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.

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.

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.

Cyprus news

Huge momentum in business between Cyprus and Israel


The huge momentum in the business relations between Cyprus and Israel emerged from a business forum held in Israel on the occasion of Cyprus Minister of Commerce Industry and Tourism Praxoula Antoniadou visit to Jerusalem.

Antoniadou was accompanied by a sixty-member delegation of the Cyprus Chamber of Commerce and Industry (CCCI) comprising businesspeople from various Cypriot sectors for contacts with their Israeli counterparts.

’’This was one of the most successful delegations ever made by the Chamber,’’ CCCI President Phedias Pelides told CNA.

He added that the forum, co-organised by the Cypriot Ministry, the CCCI and the Israeli Chamber was successful as the hall in which the forum was held was packed with the presence of 200 persons.

’’What’s more important is the addresses were followed by business contacts of Cypriot and Israeli businesspeople,’’ Pelides noted and went on: ’’the general consensus is that (the visit) was on the most successful missions by CCCI ever.’’

Responding to a question, Pelides said it is hard to assess what has been achieved from a practical point of view, as the scope of the contacts was broad.

The relations between Cyprus and Israel acquired increased momentum following a rupture between the relations of Jerusalem with Ankara, as well as the natural gas deposits discovered in the Exclusive Economic Zones of the two countries. Cyprus and Israel signed a delineation agreement on December 17 2010.

’’The sign point to a huge momentum in the business relations between Cyprus and Israel due to the issue of hydrocarbons but also due to the huge improvement in the relations between the two countries,’’ he concluded.

Source: http://famagusta-gazette.com
Thursday January 26, 2012