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Press: Towards an agreement in BOCY

04/07/2014 07:23
The major issues in today’s financial press are today’s meeting of the Board of Directors of Bank of Cyprus and the meeting of the President of the Republic with the Chairman of the Board of Directors of Bank of Cyprus, Kristis Hassapis.

The “Economy” inset of newspaper “Phileleftheros” refers to today’s meeting of the Board of Directors of the Central Bank with the Board of Directors of Bank of Cyprus. As noted, the meeting will be held before the meeting of the BoD of Bank of Cyprus and Mrs. Georghadji is expected to give explanations mostly to the Russian Board members representing the depositors on the clause of 20% through the clawback and why it cannot be differentiated upwards.

Elsewhere the newspaper reports that the President of the Republic, Nicos Anastasiades will meet the ECB President, Mario Draghi on July 16. Mr. Anastasiades will have the opportunity to discuss several issues concerning the banking system and the economy.

Other headlines:

-Red and irrevocable loans of €2.8bn

-Temporary formula for the IRD to work

-Only 35.85% of the companies paid the €350

-Increase of 6.7% in tourism revenues in first four months

The “Economy” inset of newspaper “Politis” refers to the meeting of the President of the Republic, Nicos Anastasiades with the Chairman of the Board of Directors of Bank of Cyprus, Kristis Hassapis. According to the report, the Presidential receives will for climate of consensus and commitment to achieve an average solution in the time of issue and level of participation of the existing shareholders.

“Politis” also reports that a new legislative intervention of DISY gives hopes that the shares of Bank of Cyprus corresponding to hundreds of members of the dissolved provident fund will be transferred to them.

Other headlines:

-Investors in anticipation for Cyprus – CIPA President confirms investors’ interest from US-Russia

-Unemployment down in July

-Tourism revenue up 20% in April

-Innocent for Banca Transilvania – Trial in Romania closed

The “Economy” inset of newspaper “Simerini” refers to the meeting of the Board of Directors of Bank of Cyprus. As noted, the main issues will be the share capital increase of the bank as well as the percentage that will be offered to the existing shareholders for the capital issue. Meanwhile, the President of the Republic had a meeting yesterday with the Chairman of the BoD of Bank of Cyprus. Mr. Hassapis said that the meeting aimed at finding solutions for the good of the bank and the economy.

The newspaper also refers to the Audit and Finance Committees’ session, which will discuss the past and the future of Cyprus Airways.

Other headlines:

-Energy Minister answers to allegations for delayed NG

-MPs want explanations about revaluation of property values

-Unemployment slightly down

-Easter pushed tourism revenues up

The “Economy” inset of newspaper “Haravgi” refers to the reservations and the objections of the parties in relation to the new formula for the taxation of properties. During the House Interior Committee’s session, it was obvious that there is no clear picture about who is benefited by the new arrangements and who will be called to pay more.

“Haravgi” also reports that according to Cystat data, tourism revenues recorded an increase of 20.4% to €132.9 million in April from €110.4 million in April 2013.

Other headlines:

-Concerns for first lady fund

-BoD if BOCY seeking for the “golden means”

-ECB rates unchanged

-Inflation in negative territory

The newspaper “Alithia” refers to today’s meeting of the Board of Directors of Bank of Cyprus, which will decide the share capital increase. After a meeting with the President of the Republic, the Chairman of the BoD, Kristis Hassapis appeared optimistic that the necessary solutions will be found for the good of the bank and the economy in general. According to sources, the increase that will be decided will be of €1billion.

The “Economy” inset of the newspaper refers to the event organized by CIPA in the presence of Energy Minister, Giorgos Lakkotrypis. Addressing the meeting, the Minister referred to the activation of US companies in various fields in Cyprus, stressing that U.S. investors continue to show confidence in Cyprus.

Other headlines:

-Lowest number of unemployed in June

-Tourism up 20% in April

-Losses of Coop at €1.7bn

-CSE up