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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In April, the Irish company Ryanair will link Paphos with 14 European destinations, creating in the first phase of 600,000 seats available to and from Cyprus. Simultaneously Paphos will be the 50th base of Ryanair, where two planes will be stationed throughout the year.

The 14 Ryanair routes from Paphos for 2012 are: Patra, Chania, Bucharest, Frankfurt, Krakow, Kaunas, Stansted, Memmingen, Pergamon, Pisa, Rome, Treviso, Stockholm and Oslo. The new services allow an effective opening of the Cyprus tourism market in Italy and Germany.

The opening flight accompanied by offer low-fare of 20.99 euros for bookings until January 12.

The reservations starting Wednesday through the website www.ryanair.com. Recalled that Ryanair perform other four routes (Brussels, Barcelona, ​​Bologna, Düsseldorf) from Larnaca. The overall availability of passenger seats Ryanair to and from Cyprus amounts to 750,000, reinforcing the growth potential of domestic tourism industry.

Ryanair makes use of the incentive scheme of Hermes Airport for five years, while the presence of Paphos is 12 months, which will have positive impacts on tourism and the coming winter.

The Hermes has developed three programs (the Ryanair utilizes the most generous financially, but with greater commitment) and there is interest from two other companies (the easyjet and wizzair) to take advantage of the incentives to start new routes.

"With 14 routes linking Paphos almost throughout Europe, Ryanair will carry 600,000 passengers and will create more than 600 new jobs," said deputy chief executive of Ryanair, Michael Cawley showing the routes during a press conference in Nicosia.

The opening of the route greeted with satisfaction both the Hotel Association, the local Chamber and the Mayor of Paphos, Savvas Vergas. Mr. Cawley said that Ryanair’s website is visited by 20 million unique visitors each month, which gives the tourist industry of Cyprus access

"This agreement is a vote of confidence from the largest airline in Europe in the capabilities of both Paphos Airport, and our region,"said Chief Executive Officer of Hermes Airport, Alferd van der Meer. Finally recalled that the incentive plan is open to all airlines.