04/06/2014 07:14
The major issues in today’s financial press are the lifting of restrictions in the opening of new accounts in the banks, the changes in the bill for the consolidation of the IRD and the VAT, as agreed yesterday by the government and the parties and Eurostat’s data on unemployment in April.
The “Economy” inset of newspaper “Phileleftheros” refers to yesterday’s House Finance Committee’s session on the bill for the consolidation of the IRD and the VAT. According to the report, the government and the parties ended up with a consensus formula with amendments to the bill. The bill will be tabled before the plenary tomorrow. AKEL and the Democratic Party examine the possibility of filing amendments. Specifically, AKEL is examining an amendment so that the appointment of the superintendent to come through the processes of EDY, while the Democratic Party is considering an amendment that would ensure that the superintendent and his assistants should preferably come from the ranks of certified accountants.
Elsewhere the newspaper reports that the lifting of the restrictions, especially in relation to the opening of new accounts, is a stress test for the stability of the portfolio of deposits.
Other headlines:
-4 in 10 young unemployed in April in Cyprus
-Two more bills before the Parliament
-House wants a “say” in the restructuring of loans
-PASYPI: Incompetent and dangerous in CAIR administration
The “Economy” inset of newspaper “Politis” refers to the changes in the bill for the consolidation of the IRD and the VAT service, as agreed by the government and the parties yesterday during the House Finance Committee’s session. The new text that will be tabled before the plenary on Thursday contains four reforms: The new superintendent and his assistants will be selected by the Council of Ministers but the appointment will be ratified by the House Finance Committee. The qualifications criteria are extended, the reasons for the termination of the superintendent are removed while the provisions which exclude, a priori, the claiming of the position of the superintendent by the current IRD head, Giorgos Poufos are removed too, because he holds this position many years now.
“Politis” also reports that according to Eurotat data, the rate of unemployment in Cyprus fell in April to 16.4% from 16.9% in March and 15.6% in April 2013.
Other headlines:
-They want changes and warn with measures – CAIR pilots
-Divergent views on restructuring of loans
-Transfer of accounts of Laiki Bank to BOCY
-Gains of 0.77% in the CSE
The newspaper “Simerini” reports that the pilots and the Board of Directors of Cyprus Airways are on a dispute after the latter’s decision to sell the last time slot of the company at Heathrow Airport. As noted, the pilots talk about slow but steady selling off of the company and denounced the loss-making decisions for the departments of catering and engineering. The Chairman of the BoD stressed that the sale is a provision of the restructuring plan.
The “Economy” inset of the newspaper reports that the lifting of restrictions in the opening of new accounts in the banks is expected to be a big crush test for Bank of Cyprus and the Cooperatives. According to the report, BOCY and the Coops are called to safeguard their deposits from prospective suitors, such as the Greek banks or possibly Hellenic Bank. In the first quarter of 2014, BOCY lost 6% of its deposits, which corresponded to €900 million, pushing down its total deposits to €14 billion. The deposits of the Cooperatives are estimated at €13 billion.
Other headlines:
-Tax Superintendent underway
-BOCY and Laiki systems on consolidation
-Cyta soon Ltd Company – By late 2014
The newspaper ‘Haravgi” refers to the House Institutions’ Committee’s session which focused on the revaluation of the mortgaged assets for the purpose of restructuring of loans. According to the report, the banks force debtors to revaluate their properties and ask for additional mortgaged collateral and personal guarantees.
The “Economy” inset of the newspaper refers to Eurostat’s data on unemployment in April. According to them, the number of the unemployed for the month stood at 72 thousand, slightly lower than in March. Cyprus records the highest increase with the rate of unemployment increasing from 15.6% to 16.4% in a year.
Other headlines:
-PASYPI: Incompetent and dangerous
-Eurozone inflation down
-MoU increases burden for the society
-Guarantees by EIB for support of trade
The “Economy” inset of newspaper “Alithia” refers to the working paper of the European Commission for the evaluation of the national program of reforms of 2014 for Cyprus. According to the paper, the program of Cyprus is still on the right track, progress has been achieved in all main targets and specifically in the banking sector, the fiscal consolidation and the structural changes, although there are still challenges.
Elsewhere the newspaper reports that the electronic systems of Bank of Cyprus with former Laiki Bank will be consolidated in June 6-9.
Other headlines:
-Unemployment slightly down in April
-Pilots do not exclude dynamic measures for sale of second time slot
-Cyta and Forthnet infringe competition
-Zagrosjet launched flights to Cyprus from Iraq
The “Economy” inset of newspaper “Phileleftheros” refers to yesterday’s House Finance Committee’s session on the bill for the consolidation of the IRD and the VAT. According to the report, the government and the parties ended up with a consensus formula with amendments to the bill. The bill will be tabled before the plenary tomorrow. AKEL and the Democratic Party examine the possibility of filing amendments. Specifically, AKEL is examining an amendment so that the appointment of the superintendent to come through the processes of EDY, while the Democratic Party is considering an amendment that would ensure that the superintendent and his assistants should preferably come from the ranks of certified accountants.
Elsewhere the newspaper reports that the lifting of the restrictions, especially in relation to the opening of new accounts, is a stress test for the stability of the portfolio of deposits.
Other headlines:
-4 in 10 young unemployed in April in Cyprus
-Two more bills before the Parliament
-House wants a “say” in the restructuring of loans
-PASYPI: Incompetent and dangerous in CAIR administration
The “Economy” inset of newspaper “Politis” refers to the changes in the bill for the consolidation of the IRD and the VAT service, as agreed by the government and the parties yesterday during the House Finance Committee’s session. The new text that will be tabled before the plenary on Thursday contains four reforms: The new superintendent and his assistants will be selected by the Council of Ministers but the appointment will be ratified by the House Finance Committee. The qualifications criteria are extended, the reasons for the termination of the superintendent are removed while the provisions which exclude, a priori, the claiming of the position of the superintendent by the current IRD head, Giorgos Poufos are removed too, because he holds this position many years now.
“Politis” also reports that according to Eurotat data, the rate of unemployment in Cyprus fell in April to 16.4% from 16.9% in March and 15.6% in April 2013.
Other headlines:
-They want changes and warn with measures – CAIR pilots
-Divergent views on restructuring of loans
-Transfer of accounts of Laiki Bank to BOCY
-Gains of 0.77% in the CSE
The newspaper “Simerini” reports that the pilots and the Board of Directors of Cyprus Airways are on a dispute after the latter’s decision to sell the last time slot of the company at Heathrow Airport. As noted, the pilots talk about slow but steady selling off of the company and denounced the loss-making decisions for the departments of catering and engineering. The Chairman of the BoD stressed that the sale is a provision of the restructuring plan.
The “Economy” inset of the newspaper reports that the lifting of restrictions in the opening of new accounts in the banks is expected to be a big crush test for Bank of Cyprus and the Cooperatives. According to the report, BOCY and the Coops are called to safeguard their deposits from prospective suitors, such as the Greek banks or possibly Hellenic Bank. In the first quarter of 2014, BOCY lost 6% of its deposits, which corresponded to €900 million, pushing down its total deposits to €14 billion. The deposits of the Cooperatives are estimated at €13 billion.
Other headlines:
-Tax Superintendent underway
-BOCY and Laiki systems on consolidation
-Cyta soon Ltd Company – By late 2014
The newspaper ‘Haravgi” refers to the House Institutions’ Committee’s session which focused on the revaluation of the mortgaged assets for the purpose of restructuring of loans. According to the report, the banks force debtors to revaluate their properties and ask for additional mortgaged collateral and personal guarantees.
The “Economy” inset of the newspaper refers to Eurostat’s data on unemployment in April. According to them, the number of the unemployed for the month stood at 72 thousand, slightly lower than in March. Cyprus records the highest increase with the rate of unemployment increasing from 15.6% to 16.4% in a year.
Other headlines:
-PASYPI: Incompetent and dangerous
-Eurozone inflation down
-MoU increases burden for the society
-Guarantees by EIB for support of trade
The “Economy” inset of newspaper “Alithia” refers to the working paper of the European Commission for the evaluation of the national program of reforms of 2014 for Cyprus. According to the paper, the program of Cyprus is still on the right track, progress has been achieved in all main targets and specifically in the banking sector, the fiscal consolidation and the structural changes, although there are still challenges.
Elsewhere the newspaper reports that the electronic systems of Bank of Cyprus with former Laiki Bank will be consolidated in June 6-9.
Other headlines:
-Unemployment slightly down in April
-Pilots do not exclude dynamic measures for sale of second time slot
-Cyta and Forthnet infringe competition
-Zagrosjet launched flights to Cyprus from Iraq
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