Popular Bank gets support from State

The House of Representatives late last night approved legislation providing for state support to the island’s second largest lender. The item was passed with 43 votes for, none against, and three abstentions.

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Popular Bank seeking state aid

THE Popular Bank said yesterday it was in talks with the finance ministry and the Central Bank about state guarantees to raise fresh capital after being battered by the Greek debt write-down.

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15 firms to bid for gas drilling rights off Cyprus

Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.

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THE EUROPEAN Commission is optimistic about Cyprus’ prospects for the July EU council presidency, the European Commissioner for Education, Culture, Multilingualism and Youth, Androulla Vassiliou, said yesterday.

“A team of experts from the European Commission visited recently to see how the EU presidency was coming along and the messages were truly positive,” Vassiliou said in the context of her visit to Cyprus.

Vassiliou yesterday met with the Deputy Minister for European Affairs, Andreas Mavroyiannis.
Vassiliou said that she got some “very nice ideas” from Brussels’ Centre of Fine Art Paul Dujardin about Cyprus’ cultural programme and connecting the island’s history with that of Europe.

“We Cypriots and Greeks in general have this trait that generally when we’re under pressure we function and perform well. I think we will have a good presidency,” Vassiliou said.

Vassiliou said that Cyprus can’t compete with bigger countries such as France and Poland because it’s a small island but when it comes to presidencies of new member-states, Cyprus will not lose out.

Vassiliou arrived in Cyprus on Saturday and will be here until Wednesday meeting with government officials and educational institutions.

Her meetings pivot around the upcoming EU presidency.