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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Pantelaki said it was important that CAP direct payments to small, new member states such as Cyprus that have been dramatically affected by climate change, are not reduced. She noted that because of the particularities of the Cypriot agricultural sector, the need had arisen for additional state subsidies to Cypriot producers.

She said that given that here 75% of producers receive direct annual support of less than €1,000, while 97% receive less than €5,000, Cyprusη welcomes the proposals for a simplified payment system and wants to see greater flexibility for smaller states so that they can use more of their funds for this reason.

She welcomed the European Commission proposal to set up a crisis management fund for agriculture, noting that the need for such a fund had been particularly evident in 2008 when Cyprus sustained a particularly severe drought.