17/09/2014 06:55
The major issues in today’s financial press are the meeting of the Council of Ministers yesterday, which examined the budget for 2015 and authorized the Finance Minister to have talks with the trade unions for the lump sum and Moody’s report on the Cyprus banking system.
The “Economy” inset of newspaper “Phileleftheros” refers to the budget talks at the Council of Ministers yesterday. The Finance Minister, Haris Georgiades said that the preparation of the budget for 2015 reflects the correction of the public finances and the need to continue efforts for fiscal consolidation, without burdening the private sector but with changes of structural character concerning the public sector mostly.
Elsewhere the newspaper refers to Moody’s report on the Cyprus banking system. According to the agency, the outlook for the Cyprus banks remains negative, reflecting the assessment of a continuous rise of the problematic loans in the next 12-18 months.
Other headlines:
-Civil rights at the heart of a legal battle in the SC
-Reduction of hourly labour cost in Cyprus by 3.9%
-Banks’ issue not closed for the Parliament
-Disciplinary investigations in 10 Coops
The “Economy” inset of newspaper ‘Politis” refers to the incentives that the government is examining for the gradual payment of the lump sum. As noted, the government is examining incentives such as the payment of interest if the gratuity received by civil servants is paid in installments rather than as a lump sum in an attempt to persuade the unions to accept changes and to ensure that this year they will be overridden and the fiscal performance set by the memorandum. The Council of Ministers in the context of yesterday's meeting for the examination of the budget for 2015, authorized the Minister of Finance for dialogue with the trade unions.
The government sees the country’s exit from the next year and in this context, this might be the last memorandum budget, on condition that corrections of structural character will be achieved.
“Politis” also reports that the CTO has called for increased funding for marketing and promotional activities of the Cyprus tourism at €10 million in 2015.
Other headlines:
-Banks want time – A complicated situation, Moody’s say
-Recession in Russia in 2015 – Forecasts of former FINMIN, A. Kudrin
-CSE down 0.05%
-ASE ends lower
The “Economy” inset of newspaper “Simerini” reports that the investigative team involved in the investigation on the economy began to evaluate the documents taken from the Central Cooperative Bank on loans which were granted in the past.
The newspaper also reports that the Council of Ministers announced yesterday the start of talks with the trade unions to change the way the lump sum is paid and not to tax it.
Other headlines:
-House Institutions Committee: The issue of outflows
-Need for adjustments – Budget 2015 presented to the Council of Ministers yesterday
The “Economy” inset of newspaper “Haravgi” refers to the meeting of the Council of Ministers, which discussed the budget for 2015. According to the report, the budget includes cutbacks of more than €50 million and will be submitted in the next few days together with the revised medium-term framework for the next three years. The additional measures concern cutbacks in the social pension, further cuts in benefits in the public sector and increased contribution of the employees in the public and semi-governmental sector.
“Haravgi’ also reports that the issue of the appeal of the President of the Republic to the Supreme Court against the four bills approved by the Parliament will be clarified on October 20.
Other headlines:
-Moody’s: Negative outlook for banks
-AKEL welcomes SEC’s actions
-New information burning Chr. Georghadji
-House calls Georghadji for large debtors
The “Economy” inset of newspaper “Alithia” refers to the investigations carried out by the investigation team for the economy for the granting of loans by old Boards and associated persons, by the Coops and the Bank of Cyprus and Laiki Bank. According to sources, the investigations on loans focus initially on five persons former banking officials and associated persons with banks.
Elsewhere the newspaper reports that the House Commerce Committee discussed the need of creating a Development Bank to support the small-medium companies.
Other headlines:
-Reduction of labour cost
-Moody’s: Negative outlook for banking system
-Extension of tourist period is necessary
The “Economy” inset of newspaper “Phileleftheros” refers to the budget talks at the Council of Ministers yesterday. The Finance Minister, Haris Georgiades said that the preparation of the budget for 2015 reflects the correction of the public finances and the need to continue efforts for fiscal consolidation, without burdening the private sector but with changes of structural character concerning the public sector mostly.
Elsewhere the newspaper refers to Moody’s report on the Cyprus banking system. According to the agency, the outlook for the Cyprus banks remains negative, reflecting the assessment of a continuous rise of the problematic loans in the next 12-18 months.
Other headlines:
-Civil rights at the heart of a legal battle in the SC
-Reduction of hourly labour cost in Cyprus by 3.9%
-Banks’ issue not closed for the Parliament
-Disciplinary investigations in 10 Coops
The “Economy” inset of newspaper ‘Politis” refers to the incentives that the government is examining for the gradual payment of the lump sum. As noted, the government is examining incentives such as the payment of interest if the gratuity received by civil servants is paid in installments rather than as a lump sum in an attempt to persuade the unions to accept changes and to ensure that this year they will be overridden and the fiscal performance set by the memorandum. The Council of Ministers in the context of yesterday's meeting for the examination of the budget for 2015, authorized the Minister of Finance for dialogue with the trade unions.
The government sees the country’s exit from the next year and in this context, this might be the last memorandum budget, on condition that corrections of structural character will be achieved.
“Politis” also reports that the CTO has called for increased funding for marketing and promotional activities of the Cyprus tourism at €10 million in 2015.
Other headlines:
-Banks want time – A complicated situation, Moody’s say
-Recession in Russia in 2015 – Forecasts of former FINMIN, A. Kudrin
-CSE down 0.05%
-ASE ends lower
The “Economy” inset of newspaper “Simerini” reports that the investigative team involved in the investigation on the economy began to evaluate the documents taken from the Central Cooperative Bank on loans which were granted in the past.
The newspaper also reports that the Council of Ministers announced yesterday the start of talks with the trade unions to change the way the lump sum is paid and not to tax it.
Other headlines:
-House Institutions Committee: The issue of outflows
-Need for adjustments – Budget 2015 presented to the Council of Ministers yesterday
The “Economy” inset of newspaper “Haravgi” refers to the meeting of the Council of Ministers, which discussed the budget for 2015. According to the report, the budget includes cutbacks of more than €50 million and will be submitted in the next few days together with the revised medium-term framework for the next three years. The additional measures concern cutbacks in the social pension, further cuts in benefits in the public sector and increased contribution of the employees in the public and semi-governmental sector.
“Haravgi’ also reports that the issue of the appeal of the President of the Republic to the Supreme Court against the four bills approved by the Parliament will be clarified on October 20.
Other headlines:
-Moody’s: Negative outlook for banks
-AKEL welcomes SEC’s actions
-New information burning Chr. Georghadji
-House calls Georghadji for large debtors
The “Economy” inset of newspaper “Alithia” refers to the investigations carried out by the investigation team for the economy for the granting of loans by old Boards and associated persons, by the Coops and the Bank of Cyprus and Laiki Bank. According to sources, the investigations on loans focus initially on five persons former banking officials and associated persons with banks.
Elsewhere the newspaper reports that the House Commerce Committee discussed the need of creating a Development Bank to support the small-medium companies.
Other headlines:
-Reduction of labour cost
-Moody’s: Negative outlook for banking system
-Extension of tourist period is necessary
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