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Press: Bade debts for HB, dividend for CPB

17/02/2005 09:16
The major issues in today’s financial press are the developments in the Hellenic Bank, the financial results of the Popular Bank, the approval of the Convergence Program by the European Union and the negative repercussions from the increase in pensions.

The newspaper “Phileleftheros” refers to the latest developments in the Hellenic Bank and the ‘conflict’ between the bank and the Securities and Exchange Commission on the insufficient explanation given by the former on its announcement. The Hellenic Bank decided to appoint the former General Manager of the National Bank of Greece (Cyprus), Michalis Tagaroulias as General Manager of the Bank in Greece, who will replace Mr. Giorgos Panayiotou.

Elsewhere the newspaper refers to the improved profitability of the Popular Bank after the improvement in its loan portfolio, the drop in the provisions for bad debts and the increased income from operations. Total profits reached £21.1 million.

The “Economy” inset of newspaper “Politis” refers to the improvement in the profitability of the Popular Bank by 121.8%, due to the increase in the income from operations by 13%. According to the report, the increase in profitability is even more impressive in Greece (171.1%).

“Politis” also reports that the increased provisions for bad debts of the Hellenic Bank in Greece led to the dismissal of the General Manager (in Greece), Giorgos Panayiotou. The bank will proceed to changes in Cyprus as well.

The “Economy” inset of newspaper “Simerini” refers to the approval of the Convergence Program by the European Commission. Cyprus will now be able to stabilize its economy so as to join the EMU in 2007.

The newspaper highlights that the increase in pensions by 5.44% was pointless after the reclassification in the pensioners’ groups.

The “Economy” inset of newspaper “Haravgi” refers to the statements of the Ports’ Authority Chairman, Chrysis Prentzas on the plans for the improvement of the Limassol port. According to the report, the budget of the Ports’ Authority provides for revenues of £30,365,000 and expenses of £27,613,121.

“Haravgi” also refers to the letter of PEO General Secretary, Pambis Kyritsis to the Finance Minister. Mr. Kyritsis urged Mr. Keravnos to find a solution on the increase in pensions by 5.44% so as not to reduce the subsidy to the pensioners.

The “Economy” inset of newspaper “Alithia” refers to the approval of the Convergence Program by the European Commission and the remarks for possible dangers in the maintenance of the state finances in the long run. The newspaper emphasizes the need for a reform in the pension and the health systems.

Elsewhere the newspaper refers to a SEK’s announcement for an increase in unemployment. According to SEK General Secretary, Demetrsi Kittenis, the increase in unemployment coincides with the increase in the employment of foreign workers in Cyprus.