Michele's Feed
Jan 21, 2015

Total likely to ditch Cyprus offshore gas search – minister

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.

Jan 14, 2015

Russian crisis could keep Cyprus in recession for longer

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,
analysts say.

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.

Jan 9, 2015

Cyprus Airways closed down after EU state aid ruling

NICOSIA/BRUSSELS, Jan 9 (Reuters) – Cyprus has suspended
operations at its flag carrier after the European Commission
ordered the struggling airline to pay back over 65 million euros
in illegal state aid.

The last Cyprus Airways flight will take place Friday night,
government officials said.

Jan 9, 2015

Cyprus Air’s future in balance as EU state aid verdict looms

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.

Dec 3, 2014

Hellenic Bank expects Athens listing in early 2015

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

Dec 1, 2014

Cyprus central bank chief sees return to growth, end to capital controls

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.

Nov 23, 2014

Over 800 seaborne migrants saved in Italy, northern Cyprus

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

Nov 18, 2014
via FaithWorld

Cyprus’s Greek and Turkish foes unite to save ancient religious site


(A general view of the Apostolos Andreas Monastery is seen as it undergoes renovation in Cyprus, November 11, 2014. REUTERS/Andreas Manolis)

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.

Nov 12, 2014

Cypriot foes unite to save ancient religious site

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.

Nov 4, 2014

Cyprus hopes to re-establish aid after foreclosures hiccup

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.