NICOSIA, Jan 21 (Reuters) – French energy company Total
is likely to abandon a search for oil and gas off
Cyprus after failing to find tangible evidence of reserves,
dealing a blow to the island’s hopes of a natural resource
bonanza after a painful bailout in 2013.
Cypriot energy minister Yiorgos Lakkotrypis said on
Wednesday that Total, granted a concession two years ago, had
failed to pinpoint reserves that would justify costly drilling.
NICOSIA, Jan 14 (Reuters) – Economic woes in Russia are
tempering prospects of bailed-out Cyprus returning to growth in
2015 and mean the island nation risks a fifth year of recession,
As the rouble takes a tumble on the back of weak oil prices
and Western-led sanctions, Moscow’s troubles are seeping into
the Mediterranean island, where Russian-related business is
thought to make up about 10 percent of the Cypriot economy.
NICOSIA/BRUSSELS, Jan 9 (Reuters) – Cyprus closed down its
flag carrier Cyprus Airways on Friday after the European
Commission ordered the struggling airline to pay back over 65
million euros in illegal state aid.
EU Competition Commissioner Margrethe Vestager said Cyprus
Airways had no chance of becoming viable without continued state
subsidies, meaning the money paid out in 2012 and 2013 as part
of a 103 million euro ($122 million) restructuring package would
have to be recovered by the government.
NICOSIA, Jan 9 (Reuters) – The European Commission is due to
rule on Friday on whether state aid offered to Cyprus Airways
was illegal – with the future of the ailing
state-controlled flag carrier hanging in the balance.
Cypriot government officials said EU competition watchdogs
were expected to issue their findings on Friday afternoon,
ending a year-long investigation into whether the airline was
illegally given 103 million euros ($122 million) in state aid in
2012 and 2013.
NICOSIA, Dec 3 (Reuters) – Cypriot lender Hellenic Bank
anticipates a listing of its shares on the Athens
Stock Exchange in early 2015, its chairwoman said on Wednesday,
in response to requests from institutional investors.
Hellenic, which is in the process of raising 220 million
euros ($271 mln) in a rights issue, said that during recent road
shows institutional investors had queried liquidity in the
NICOSIA, Dec 1 (Reuters) – Bailed-out Cyprus is expected to
return to growth in 2015, while capital controls imposed during
a chaotic bailout in 2013 could be completely dismantled soon,
its central bank governor said on Monday.
Chrystalla Georghadji told parliament she expected 0.5
percent growth in 2015. A European Commission forecast of 2.8
percent contraction in the island’s economy this year was
“realistic”, she said.
ROME/NICOSIA, Nov 23 (Reuters) – Italy’s coastguard said it
has rescued more than 600 migrants in the Mediterranean Sea
between Sicily and North Africa this weekend and started a
search for one man feared drowned during the passage.
Further east, 270 Syrian refugees were rescued off
Turkish-Cypriot controlled northern Cyprus overnight when their
ship’s engine broke down, the Kibris Postasi website in Nicosia
On a remote outcrop in divided Cyprus, Greeks and Turks have put aside decades of enmity to restore their shared cultural heritage, battered by war and neglect.
APOSTOLOS ANDREAS Cyprus (Reuters) – On a remote outcrop in divided Cyprus, Greeks and Turks have put aside decades of enmity to restore their shared cultural heritage, battered by war and neglect.
Every day for the next 16 months, Greek and Turkish Cypriots will be working on the Apostolos Andreas monastery, an imposing two-storey sandstone structure dedicated to St Andrew and built atop jutting rocks at the pinnacle of a needle-shaped peninsula.
NICOSIA, Nov 4 (Reuters) – Cyprus said on Tuesday it hopes
to reestablish a flow of aid from international lenders after
some issues were resolved in a disputed foreclosures bill that
lenders demanded for funds to be released.
The European Union and International Monetary Fund withheld
about 435 million euros in a new tranche of aid amid legal
challenges to the bill allowing mortgage lenders to quickly
repossess properties in default.