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Posted on: 1/30/2018 12:48:26 AM under General News
160Tbps super-fast fibre-optic subsea data cable to handle up to 60% of the world's internet traffic at peak time
Global telecommunications will undergo a drastic and revolutionary change with the introduction of the Quantum Cable, the super-fast subsea cable of up to 160Tbps in the Mediterranean, following a Memorandum of Understanding and Heads of Agreement signed in Nicosia between the owner, Quantum Cable, and a leading U.S.-based global industry supplier, major S&P company and supported by government officials from Cyprus and Greece.
Posted on: 1/29/2018 4:43:06 AM under General News
The Cyprus International Tax Conference is presented for the first time to address recent trends and developments in taxation across Europe and the globe. Distinguished speakers from the local market and abroad will share their knowledge and view on recent tax developments and various topics of concern to international tax professionals.
Alongside the conference, attendees will be offered the chance to network with like-minded peers and professionals from the financial and professional services sectors in Cyprus.
More information available from here.
Posted on: 1/25/2018 11:19:56 PM under General News
The new casino is expected to begin its operation in 2021 and bring approximately 838 million dollars into the economy of Cyprus starting in 2022. This large amount of money is a very significant four percent of the economy of the island. It is predicted that this new casino in Cyprus will be bringing all sorts of jobs to Cyprus, including 2,500 jobs for permanent staff and 4,000 construction jobs.
Additionally, it is expected to promote tourism significantly, with an expected 300,000 people coming to visit Cyprus from all over the continent and the rest of the world. This casino will likely get a hefty tax break from the government because of what it is contributing to the economy of the nation and how it is helping the government of Cyprus in that way. The building and opening of this casino is seen as an event that will be mutually beneficial to both the owners of the business and the government of Cyprus, as is the case in most of the situations where the government provides these types of new businesses with financial help as they are starting up.
Posted on: 1/25/2018 2:49:23 AM under General News
Bank of Cyprus, the largest financial institution on the island, is today making its own contribution to the shift towards an API Economy by embracing the concept of Open Banking.
The Bank is making available to interested parties functionality of its core banking systems in the form of Application Programming Interfaces (APIs), in a secure manner, in line with the PSD2 Directive and in accordance with industry best practices and standards.
Through these tools and technologies, the Bank extends its banking ecosystem enabling third party solution providers to integrate apps and services and to focus on what matters the most – creativity and innovation in defining the new digital banking experiences of the future, for the benefit of the Bank’s customers and the economy.
As a starting point, developers and other interested parties are invited to visit the SandBox Developers portal (sandbox.bankofcyprus.com) where they can sign up and freely test the functionality of the Bank of Cyprus API offerings.
As reported in Cyprus Business Mail
Posted on: 1/23/2018 10:13:51 PM under General News
The government is pushing for a comprehensive policy framework to promote the audiovisual industry, which is expected to bring development, economic and cultural benefits such as the promotion of Cyprus as a shooting spot and its promotion as a tourist destination, the influx of capital, jobs, increased involvement of local production companies and other audiovisual-related companies, the acquisition of expertise and know-how that will lead to upgrade the services of Cypriot film producers and technicians through the experience gained from cooperation with foreign producers.
As reported in InBusiness News.
Posted on: 1/23/2018 5:40:21 AM under General News
Vodafone has won the tender for the acquistion of a 100% stake in Cyta Hellas, the Greek telco owned by the Cyprus Telecommunications Authority.
A contract for the transaction could be signed as soon as Sunday, January 28, the date of the presidential elections in Cyprus, Broadband TV News reports.
It adds that sources indicate Vodafone bid €117 million for the telco, beating the offer of around €100 million submitted by Wind Hellas. China's PCCW, another interested party, did not submit a bid in the end.
The Cyprus Telecommunications Authority will exit the Greek market with losses, having invested over €200 million in Cyta Hellas over the last 10 years.
Meanwhile, Vodafone will strengthen its position in the fixed-line sector in Greece, increasing its subscriber total from under 750,000 to close to one million.
Posted on: 1/22/2018 7:10:23 AM under General News
Societe Generale Bank - Cyprus Ltd has been utilising Point Nine's proprietary post trade processing platform Circle to revamp its trading operations and has been successfully meeting the standards of the Markets in Financial Instruments Regulation (MiFIR) transaction reporting requirements which went live on January 3, 2018.
With the MiFIR regulations requiring more agile and robust data control processes, Point Nine's Circle platform offers Societe Generale Bank - Cyprus Ltd a seamless and effective solution for processing, analysing and reporting trading data.
Saving businesses time and money, Circle's MiFIR transaction reporting engine includes features such as Cross Asset Class coverage, Data mapping, Data enrichment, a Full Audit Trail and Daily Reports, which ensure clients have access to timely and accurate data for regulators.
Furthermore, Point Nine's Circle processes data from various sources, covers all asset classes, translates and submits the reports to regulatory bodies in the format required and also handles acknowledgment messages.
Posted on: 1/18/2018 11:26:04 PM under General News
Limassol Municipality is looking to re-energise the interest of cruise organisers on the basis of the city's strategic planning to become a top cruise destination, a goal pursued also by DP World Limassol, the company that operates the multi-purpose terminal at the city's port.
Mayor of Limassol Nicos Nicolaides and representatives of the Cyprus Shipping Chamber held a meeting on Wednesday focusing on a series of related issues.
"Cruises are a key component of our city's tourism, but also of the revitalization of the city centre" Limassol Mayor told the Cyprus News Agency.
Nicolaides said that two trips to Marseilles and Haifa, scheduled to take place in March and April, respectively, are part of the effort to establish cooperation.
"It is extremely important to render Limassol a top cruise destination" the Mayor noted, adding that to achieve that the Municipality needs to develop its infrastructure.
Posted on: 1/18/2018 1:26:28 AM under General News
As the citizenship industry booms, The Economist's 1843 magazine reveals which passports offer the best perks.
What about a Cyprus Passport? Visa-free access to 159 countries; dual citizenship allowed.
Alexandrou Corporate Services provides a vast spectrum of services including formalization of Citizenship for non-European citizens.
Contact us at firstname.lastname@example.org for more information.
Posted on: 1/17/2018 2:59:24 AM under General News
Contracts for Larnaca port and marina project are expected to be signed in 2018, Minister of Transport, Communications and Works Marios Demetriades said.
The Minister visited Monday the port of Larnaca to inspect the work and consultations with potential investors. In statements to the Press, he said that contacts with the investors will be held over the next few days.
"We hope that the process will move as fast as possible to implement this great project that will change the lives of Larnaca citizens," he noted.
He also said that he was confident the project would proceed because of the quality of the potential investors and added that they are discussing with three foreign consortia. Two of the consortia have already arrived in Cyprus for consultations with the ministry and site inspection.
Posted on: 1/16/2018 5:06:58 AM under General News
Ministry of Energy, Commerce, Industry and Tourism and PMV Maritime Holdings Ltd signed on January 15 the contracts for the development of Paralimni marina, at the south-eastern part of the island.
Addressing the signing ceremony, Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism said "the construction of the marina will further enrich our tourist product, attracting more tourists in Cyprus.”
As reported in Gold News.
Posted on: 1/15/2018 2:13:08 AM under General News
Greece and Cyprus are set to sign next week three Memoranda of Understanding (MoU) on maritime, cultural and environmental affairs, on the sidelines of next week's Trilateral Summit between Cyprus, Greece and Jordan.
The Summit will take place on Tuesday 16 January and the Cyprus News Agency reports that the Prime Minister of Greece will be accompanied by four Ministers, Alternate Minister of Foreign Affairs Georgios Katrougalos, Minister of Shipping & Maritime Affairs Panagiotis Kouroumblis, Minister of Environment and Energy Giorgos Stathakis and Minister of Culture Lydia Koniordou.
The Greek delegation is expected to arrive on Tuesday morning at Larnaca airport, ahead of the delegation from Jordan, which will be headed by King Abdullah II.
Posted on: 1/11/2018 11:32:38 PM under General News
The cabinet has approved a bill aiming at introducing social enterprise in Cyprus, which has €3.1m in funding from the European Social Fund, Interior Minister Constantinos Petrides announced on Thursday.
In a press conference, the minister said the idea of social enterprise is a new way of business aimed at offering goods and services to the market in a bid to serve social or environmental goals.
According to Petrides, this will create new jobs, reduce social exclusion of vulnerable groups, introduce high-quality services with a social angle and lay the groundwork for social innovation.
Posted on: 1/11/2018 7:48:18 AM under General News
The Cyprus-Russian Business Association authorized EY Cyprus to conduct the first survey, Russia Doing Business in Cyprus 2017 - Measuring Quality and Efficiency.
The full survey report can be read here: ey-russian-report
Posted on: 1/10/2018 2:24:27 AM under General News
2018 will be a challenging year for the financial industry due to the upcoming changes in the regulatory framework for Cyprus Investment Firms (CIFs), according to the Chairwoman of the Cyprus Securities and Exchange Commission Mrs. Demetra Kalogerou.
Analysing the new requirements of MiFID II and MiFIR during the Cyprus International Investment Firms Association (ACIIF) Annual General Meeting at the Carob Mill in Limassol on December 5, Mrs. Kalogerou emphasised the new requirements on product governance, inducements and transaction reporting. Additionally, she referred to the PRIIPs Regulation which will also enter into force in January 2018.
As reported in Cyprus Business Mail.
Posted on: 1/9/2018 8:01:23 AM under General News
By 2021, Cyprus' first integrated casino resort will open its doors to the public, in an investment totaling €550m, it was revealed on Tuesday.
Presenting the finalised plan to a packed conference hall at the presidential palace, representatives from the Melco-CNS consortium showcased the multi-million project, dubbed City of Dreams - Mediterranean, set to attract 300,000 tourists per year and creating around 11,000 jobs.
Set to be built in Zakaki, west of Limassol, the resort will include a gaming area with 136 tables and 1,200 gaming machines and 9,600 square metres of MICE facilities (meetings, incentives, conferencing, exhibitions).
Posted on: 1/8/2018 6:56:38 AM under General News
The first ever EU list of non-cooperative tax jurisdictions has been agreed by the Finance Ministers of EU member states during their meeting in Brussels.
In total, ministers have listed 17 countries for failing to meet agreed tax good governance standards. In addition, 47 countries have committed to addressing deficiencies in their tax systems and to meet the required criteria, following contacts with the EU.
This unprecedented exercise should raise the level of tax good governance globally and help prevent the large-scale tax abuse exposed in recent scandals such as the 'Paradise Papers'.
As reported in Financial Mirror.
Posted on: 1/5/2018 5:17:34 AM under Energy
EUR 6 bln natgas pipeline from Leviathan to Italy will allow Israel to export gas to Europe
Officials from Cyprus, Greece, Israel and Italy have signed a memorandum of understanding to plan a 2,100 kilometre underwater pipeline linking the natgas-rich offshore Leviathan field directly to Europe, boosting equities on the Tel Aviv Stock Exchange prior to the deal.
The Ministers of Energy of Cyprus, Greece and Israel, and a senior diplomat from Italy signed the MoU in Nicosia which paves the way for Israel to export its natural gas to Italy via the EastMed project, bypassing Turkey.
As reported in Financial Mirror
Posted on: 1/4/2018 7:51:24 AM under Energy
Saudi Arabian oil company Saudi Aramco has expressed interest to do business in Cyprus' Exclusive Economic Zone, according to a PIO press release.
It is noted that on the sidelines of President Anastasiades' official visit to Saudi Arabia, Energy Minister George Lakkotrypis held contacts with officials of the Saudi Ministries of Energy and Tourism as well as with officials of Saudi Aramco, a worldwide giant on oil.
According to PIO, during the meeting, the Saudi Aramco representatives expressed interest to do business in Cyprus' EEZ, mainly because of the stability of Cyprus as an EU member state as well as its geology and perspectives as an energy centre. The two sides agreed to continue the dialogue and explore the most appropriate ways to cooperate.
At the meeting with top ranking officials of the Saudi Energy Ministry both sides expressed will for closer contacts between Cypriot and Saudi businessmen.
At the meeting with Tourism Ministry officials, both sides expressed will to further develop relations between the two countries on this sector.
Posted on: 1/3/2018 7:28:00 AM under Energy
Energy Minister Yiorgos Lakkotrypis said on Thursday he is prepared for all possible outcomes of the island's oil and gas exploratory programme, which includes four test drillings in the exclusive economic zone (EEZ) next year.
The drillship Saipem 12000 is already at Calypso, the target in block 6 of the EEZ for Italy's Eni and France's Total, and is expected to start drilling on Sunday or the latest on Monday, January 1, Lakkotrypis said in an interview on state radio. After that, Eni will drill at the Cuttlefish target in block 3 and in the second half of 2018, the consortium led by ExxonMobil will carry out two more drillings in block 10.
"We have to be prepared," he said. "We have made our calculations about the average (chances) of a discovery and we have various scenarios. There is a scenario of making no new discovery and the ideal scenario of making discoveries in all drillings".
Lakkotrypis said he is encouraged, even though Eni and Total discovered less than 1 trillion cubic feet (tcf) of natural gas in September when they drilled in block 11.
Cyprus made its only gas discovery in its EEZ in 2011, when Noble Energy said it had found 4.5 tcf of natural gas in the Aphrodite field in block 11. The deposit remains unexploited and the required investment is €3 billion, according to the minister. The island is currently in negotiations with Egypt over the sale of Aphrodite's future production to the Arab country's liquefaction plants. Interest in hydrocarbon exploration in the eastern Mediterranean increased sharply when Eni announced the discovery of Zohr, a 30 tcf gas field off the coast of Egypt.
The exploration and development of Cyprus' hydrocarbon resources is facing various challenges, the minister said.
Calypso'is from a technical point of view a difficult drilling in deep waters Lakkotrypis said. The waters are 3,500 meters deep and the drill will go an additional 3.500 meters below the bottom of the sea.
In addition to the technical and financial challenges, exacerbated by the drop in the oil price in 2014, geopolitics in the region, including the Cyprus problem, are also making matters more complicated, he added.
Turkey, which disputes the Republic of Cyprus' EEZ and opposes its hydrocarbon programme, says that block 6 lies partially within its continental shelf. The dispute is expected to continue after the latest round of reunification talks ended in failure. Turkey traditionally sends warships and military aircraft into the area when the Republic of Cyprus drills for oil and gas, and has issued a NAVTEX warning covering the entire EEZ, including the drilling spot.
Government spokesman Nikos Christodoulides said that the government will go ahead with its energy planning regardless of Turkey's actions.
The presence of major hydrocarbon companies in Cyprus's EEZ constitutes a political and financial vote of confidence for Cyprus and the best answer to Turkey, Christodoulides told the Cyprus News Agency.
"We will not engage in a communication game with public confrontation with Turkey, assisting her in achieving her objectives which are none other than disputing Cyprus's sovereign rights, he said.
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