STATUTES GENERAL ASSEMBLY SECRETARY GENERAL CONTACTS Follow us on Twitter Follow us on Facebook Follow us on Instagram
Daily News
MedNEWS HOME
ATA - Albania applies to International Court of Justice regarding climate change legal obligations
TIRANA, March 28/ATA/ The Ministry for Europe and Foreign Affairs submitted to the International Court of Justice the statement on the legal obligations of states...
SANA - الموسيقي السوري هاغوب كنوزي يحرز المرتبة الثالثة في مسابقة Gloria Artis الدولية في النمسا
فيينا-سانا - حاز الموسيقي السوري الأكاديمي هاغوب كنوزي المرتبة الثالثة في مسابقة Gloria Artis الدولية الرابعة للموسيقا في العاصمة النمساوية فيينا عن فئة المحترفين بالعزف المنفرد على آلة البيانو. ...
NNA - New York State approves the Lebanese American University (LAU) campus in the city
NNA-The state of New York has approved the establishment of a campus for the Lebanese American University (LAU) in the city, marking a significant milestone...
NNA - نايلة أبو بشارة ولارا أبو سمرا فوزا بباريس بمسابقة CORDON BLEU
وطنية - أعلن وزير الصناعة في حكومة تصريف الأعمال النائب جورج بوشكيان أن |الابداعات اللبنانية تتوالى في المسابقات العالمية حيث يحصد المتبارون اللبنانيون المناصب الأولى والثانية بين مئات المشاركين من مختلف الدول". ...
ANSA - ANSA signs cooperation agreement with Mongolia's MONTSAME
Mongolian news agency MONTSAME and ANSA on Wednesday signed a cooperation agreement making available and providing for the exchange of content for use on their...
ANSA - ارتفاع أرباح شركة 'ايلى كافيه' بنسبة 67.2%
(أنسامد) - مارس 27 - روما - ذكرت شركة صناعة القهوة الإيطالية والتي يقع مقرها في تريست" إيلى كافيه" إن أرباح المجموعة لعام 2023 ارتفعت بنسبة 67.2% إلى 23.7 مليار يورو مقارنة بعام 2022 حيث ارتفعت الأرباح بنسبة 5.7% إلى 595.1 مليون يورو. ...
NNA - Inauguration de l'exposition ‘Journal of Times | Journal of Present Times’ by Nadim Karam
ANI-L'exposition "Journal of Times|Journal of Present Times",qui a ouvert ses portes aux Usines Abroyan le 27 mars 2024,raconte l'histoire des 30 années de pratique ...
NNA - برونزيتان للبنان من الدورة الدولية للناشئين والناشئات في كرة الطاولة
وطنية - أحرز لبنان ميداليتين برونزيتين في اليوم الثاني من الدورة الدولية للناشئين والناشئات في كرة الطاولة التي ينظمها الاتحاد اللبناني للعبة تحت اشراف الاتحاد الدولي على طاولات "ثانوية الكوثر الرياضية الدولية" في بيروت بمشاركة نحو ماية لاعب ولاعبة من العديد من الجنسيات. ...
ANSA - Italian companies more robust in face of shocks says Istat
Italian companies have proved to be proved "more resilient in the face of the shocks" posed by the COVID-19 pandemic and the war in Ukraine,...
ANSA - بارما إلى نهائيات عاصمة الشباب الأوروبى 2027
(أنسامد) - مارس 28 - روما - تأهلت مدينة بارما لنهائيات عاصمة الشباب الأوروبى 2027 وهى تتنافس مع 5 مدن أوروبية وهى كيشيناو فى مولدوفا وفوينلابرادا ومالقا فى إسبانيا وسكوبى فى مقدونيا الشمالية .
وسيتم الكشف عن المدينة الفائزة فى نوفمبر 2024. ...
NNA - MasterCard report finds human connections and technological innovation are key for cities of the future
NNA–Three in four people would be happier living in a smart and connected city,according to a new report by Mastercard,which features insights related to human...
NNA - طموحات لابن مؤسسة الجيش اللبناني نزار القاضي في بطولة العالم للدوياتلون
وطنية - يضع اللبناني نزار القاضي نصب عينيه المشاركة في بطولة العالم في مسابقة الدوياتلون(المسابقة المركبة من ركض ثم ركوب الدراجة الهوائية فركض)، التي ستقام في اوستراليا في 18 آب المقبل، ليكون بين نخبة المشاركين من اكثر من خمسين دولة من جميع انحاء الكرة الأرضية....
ANSA - Tennis: Sinner eases into Miami Open semi-finals
Italian tennis sensation Jannik Sinner eased into the semi-finals of the Miami Open on Wednesday,beating Czech Tomas Machac6-4,6-2.
The world number three will face Daniil Medvedev...
ANSA - بايرن ميونخ يسعى للتعاقد مع فيكايو توموري
(أنسامد)-مارس 27-روما-أعلن بايرن ميونخ اهتمامه بالتعاقد مع فيكايو توموري، مدافع الميلان، في الصيف المقبل، وذلك في ظل رغبته في تدعيم دفاعه للمرحلة القادمة.
هذا وتبلغ قيمة توموري 40 مليون يورو، وهو ما يفتح باب ترحيب الميلان ببيعه لإنعاش خزينته لعقد صفقاته في فترة الانتقالات الصيفية المقبلة....
NNA - Nadim Karam's 'journal of times | Journal of present times' exhibition chronicles 30 years of turbulent history and human experience
NNA - Nadim Karam's latest exhibition, "Journal of Times | Journal of Present Times," unveiled at Abroyan Factories, offers a poignant narrative encapsulating three decades...
NNA - مؤتمر في جامعة الكسليك عن 'الجرائم المالية والاقتصاد النقدي'
وطنية - نظم مركز البحوث والدراسات الإستراتيجية في الجيش اللبناني وجمعية Rethinking Lebanon بالتعاون مع جامعة الروح القدس – الكسليك، مؤتمرا بعنوان "الجرائم المالية والاقتصاد النقدي"، في حرم الجامعة، شارك فيه عدد من الخبراء والاختصاصيين في الاقتصاد والتكنولوجيا المالية ومجال مكافحة الجرائم المالية، ...
ANSA - Consumer confidence down, business confidence up - Istat
Istat said Thursday that consumer confidence in Italy has fallen this month,but business confidence is on the rise again.
The national statistics agency said its consumer...
ANSA - ترميم كهف الحيوانات والألعاب المائية في فيلا كاستيلو
(أنسامد) - مارس 28 - روما - جرت أعمال ترميم مغارة الحيوانات بحديقة فيلا ميديتشى دى كاستيلو تزامناً مع ذكرى مرور 450 عاماً على وفاة كوزيمو الأول دى ميديتشى الدوق الاكبر لتوسكانا.
وتضم الفيلا المقر الحالى لأكاديمية ديلا كروسكا. ...
NNA - Discussion on women's economic empowerment in Lebanon’s industrial sector at AUB
NNA-The Center for Women in Business at the Suliman S.Olayan School of Business(OSB) at the American University of Beirut(AUB),in cooperation with the International Labour Organization(ILO)...
NNA - الرابطة اللبنانية لسيدات الأعمال LLWB اختتمت مشروع WOMEN ON BOARD بالتعاون مع السفارة البريطانية
وطنية - اختتمت الرابطة اللبنانية لسيدات الأعمال LLWB، خلال احتفال أقامته في فندق 'موفنبيك'، المرحلة الأولى من مشروع Women On Board الذي نفذته، بالتعاون مع السفارة البريطانية، وهو يهدف إلى تعزيز مشاركة المرأة في مجالس إدارة النقابات والجامعات والمنظمات. ...
ANSA - Alessandro Michele new Valentino creative director
Former Gucci designer Alessandro Michele was named Valentino's creative director Thursday replacing Pierpaolo Piccioli who stepped down as the maison's chief stylist earlier this month....
ANSA - وفاة النحات الإيطالى جوليانو فانجى
(أنسامد) - مارس 28 - روما - توفى النحات الإيطالى الشهير جوليانو فانجى عن عمر يناهز 93 عاماً.
ولد جوليانو عام 1931 بمدينة باربيرينو دى موجيلو ثم انتقل الى بيزارو منذ أكثر من 50 عاماً. ...
Lusa - Business News - Portugal: Metro franchise extended until 2030
Lisbon, March 28,2024 (Lusa) - Portugal's government will extend the concession of the public passenger transport service to the Metropolitano de Lisboa company until 2030,...
Lusa - Business News - Portugal: Stock market closes today's trading green like other Europen bourses
Lisbon, March.28,2024 (Lusa) - The Lisbon stock market closed higher on Thursday, with the PSI index gaining 0.06% to close the day at 6,280.50 points,...
CNA - وزيرة الزراعة: قبرص معرضة لتأثيرات تغير المناخ
قالت وزيرة الزراعة والتنمية الريفية والبيئة الدكتورة ماريا بانايوتو في كلمتها التي ألقتها في حدث نظمته هيئة الأرصاد الجوية في محطة أثالاسا بمناسبة اليوم العالمي للأرصاد الجوية، إن قبرص معرضة بشكل خاص لتأثيرات تغير المناخ. ...
Lusa - Business News - Portugal: Israeli company Busway wins Coimbra bus franchise
Coimbra, Portugal, March.28,2024(Lusa)- Busway, a subsidiary of the Israeli group Afifi, has won the tender for public road transport in the Coimbra Region Intermunicipal Community,...
CNA - الرئيس الإستوني يجتمع مع أعضاء اللجنة المعنية بالمفقودين
عقد الرئيس الاستوني آلار كاريس الموجود في قبرص في زيارة رسمية، عقد اجتماعاً اليوم الخميس مع أعضاء اللجنة المعنية بالأشخاص المفقودين وتم اطلاعه على عمل اللجنة.قال العضو القبرصي اليوناني في اللجنة المعنية بالمفقودين ليونيداس بانتيلييس في معرض رده على سؤال لوكالة الأنباء القبرصية عن الاجتماع،...
Lusa - Business News - Mozambique: Central banks pays €41.6M to domestic 'hidden debt' creditors
Maputo, March 28,2024(Lusa) - The Bank of Mozambique has paid at least $45 million (€41.6 million) to national financial institutions that lent money to Proíndicus,...
Lusa - Business News - Portugal: More than 1,000 types of farm products, 230 kinds of tomato registered
Lisbon, March.28,2024(Lusa) - Portugal has more than a thousand names of agricultural and horticultural species registered in 2024, with tomatoes accounting for more than 230,...
Lusa - Business News - Portugal: Re-elected tourist boss to focus on new airport, TAP privatisation
Lisbon, March 28, 2024 (Lusa) - The re-elected president of the Portuguese Tourism Confederation (CTP), Francisco Calheiros, who will lead the organisation until 2027, ...
Lusa - Business News - Portugal: Rating agency DBRS expects bank profits to stay strong
Lisbon, March 28, 2024 (Lusa) - Rating agency Morningstar DBRS wrote in an analysis released on Thursday that the performance of Portuguese banks should normalise...
Lusa - Business News - Portugal: António Pires de Lima ree-elected as president of motorway franchise
Lisbon,March 28,2024(Lusa)-António Pires de Lima has been re-elected chairman of the Board of Directors of Brisa Concessão Rodoviária (BCR) for the three-year period 2024-2026, ...
Lusa - Business News - Cabo Verde: Government announces fishwives-day
Praia, March.28,2024(Lusa)-The government of Cabo Verde has established 17 May as National Fishwives' Day, in recognition of the importance of the activity for the country,...
Lusa - Business News - Portugal: Miners threaten to strike, managers threaten lay-off
Covilhã, Portugal, March 28, 2024 (Lusa) - Workers at the Panasqueira mine in Covilhã handed in a third strike notice on Thursday until 28 April...
Lusa - Business News - Cabo Verde: Country's pavilion at Qatar Expo gets commendation
Praia, March.28,2024(Lusa) - Cabo Verde's pavilion at Expo 2023 in Doha, Qatar, has received a commendation for its theme, linked to agriculture and the sea,...
Lusa - Business News - Portugal: Climate justice meet in Boticas to support fight against lithium mine
Boticas, Vila Real, Portugal,March.28,2024(Lusa)- The 2024 edition of the National Meeting for Climate Justice (ENJC) will take place between 5 and 7 April in Boticas,...
Lusa - Business News - Cabo Verde: International training centre mooted for boarding, search of ships
Praia, March.28,2024 (Lusa) - The Atlantic Centre, an initiative of the Portuguese state that brings together 23 countries, is advocating the creation in Cabo Verde,...
CNA - سفينة المساعدات الإنسانية الثانية تغادر لارنكا إلى غزة نهاية الأسبوع
علمت وكالة الأنباء القبرصية أنه من المقرر أن تغادر السفينة الثانية ميناء لارنكا لتوصيل المساعدات الإنسانية إلى غزة في نهاية الأسبوع.
وفقا للمعلومات التي حصلت عليها وكالة الأنباء القبرصية، يتوقع أن تغادر السفينة جنيفر، وهي السفينة الثانية التي تحمل مساعدات إنسانية إلى غزة عن طريق البحر...
CNA - الرئيس خريستوذوليديس: ميناء غزة قد يكون جاهزاً قبل الأول من مايو
قال رئيس الجمهورية نيكوس خريستوذوليديس اليوم الخميس إنه من المحتمل أن يكون الميناء الذي يتم إنشاؤه في غزة كجزء من الممر البحري لإيصال المساعدات الإنسانية، جاهزا قبل الأول من أيار/مايو. ...
Lusa - Business News - Portugal: Commercial rents, prices up 20% from 2019 even as supply doubles - study
Lisbon,March.28,2024(Lusa)-Rental and selling prices for offices and shops in Portugal rose by around 20% between 2019 and 2023, even with supply in these two property...
Lusa - Business News - Portugal: Price of petrol per litre in Azores region to rise 3.9c, diesel 1.7c
Angra do Heroísmo, Portugal, March 28,2024 (Lusa) - The price of petrol per litre in Portugal's Azores region will rise by 3.9 cents on Monday...
Lusa - Business News - Portugal: Lisbon stocks trading lower; EDP Renováveis, Mota-Engil lead losses
Lisbon, March 28, 2024 (Lusa) - The Lisbon stock market was trading lower on Thursday morning, with shares in EDP Renováveis and Mota-Engil down 0.97%...
Lusa - Business News - Angola: Central bank adopts new rules on preventing, combating money laundering
Luanda, March 28, 2024 (Lusa) - Angolan financial institutions must obtain and keep information on individual transactions of more than US$15,000 (€13,000), ...
Lusa - Business News - Portugal: Cocoa prices continue to skyrocket, may go higher - analysts
Lisbon,March 28,202(Lusa)-The price of cocoa on the international markets has soared by 150% since the beginning of the year and has touched US$10,000 per tonne...
Lusa - Business News - Portugal: Alleged network exploiting immigrants in Alentejo to go on trial
Beja,Portugal,March.28,2024(Lusa)-A total of 48 of the 51 official suspects in a case involving an alleged network that hired immigrants for agriculture in the Portugal's Alentejo...
Lusa - Business News - Portugal: Faro district business turnover rose 13% YoY during MotoGP Grand Prix
Lisbon,March 28,2024(Lusa)-Business turnover in the Faro district rose by 13% during the MotoGP Portuguese Grand Prix, which took place at the Algarve National Autodrome ...
CNA - مجلس الوزراء في جلسة استثنائية اليوم لتمديد إجراءات الدعم
ينعقد مجلس الوزراء اليوم الخميس في جلسة استثنائية للموافقة على حزمة جديدة من إجراءات معينة من شأنها تخفيف الضغوط الناجمة عن ارتفاع الأسعار.
وفقاً لمصادر وكالة الأنباء القبرصية، أن الحكومة لن تقوم بتجديد ضريبة صفر على الوقود والتي تنتهي في نهاية آذار/مارس، ولكنها ستجدد الدعم الحكومي...
Lusa - Business News - Portugal: Top newspaper headlines on Thursday, 28 March
Lisbon, March.28,2024(Lusa)- A new speaker of parliament is elected at the fourth vote, Portugal’s president dissolves Madeira’s regional parliament and calls for early elections ...
CNA - Cyprus economy: Improved projections for growth until 2019 but risks remain




CNA - Thalia Neophytou - Nicosia
Growth of the Cypriot economy will continue with improved projections up to 2019, as mentioned by speakers in a panel discussion of the Cyprus Economic Society, Wednesday, on the «Medium term outlook, growth sustainability and financial Stability».

At the same time, they noted that positive growth rates alone cannot solve structural problems of the economy such as Non-Performing Loans (NPLs), high private and public debt, and unemployment in certain categories.

As noted by the speakers, although good growth is projected in both 2018 and 2019, there are risks that can undermine the positive outlook of the economy, such as the large volume of NPLs, incomplete reforms and return to bad economic practices that have created problems in the economy during the past years.

IMF Resident Representative in Cyprus Vincenzo Guzzo said that the reduction of NPLs in Cyprus is slow and uneven and that there should be new approaches to achieve a decisive reduction of their volume.

Guzzo suggested segmenting the portfolio of NPLs according to characteristics of the loan and offering standardized restructurings, outsourcing NPL management to third parties, divesting part of banks’ portfolios of problem loans and engaging to debt-to asset-swaps, while discouraging warehousing of onboarded properties.

He said that a comprehensive strategy to address NPLs and high debt, should imply a combination of tools, including making use of banks provisions as well as extracting borrowers’ capacity to repay. Banks, he said, should remain adequately provisioned and capitalized and should implement new approaches to achieve a decisive reduction of NPLs. He added that borrowers should be incentivized to engage with banks by strengthening the legal framework.

Guzzo pointed out that reducing both private sector debt and banks’ NPLs is essential to achieving sustainable growth and financial stability.

Relying on growth to resolve the debt and NPL problem would likely be unsuccessful, particularly in the presence of weak payment discipline, he said.

He also said that the current period of strong growth provides a good opportunity for Cyprus to address these problems.

On her part Maria Heracleous of the IMF resident representative office pointed out that although there is economic growth and reduction of unemployment, wages are not rising, affecting inflation.

She suggested that incentives to support the construction industry should be reassessed, and reforms in relation to competitiveness and governance should be promoted.

As she pointed out, citizenship through investing scheme should be de-coupled from the real estate sector and should not be extended to the banking sector. She noted that there should be investments in other innovative areas, and the issue of privatization should be re-introduced.

Director of Economic Analysis and Research, of the Central Bank of Cyprus (CBC) George Kyriakou, referred to the CBC`s projections for economic growth of 3.8% in 2017, 3.4% in 2018 and 3.2% in 2019, but said that significant challenges remain.

The relatively favourable external environment, the return of confidence in the economy, the recovery of private investment and the increase in demand for new loans support, as Kyriakou said, the positive outlook for the economy.

Based on data presented, he said that raising the income alone cannot resolve the NPL problem. As for private indebtedness, he said it is expected to further decline due to the continuation of property-to-debt swap, improving inflation, and rising growth.

With regard to unemployment, he noted that, despite the post-crisis slowdown, unemployment among service and sales workers, accounting for one-third of unemployment, remains high, at the same level as in 2013, something that, as he said, should be addressed.

Economic Director of the Ministry of Finance Directorate of Financial Stability Andreas Charalambous, noting the broad-based growth that has been achieved in Cyprus in recent years, said that this economic context should be exploited to broaden the growth - base by investing among others, in quality tourism, software solutions, tertiary education and tertiary, through structural reforms and an ambitious investment program financed via spending consolidation.

He also spoke of the necessity to monitor developments regarding Anti Money-Laundering issues and for adaptation with international taxation even if there’s short term cost.

Regarding the dependence of the economy on the visa-for-investment scheme, he said that many of the projects in the real estate sector are funded by the private sector and not by the banks, so the banking sector`s exposure is still small. He noted, however, that potential effect on real estate market if markets turn around should be examined.

On efforts to address the NPLs problem, Charalambous said that it is expected to be a long process and that a consensus on burden-sharing should be reached between the banks and the lenders, instead of shifting the burden to an entity that will manage the problem.

Director of the Economics Research Centre of the University of Cyprus Elena Andreou said that according to the new data of the University, GDP growth in Cyprus is expected to reach 3.6% in 2018 and 3.2% in the first half of 2019.

These projections, she said, are more optimistic than those of the European Commission (2.9% in 2018 and 2.7% in 2019) but also those of the IMF, which, although it also forecasts 3.6% growth in 2018, its projection is 2.9% for 2019.

According to Andreou, improvements in forecasts include improvement in the economic sentiment, reduction in unemployment while inflation remains moderate, better fiscal performance than in the previous years, improved domestic financial conditions and a positive external economic environment.

She added that the downside risks are the high public debt-to-GDP ratio, the high private indebtedness levels and a large volume of problematic assets on banks’ balance sheets and depreciation of the pound against the euro due to the uncertainty related to the Brexit negotiations that will affect the Cypriot economy, primarily through tourism services.
CNA/TNE/MM/2018
ENDS, CYPRUS NEWS AGENCY

________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy



Agency : CNA

Date : 2018-01-19 09:02:11







 

Copyright © Alliance of Mediterranean News Agencies 2017