Michele's Feed
Oct 26, 2014

Bank test results show bailed-out Cyprus turning around -officials

NICOSIA, Oct 26 (Reuters) – European stress tests have shown
a marked improvement in the fortunes of Cyprus’s banks, Cypriot
officials said on Sunday, barely 18 months after the island was
bailed out following a financial sector collapse.

Some 25 European banks failed a “stress test” of their
capital strength conducted by European authorities and intended
to assess their ability to withstand three more years of crisis.

Oct 20, 2014

Cyprus says Turkish vessel encroaching on its offshore gas areas

NICOSIA, Oct 20 (Reuters) – Cyprus said on Monday a Turkish
research vessel had encroached on an area off its southern coast
where it is searching for gas, and it was preparing
counter-measures in an escalating row over rights to
hydrocarbons in the eastern Mediterranean.

Cyprus, a member of the European Union, has become
particularly keen to develop offshore gas reserves as a
potential source of revenue since it was compelled to seek an
international financial bailout in early 2013.

Sep 27, 2014

British fighter jets fly over Iraq, ready to strike: ministry

RAF Akrotiri Cyprus (Reuters) – Two British fighter jets flew over Iraq on Saturday, their first mission since parliament authorized strikes against Islamic State militants there, Britain’s Ministry of Defence said.

Two Tornado jets left the British Royal Air Force’s Akrotiri base in Cyprus at 3.25 a.m. EDT and returned more than seven hours later, a Reuters witness said. It was not immediately clear if they had carried out any strikes.

Sep 3, 2014

Ryanair, Aegean submit non-binding proposals for Cyprus Air

NICOSIA, Sept 3 (Reuters) – Ryanair, Europe’s
largest budget airline, and Greece’s Aegean were among
companies that submitted non-binding proposals for the
acquisition of Cyprus Airways, Cyprus’s transport
minister told Reuters on Wednesday.

Marios Demetriades said “more than half” of the 15 parties
that earlier made an initial expression of interest and signed a
non-disclosure agreement had submitted non-binding business
proposals by the time the deadline expired on Wednesday evening.

Aug 28, 2014

Bank of Cyprus shareholders approve 1 billion euro share issue

NICOSIA, Aug 28 (Reuters) – Shareholders who became the Bank
of Cyprus’s reluctant owners when it seized their
deposits last year approved plans for a 1 billion euro ($1.3
billion) share issue, designed to bolster it ahead of the
announcement of which EU banks need more capital to withstand
future crises.

The European Bank for Reconstruction and Development (EBRD),
partly owned by the European Union, and investors represented by
U.S.- based billionaire Wilbur Ross, were among those signing up
for the issue pricing Bank of Cyprus shares at 0.24 euros apiece
which will dilute the original shareholders.

Jul 29, 2014

Bank of Cyprus aims for bond sale after raising 1 bln euros in new capital

LONDON/NICOSIA, July 29 (Reuters) – Bank of Cyprus,
which has just raised 1 billion euros ($1.3 billion) from
investors, plans to sell up to 1 billion euros in bonds in
September, chief executive John Hourican said, a move that would
mark a rehabilitation of the euro zone’s first bank to
recapitalise using depositors’ cash.

The island’s largest bank, which was on the brink of
collapse when Cyprus took a international bailout in 2013, said
late on Monday that big name investors including U.S.
billionaire Wilbur Ross and the European Bank for Reconstruction
and Development had agreed to invest 1 billion euro in equity.

Jul 28, 2014

Bank of Cyprus says private placement raises 1 bln euros

NICOSIA, July 28 (Reuters) – Bank of Cyprus, the
Cypriot lender that recapitalised by seizing its clients’
deposits last year, said it had raised 1 billion euros in a
private placement on Monday, drawing in investors from the
United States and Russia as well as from an EU-controlled bank.

The European Bank for Reconstruction and Development, partly
owned by the European Union, and investors represented by U.S.-
based billionaire Wilbur Ross were among the parties signing up
to participate in a 1-billion-euro equity issue pricing Bank of
Cyprus at 0.24 euro per share, the Cypriot bank said.

Jul 25, 2014

Tanzania takes control of bank accused of money laundering

DAR ES SALAAM/NICOSIA, July 25 (Reuters) – Tanzania’s
central bank said on Friday it had taken over the management of
a bank accused by the U.S. government of large-scale money

The decision comes after the Central Bank of Cyprus (CBC)
placed two branches of FBME Bank under its control following a
report from the U.S. Treasury’s Financial Crimes Enforcement
Network (FinCEN) describing the bank as a “primary money
laundering concern”.

Jul 24, 2014

Almost 20 companies interested in Cyprus Airways sale – minister

NICOSIA (Reuters) – Almost 20 companies have submitted non-binding expressions of interest in Cyprus Airways CAIR.CY, a state-owned carrier that the government wants to privatise, Cypriot Communications Minister Marios Demetriades said on Thursday.

Aegean Airlines (AGNr.AT: Quote, Profile, Research), Ryanair (RYA.I: Quote, Profile, Research) and Israel’s Arkia were among those firms, Demetriades told Reuters.

Jul 17, 2014

Diary offers glimpse of 1974 Cyprus war through teenage eyes

NICOSIA (Reuters) – On a balmy July morning in 1974, Victoria Harwood Butler-Sloss was awoken by the sound of gunfire outside her childhood home in Cyprus’s capital Nicosia.

Aged 13, she started to document a defining moment in one of the world’s most intractable conflicts – a coup against a democratically elected government, engineered by Greece’s military junta, triggering a Turkish invasion five days later.