26/06/2014 07:35
The major issues in today’s financial press are the letter sent by the General Auditor of the Republic, Odysseas Michaelides to Cyta Chairman, Christos Patsalides, the presentation of the Annual Report of the Central Bank of Cyprus for 2013 by its Governor, Chrystalla Georghadji and the bill for the change of the tax rates on real estate.
The newspaper “Philelefthros” refers to the letter sent by the General Auditor of the Republic, Odysseas Michaelides to Cyta Chairman, Christos Patsalides. In his letter, Mr. Michaelides accuses the Board of Cyta that offers full coverage to the previous Board in cases which may disclose criminal and civil liabilities. The General Auditor indicates that the previous Board of Cyta is likely to have committed offenses of abuse of power and to have caused damage to the authority.
The “Economy” inset of the newspaper reports that the CB Governor called on banks to fortify with capital. Within the framework of the presentation of the annual report of the CB in 2013, Mrs. Georghadji referred to actions taken by the government for BOCY stating that with the latest debt in markets of €750 million, plus another €200 million, part of the bond that has been on the books of the credit institution and is almost of €2 billion will be repaid. She also noted that some of the money, € 400 million, will go to repay the ELA and noted that depending on the amount that BOC will absorb from the capital issue, a part will be used for the repayment of emergency liquidity.
Other headlines:
-Talks on EEE bill continue
-Relations of borrowers with banks at the edge
-Privatizations and projects at the centre of a forum in Russia
-Properties revaluated at €200bn
The newspaper “Politis” refers to the processes in IRD and the Ministry of Finance in the coming days so that the bill for the change of the tax rates in properties will be tabled to Parliament. As mentioned, with 300 thousand new cases yielded by the overall assessment the tax base is extended, so that the taxation of real property in order to recover €100 million becomes fairer.
The “Economy” inset of the newspaper refers to the plans for the payment of part of the recapitalization debt of Laiki, as revealed by CB Governor, Chrystalla Georghadji within the framework of the presentation of the Annual Report of the bank for 2013. According to the Governor, the €750 million of the new five-year bond, plus another €200 million from the current reserve, total €950 million, will be injected to BOCY, with the state to repay a little less than half of the current nominal value of the bond recapitalization.
Other headlines:
-New criticisms against the SEC for fines
-S&P reservations – For the course of Greece and Cyprus
-CSE drops again
-ASE down
The newspaper ‘Simerini” reports that finding a strategic investor is an one-way street for the survival of Cyprus Airways. According to the report, even plan b cannot be implemented without finding an investor, since there is a provision that the government is not obliged to finance any company established. Plan b provides for the closure of the Company and the opening of a new one on the same day.
The “Economy” inset of the newspaper refers to the list of revaluation of properties submitted yesterday to the Council of Ministers. The list is extended by €300 thousand assets in relation to 1980 and will be the basis for the determination of duties or even better the tax rates of the real estate.
Other headline:
-Papadopoulos against Anastasiades – Open the file for the sale of the Cyprus branches
The “Economy” inset of newspaper ‘Haravgi” refers to the draft law prepared by the parliamentary parties in order to give an extension to the existing law for the use of luxury cars. As noted, the law expires on June 30 and the extension will be given until next October.
“Haravgi” also refers to the meeting of the Board of Directors of Bank of Cyprus today, which will decide on the share capital increase of the bank.
Other headlines:
-Value of private property at €200bn
-Rate cut at the end of the year
-List of exemptions from seizures gets bigger
-Post offices do other business too
The “Economy” inset of newspaper “Alithia” refers to the presentation of the Annual Report of the Central Bank for 2013 by its Governor, Chrystalla Georghadji. According to Mrs. Georghadji, based on the latest measures taken by the ECB, the CB will undertake a more active role so as to convince banks to reduce their rates and to boost the economy.
Elsewhere the newspaper reports that a Russian businessman is ready to invest millions for the construction of a business hotel at Larnaca’s seafront.
Other headlines:
-The evaluation of the banks
-“Creation of single supervisory mechanism a landmark”
-Briefing of Cyprus’s abilities – Supply of NG to Europe
-CSE and ASE decline
The newspaper “Philelefthros” refers to the letter sent by the General Auditor of the Republic, Odysseas Michaelides to Cyta Chairman, Christos Patsalides. In his letter, Mr. Michaelides accuses the Board of Cyta that offers full coverage to the previous Board in cases which may disclose criminal and civil liabilities. The General Auditor indicates that the previous Board of Cyta is likely to have committed offenses of abuse of power and to have caused damage to the authority.
The “Economy” inset of the newspaper reports that the CB Governor called on banks to fortify with capital. Within the framework of the presentation of the annual report of the CB in 2013, Mrs. Georghadji referred to actions taken by the government for BOCY stating that with the latest debt in markets of €750 million, plus another €200 million, part of the bond that has been on the books of the credit institution and is almost of €2 billion will be repaid. She also noted that some of the money, € 400 million, will go to repay the ELA and noted that depending on the amount that BOC will absorb from the capital issue, a part will be used for the repayment of emergency liquidity.
Other headlines:
-Talks on EEE bill continue
-Relations of borrowers with banks at the edge
-Privatizations and projects at the centre of a forum in Russia
-Properties revaluated at €200bn
The newspaper “Politis” refers to the processes in IRD and the Ministry of Finance in the coming days so that the bill for the change of the tax rates in properties will be tabled to Parliament. As mentioned, with 300 thousand new cases yielded by the overall assessment the tax base is extended, so that the taxation of real property in order to recover €100 million becomes fairer.
The “Economy” inset of the newspaper refers to the plans for the payment of part of the recapitalization debt of Laiki, as revealed by CB Governor, Chrystalla Georghadji within the framework of the presentation of the Annual Report of the bank for 2013. According to the Governor, the €750 million of the new five-year bond, plus another €200 million from the current reserve, total €950 million, will be injected to BOCY, with the state to repay a little less than half of the current nominal value of the bond recapitalization.
Other headlines:
-New criticisms against the SEC for fines
-S&P reservations – For the course of Greece and Cyprus
-CSE drops again
-ASE down
The newspaper ‘Simerini” reports that finding a strategic investor is an one-way street for the survival of Cyprus Airways. According to the report, even plan b cannot be implemented without finding an investor, since there is a provision that the government is not obliged to finance any company established. Plan b provides for the closure of the Company and the opening of a new one on the same day.
The “Economy” inset of the newspaper refers to the list of revaluation of properties submitted yesterday to the Council of Ministers. The list is extended by €300 thousand assets in relation to 1980 and will be the basis for the determination of duties or even better the tax rates of the real estate.
Other headline:
-Papadopoulos against Anastasiades – Open the file for the sale of the Cyprus branches
The “Economy” inset of newspaper ‘Haravgi” refers to the draft law prepared by the parliamentary parties in order to give an extension to the existing law for the use of luxury cars. As noted, the law expires on June 30 and the extension will be given until next October.
“Haravgi” also refers to the meeting of the Board of Directors of Bank of Cyprus today, which will decide on the share capital increase of the bank.
Other headlines:
-Value of private property at €200bn
-Rate cut at the end of the year
-List of exemptions from seizures gets bigger
-Post offices do other business too
The “Economy” inset of newspaper “Alithia” refers to the presentation of the Annual Report of the Central Bank for 2013 by its Governor, Chrystalla Georghadji. According to Mrs. Georghadji, based on the latest measures taken by the ECB, the CB will undertake a more active role so as to convince banks to reduce their rates and to boost the economy.
Elsewhere the newspaper reports that a Russian businessman is ready to invest millions for the construction of a business hotel at Larnaca’s seafront.
Other headlines:
-The evaluation of the banks
-“Creation of single supervisory mechanism a landmark”
-Briefing of Cyprus’s abilities – Supply of NG to Europe
-CSE and ASE decline