Daily Press Review - 30/5/2019

Prem Watsa’s Fairfax increases stake in Eurobank

Prem Watsa’s Fairfax increased its stake in Eurobank to €33.3%, after the bank absorbed the real estate management company Grivalia. If one doesn’t calculate the preference rights of the Financial Stability Fund, this percentage amounts to 33.5%. Pimco is also a major shareholder (a percentage of over 5%). The company is also a major shareholder in Hellenic Bank.

 

Start-up Visa scheme

The third call for the Start-up Visa scheme has been announced for the period 2021-2023, and this time it will be accompanied by a €500.000 financing, through the budget of the Research and Innovation Fund. After the Cabinet’s recent decision, the Ministry of Finance is already preparing a decision to finance the scheme with half a million euros.

 

Auction process prevented

The mobilisation of the Movement against foreclosures, MPs and citizens prevented yesterday the auction process for three apartments and one store in Larnaca. The auction would have taken place at 10am but it was cancelled, since dozens of people blocked the entrance of the office, where the auction was scheduled to take place. The apartments and the store are located in Drosia and belong to members of the same family. The father and his two daughters live in these apartments. However, due to the decisiveness of the Movement and other citizens, no one declared their interest in buying the properties and so the process ended without any result.

 

Tension over the pier

The planning for the creation of a pier in Kato Paphos’ marina has caused tension in the Antiquities Department and the Cyprus National Commission of UNESCO. Their reaction in turn caused an outrage by the suppliers and producers of the area. After the publication of that intention, the Antiquities Department rallied against the creation of such a pier, arguing that it is an UNESCO monument and that its character and picturesque appearance should be maintained. The Cyprus National Commission of UNESCO also followed with similar arguments in a recent announcement.

 

PASYXE optimistic for tourism

Politis reports that, the Cyprus Hotels Association (PASYXE) stated that they are optimistic about how tourism is progressing so far in 2019. “The performance of the tourist sector plays a key role in Cyprus’ economic performance in 2019. According to indications, such as scheduled flights to Cyprus for 2019, there is hope and composed optimism that Cyprus will at least maintain last year’s touristic numbers of arrivals”, they mentioned in a multi-page announcement.

 

Seasonality, lack of staff and Airbnb under the microscope

The Cyprus Hotel Association (PASYXE) announced yesterday, that this year’s annual general meeting will be held on Tuesday 18 June, in Nicosia. In view of the general meeting, the Association’s board published the annual report for the period May 2018-May 2019, which among others, included the developments of the tourism sector both in Cyprus and globally. The main issues that the Tourism industry had to face, included the establishment of a Deputy Ministry of Tourism, the need to prolong the tourism period in order to tackle seasonality and unemployment, the growth of winter tourism, the implementation of an “open-skies” policy, and the bankruptcy of many airline companies.

 

PASYXE: Deputy Ministry, expansion, bankruptcies and Airbnb

The Cyprus Hotels Association (PASYXE) announced that this year’s annual General Meeting will take place on 18 June at The Landmark Nicosia hotel (former Hilton Cyprus) in Nicosia. In view of the upcoming AGM, the Association published an annual report on the developments of tourism in Cyprus and abroad, as well as the contribution of the hotel sector in the country’s economy. They also refer to the different challenges that the tourism industry has to deal with as well as ways to resolve these issues. According to PASYXE’s announcement, the association was preoccupied with the unlicensed accommodation and Airbnbs, which are unfairly competing with the legal hotel industry, how to tackle the noise pollution in major tourist areas, the fake compensation claims by British tourists, copyright issues with with hotel music, electricity/energy/water/sewage fees, and the creation of large developments including the creation of the Casinos, as well as the need to create a Cypriot Chamber of Hotels.

 

Cyprus-Nigeria join forces against illegal betting

A four-party mission of the Gaming Board of Nigeria’s Oyo state is visiting Cyprus in order to acquire expertise in matters of supervision and regulation of games of chance. The mission will receive training from the National Betting Authority of Cyprus, on matters of regulation and supervision as well as administrative procedures.

 

Remedica funds TEPAK’s Open Access Author Fund

Yesterday, the Cyprus Pharmaceutical company Remedica, submitted the second instalment of funding to TEPAK’s “Remedica Open Access Author Fund”. This is one of TEPAK’s library initiatives, the highlight of their actions, which aims to promote open access and support academics and researchers in publishing their work in e-magazines and open access books.

 

T/C patients with multiple sclerosis encounter problems

Haravgi reports, that there are over 350 individuals who suffer from multiple sclerosis (MS) today, according to Turkish-Cypriot media that was published yesterday dedicated to World MS Day. The president of the MS association said that there are 9 medicines in total that these patients must receive, and he raised the issue of how these patients are obligated to go through time-consuming procedures every month to recieve their medicine, that they are not given any alternative solutions, and that these medicines are not provided in pharmacies but only in “state hospitals”.

 

Insurance companies run in parallel to GHS

Phileleftheros reports that, the private sector’s involvement in providing health services is undeniable, said Andreas Stylianou the president of the Insurance Association of Cyprus (IAC). He highlighted that in view of the GHS, the insurance industry will continue to support the thousands of individuals covered by private insurance schemes. IAC’s president also mentioned that, the growth observed in the insurance industry, the benefits and compensations offered, and the institutional investments that are conducted in the wider economy, demonstrate the insurance sector’s reliability. He also noted that the industry’s challenges in the near future, of changes in the market due to the GHS’ implementation, must be encountered with composure and determination.

 

Make the clubhouse a point of reference

The goal of football club Omonia’s management is to make the clubhouse a point of reference for every fan of Omonoia. That is what Loris Kyriakou highlighted when the venue will be relaunched soon. The issue is whether they will maintain the clubhouse’s character. Later, when asked about the debt and whether that is manageable, the financial officer Marios Argyrides responded that they examined the facts at the General Meeting. “ We knew that the early stages of this deal would be difficult, but knew that after 10 years the team’s income would increase. We need to mention, that we need the people’s support”.