscape of the entire Eastern Mediterranean region,” he said.

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Archives March 7, 2013 posted by

EU launches probe into state aid for Cyprus Airways

EUROPEAN Union competition regulators are investigating whether €104 million in state aid granted to national carrier Cyprus Airways (CY) complies with EU state aid rules, it was announced yesterday.

“The European Commission has opened an in-depth investigation into a number of public support measures in favour of Cyprus Airways,” a statement from the commission said. “At this stage, the commission has doubts whether these measures are in line with EU state aid rules.”

The European Commission said it doubted that the airline’s capital increase, with a €31.3 million contribution from the Cypriot state, was conducted on market terms.

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Archives September 28, 2012 posted by

CoLA talks off to a slow start

LABOUR Minister Sotiroulla Charalambous and the unions yesterday discussed the reform of the wage indexation system but no decisions were taken pending the submission of a more concrete proposal.

Cyprus’ international lenders, the troika, have proposed scrapping wage indexation, or CoLA as it is known, a system that burdens state coffers heavily and ultimately benefits high earners the most.

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