Daily Press Review - 3/2/2020

Property worth €1m as well as others worth a few thousand up for e-auction

Flats, plots of land, farmland, and houses, some cheap others expensive, some old and others new, have been uploaded to the e-auction platform that has been developed by ACB E-Auctions Ltd, a subsidiary of the Association of Cyprus Banks. The list includes properties worth from €11,000 up to €1m. The cheapest is a 72 sq.m. home in Aglandja and the most expensive is a house in Limassol. Hellenic Bank is auctioning off an apartment in Limassol with a reserve price of €368,000, a development in Paphos with a reserve price of €413,000, a 612 sq.m. plot in Aradippou with a reserve price of €178,800, and a 640 sq.m. plot in Larnaca with a reserve price of €404,000. It is also auctioning off cheaper properties, such as a farming plot in Paphos with a reserve price of €12,000, another farming plot with a reserve price of €6,400 and another for €28,000. Alpha Bank Cyprus and KEDIPES are also auctioning off real estate.

 

Corporate Social Responsibility Award

Hellenic Bank won the Corporate Social Responsibility Award at the INBusiness Awards 2019, which took place last Wednesday. HB’s CSR Programme focuses on four main pillars: People, Environment, Market and Society. Among other, HB supports over 80 students with the JumpStart programme, as well as vulnerable population groups with its “You have the Power” programme. It runs mobile banking units to serve people in the rural communities. Its proper management of energy consumption through the ISO 5001 and the ‘Green Offices’ programme are also very important to the bank. And then there is its ‘Eco Schools’ initiative, while it also trains its staff to operate feedback systems.

 

Complaints regarding financing

The difficulties faced by young couples when they approach the banks to take out loans to purchase a home, especially in terms of the huge guarantees they are asked to provide, were at the centre of discussions during a meeting between the Cyprus Land and Building Developers Association (LBDA) and Central Bank Governor Constantinos Herodotou recently. The two sides also discussed the due diligence carried out by the Cypriot banks when checking the origin of funds brought in by foreign buyers from abroad, invoking the Central Bank’s directive on carrying out risk assessments, which in the majority of cases is exhausting and time-consuming for investors. And in some cases, the banks apply different regulations, sometimes in the same credit institutions. Herodotou explained that the risk assessment process is a requirement of the ECB, though it is up to the bank itself to decide how to implement it.

 

Difficult to free 8,000

The Land Registry Department has completed the process of transferring properties to over 7,500 “trapped” buyers (buyers who purchased property but could not have title deeds issued due to debts or other problems with the developers), in line with the relevant law, said the department’s director Andreas Socratous, adding that an effort is being made to overcome certain problems with another 2,500 cases. However, he said, there are around 8,000 trapped buyers, who are among 22,000 cases where the properties do not even have title deeds, making it difficult for the procedure for mandatory transfer to proceed. Socratous said 18,000 applications had been submitted by trapped buyers for title deeds, of which 10,000 had title deeds and 8,000 did not. The reasons there are no title deeds range from not having construction or town-planning permits, to having aa licence to build 15 units but instead building 20 units.

 

Central Bank seeking to hire staff

The Central Bank is accepting applications up until 24 February to fill three positions in IT, Health and Safety, and Security.

 

Packed agenda for the Finance Committee

The House Finance Committee has a number of important matters to discuss today, including Public Service reform, which has been pending since 2016, when the parliamentary parties rejected the relevant government bill. The government tabled another triptych of bills last October. MPs will also discuss an amending law on state officials’ and employees’ pensions, which among other provides for the early retirement of over 4,000 employees of the broader public sector without the 12% penalty on their pensions. MPs will also discuss the bill for the establishment of the Deputy Ministry of Innovation and Digital Policy.

 

Logicom’s move

Politis’ article argues that Logicom’s Varnavas Irinarchos actively demonstrated that he believes in the investment he made in Hellenic Bank, by purchasing 1,200,000 shares. Logicom’s participation was increased to from 11% to 1.4%. Demetra Investment, whose main shareholder is Logicom, has a 21% stake in the bank.

 

Mergers and acquisitions on the table for insurance sector

A combination of factors (adjustment to the accounting model IFRS 17, the full introduction of the GHS, the new regulatory authority), causing an accumulation of costs, is expected to increase the pressure for mergers and acquisitions in the Cypriot insurance sector. Similar assessments were also made in the past, without ending up to be true despite the large number of insurance companies (32) in a small market as well as the increase in operational costs that opens up the prospects for acquisitions and mergers. Last year showed that there is investment interest for the Cypriot insurance market. The French CNP Assurances increased its presence, by investing €97.5, to acquire 49.9% of CNP Cyprus which was owned by the Bank of Cyprus. Moreover, there are banks that have said they are interested to increase their presence in the insurance market looking to make profits from commission. Hellenic Bank acquired the he entire participation interest of MetLife, equal to 27,5% in the share capital of Hellenic Alico Life Insurance Company Limited.

Apple Pay now available with MasterCard to Bank of Cyprus’ Customers

Bank of Cyprus is now giving its customers the ability to register their Mastercard to Apple Pay, a service that has transformed electronic payments, making them easier and faster with a quick and convenient way. Security and privacy are Apple Pay’s core principles. When you use a Bank of Cyprus MasterCard credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorised with a one-time unique dynamic security code.

 

AstroBank increases share capital by €40m

While AstroBank is keeping its cards close to its chest, the Union of Bank Employees (ETYK) seems to know a lot about the acquisition of the National Bank of Greece (Cyprus). After AstroBank’s announcement in November 2019 that the bank had agreed to acquire the National Bank of Greece (Cyprus), it was expected that the transaction would be financed by the Bank’s excess liquidity and that it would be supported by a share capital increase, while the process will is expected to be finalised in the second quarter of 2020. ETYK announced on Wednesday that its leadership is closely monitoring the developments pertaining to the acquisition of the National Bank of Greece (Cyprus) by AstroBank as well as the way that the Bank’s employees will be absorbed. As AstroBank revealed in its latest €40m-share capital increase, AstroBank participated both in the Single Provident Fund of the Bank Employees as well as TYETYK. As such, following this development, ETYK is not only interested in the Bank’s employee-employer relationship but the Union also participates as a major shareholder. In an announcement, ETYK said that the following the share capital increase, the purchase of NBG (Cyprus) must be considered as certain. With the completion of the acquisition of the National Bank of Greece (Cyprus), the bank’s business will grow by €30m, thereby reaching €2.9b. Based on the most recent announced data of the first semester of 2019, gross loans will increase to €1.4b and deposits will rise to €2.6b. Even if when NBG (Cyprus) was purchased, it only had 12% of NPLs (about €30-50m), AstroBank also had NPLs from the newly-acquired USB Bank, which amounted to around €600-700m. ETYK said that it’s in constant dialogue with AstroBank’s management as well as the National Bank of Greece (Cyprus), while he informed its members that it attaches significant important to the next day after the absorption of NBG Cyprus by AstroBank, and especially the developments that will follow, pertaining to the future of these bank employees.

 

Mastercard launches the Priceless Planet Coalition

Mastercard announced the launch of the Priceless Planet Coalition, a platform to unite corporate sustainability efforts and make meaningful investments to preserve the environment.  Together with partners who share a commitment to doing well by doing good, the Priceless Planet Coalition is pledging to plant 100 million trees over five years. Founding partners in the coalition include Citibank, Santander UK, IHS Markit, bunq, Saks Fifth Avenue, L.L. Bean, New York Metropolitan Transportation Authority, Transport for London, and American Airlines, with more to be announced. It is crucial for companies to help reduce carbon emissions by investing in energy efficient workplaces and operations, sourcing renewable energy and maintaining a sustainable supply chain. But the responsibility for business today extends far beyond their own efforts. Mastercard believes the private sector can do more and make real impact by combining efforts and engaging consumers.

Cypriot banks have excess liquidity of €15b

The Cypriot banks have excess liquidity amounting to €15b and have to pay a penalty to the European Central Bank, but still continue to keep the same strict criteria they implemented during the crisis regarding granting loans to households and businesses. According to Central Bank data Cypriot banks have deposits amounting to €48.74b, while the total loans amount to €33.66b. This means that there is excess liquidity amounting to €15.07b. In fact, a large part of the above amount is deposited with the ECB, where the interest rate is -0.5%. This means that the banks have to pay a €1m penalty each month. However, based on the results of the latest study on bank loans which was conducted by the CBC, the banks have kept the strict lending criteria they had implemented in 2014, due to the crisis and the memorandum. It should be noted that based on the ECB’s information, the loan to deposit ratio for households and businesses stands at 75.2%.

 

Banks will be providing clients with detailed statement of fees

As of Friday, 31/11/2020, clients of Cypriot banks started receiving letters from their banks about a procedure that will be applied for the first time in Cyprus: the statement of. In fact, with a relevant Directive the European Commission has obliged all the banks in the EU to provide their clients with a detailed overview of the total fees they paid them during the previous year. The Directive was implemented in Cyprus in November 2018 and while the banks should have provided their clients with this statement since last year, the Central Bank of Cyprus urged them not to send their clients a report with all the fees they paid in the last two months of the year. As such, the first letter the clients will receive will be for a 14-month period rather than 12 months.

 

JCC launches new application

With the slogan “Give and Take for All!” we were introduced to a new application from JCC along with media representatives and bankers at Patio. From now on, our transactions are done instantly, easier than ever, without any charge, by all to all! This was the main message of JCC’s news conference after they presented a whole new world of transactions. The cashless society is the way of the future, the new Settle application brings that future to the present. With just one application, we enter the world of safe mobile payments. Settle is a payment application developed by the Norwegian company Auka, pioneer in online payments in Scandinavia, which seeks to have a positive outcome in people’s lives and businesses, enabling them to make instant cashless payments easily and at the same time be in full control of their transactions.

 

Predictions for ESTIA

After a first close examination of the applications to ESTIA, it seems that the final number of borrowers that will benefit from the scheme will be smaller than the 5,400 that applied. A large number of applications was submitted over the past week, without any supporting documentation, a significant number of which will most likely not end up submitting the remaining documentation. It may be that the scheme did not attract all the borrowers with NPLs mortgaged on a primary home, but it succeeded in another way according to banking executives, as it rooted out the bad seeds. The bankers’ message is that they intend to apply pressure on those who didn’t apply for the scheme and those who tried to abuse it to gain time. Among the applications that were submitted, there are cases of borrowers who declared their vacation home as their primary home.

 

Probe in Credit Suisse’s role in spying scandal

The Credit Suisse spying debacle risks tipping the bank into a crisis that could engulf its top executives. Switzerland’s market supervisor is scrutinizing Credit Suisse’s oversight of chief executive Tidjane Thiam and his top lieutenants as part of a probe into corporate espionage, two people with direct knowledge of the investigation said. FINMA is examining whether management control failures led to Switzerland’s second-largest bank snooping on two former executives, they said. Depending on the outcome of the investigation, FINMA could order Credit Suisse to overhaul its leadership, including requesting the resignation of any executive or board member if it concluded they failed to act in a ‘fit and proper’ manner, the people said. They added that the probe was at an early stage and no conclusions had yet been drawn.

 

CySEC: New entities will be able to apply for licence online

With a view to reduce delays, CySEC is looking into creating a specialised system for the electronic submission of applications for the licensing of new entities. In an interview to Phileleftheros, the chairwoman of the Committee, Demetra Kalogerou stresses that the transposition of the 5^th EU Directive is moving forward. The Directive will for the first time include regulations regarding Cryptocurrencies. In relation to ESMA’s criticism that Cyprus has supervision problems, Demetra Kalogerou stresses that the Evaluation Team did not take into account the specific characteristics of the Cypriot market. CySEC disagreed with the findings and estimations of the ESMA’s Evaluation Team about these two thematic areas. CySEC’s position about this report is included in a relevant report that has been published.

 

Plan to revoke passports of 26 individuals stuck

Phileleftheros reports that the process to revoke the Cypriot citizenship from 26 individuals, has proven more difficult than initially expected. Even though the Cabinet issued its relevant decision in the beginning of November, no action was completed, and no procedure has begun yet since the country’s relevant law does not cover cases of investor naturalisation. Sources report that the Minister of Interior and Minister of Justice will soon meet with the Attorney General so as to take decisions on the matter. It is very likely that they will decide to amend the relevant legislation so that it covers cases of naturalisation by investment and so that the revocation process can begin for the 26 individuals. As it comes to the good news of the matter that shook Cyprus, is that so far, the authorities haven’t identified any other cases of naturalised investors who are guilty of misconduct serious enough to cause them the Cypriot citizenship. However, the authorities haven’t yet checked all the cases and the situation could change.

 

ICPAC becomes member of OEB

The Employers and Industrialists Federation (OEB) and the Institute of Certified Public Accountants of Cyprus (ICPAC) announced that ICPAC has become a member of OEB as of 1/1/2020. ICPAC and is the competent authority for regulating the accounting profession and the sole recognised Body of Auditors by the state of Cyprus. ICPAC’s decision was jointly taken by ICPAC’s board and is a confirmation of the lengthy fruitful and multi-level cooperation between the two bodies.

 

A year of restructuring for Cyprus Stock Exchange

According to the Chairman of the Cyprus Stock Exchange, Marinos Christodoulides, 2019 will be a year of reorganisation for the CSE. Speaking at an event Christodoulides said that many initiatives were taken in 2019 and that in 2020 there is potential to achieve a restructuring so that it will be able to contribute to economic growth. He added that with the new initiatives that will be completed in 2020, they are hoping that the CSE will be able to follow the growth trends recorded in international and European stock exchange markets.

 

A new state of play for the country’s economy?

The country’s available productive human resources were used entirely in 2019, for the fifth consecutive year and the economy is growing with a production volume that exhausts the possibility to keep the balance sheet deficit under control, according to Pavlos Kalosynatos, Director General of the INEK-PEO institute. According to Mr Kalosynatos, the end of financial growth is directly related to the fact that growth in the tourism and construction industries have apparently completed their circle, even if this prediction has a certain level of uncertainty because the external environment remains fluid.

 

Businesspeople give reassurances about Brexit

Business stakeholders gave reassurances regarding the consequences of Brexit, while at the same time think that that Britain’s exit from the EU was completed smoothly. The Director General of the OEB, Michalis Antoniou told Stockwatch last Friday “we are disappointed that Britain is leaving the EU, but also relieved that at least now it is departing on the basis of a deal”. He stressed that “we remain calm and hopeful that they will come to an agreement on the trade relations of the two parties after the end of the transitional period. We hope that the transitional period that was determined at the end of June will be extended for another one or two years, so as to allow enough time to establish our relationship in the post-Brexit era without ruining the conditions for businesses and citizens as well as the Cyprus-UK economies in general”.

 

Forum on cash flow management in a negative interest rate environment

Hellenic Bank and Allianz Global Investors co-organised a conference discussing alternative cash flow management strategies as well as the new era of investments under the title “Defending your Kingdom: Sustainable Investment strategies for uncertain times”. The conference was the first of its kind since the beginning of the partnership of Hellenic Bank and Allianz GI. Through Hellenic Bank, the clients can access a wide range of actively managed mutual funds and various types of investment products from around the world, by fund managers who manage over €500b. “In an era where the negative rate environment continues to change beliefs and investors’ behaviour, the conference’s goal was to raise awareness about the future of sustainable investments as well as alternative solutions to cash in a period of uncertainty in the world market”, the announcement reports. George Georgiou, Global Head of Fixed Income Product Specialists at Allianz Gl, talked about the alternative investment choices offered by Allianz GI with a view to combat the erosion of wealth. Specifically, he referred to the Treasury Short Term Plus Euro scheme, which is managed by Allianz GI’s Advanced Fixed Income with the under-administration funds amounting to €52b globally as of September 2019. As the Bank’s Head of Private Banking, Peter Tangalos said there aren’t any easy and simple solutions for investors. “The era when clients were satisfied with an adequate return on their deposit, has definitely come to its end, according to the world market prospects”, he stressed.

 

Link Group to acquire Pepper European Servicing

Link Group has signed an agreement to acquire Pepper European Servicing (PES) from financial services company Pepper Group for an upfront consideration of €165m (approximately £139m) and an additional consideration of €35m (approximately £29m) after meeting certain growth milestones. The agreement also affects Cyprus, since the also Australian Pepper operates in the Cypriot market. Specifically, Pepper Cyprus Ltd manages Bank of Cyprus’ NPLs. When the company took up the Bank’s portfolio was €800m, including retail loans as well as SME loans, a very challenging portfolio. The acquisition of the European subsidiary of Pepper by Link Group means that there will also be changes to Pepper Cyprus. PES has a total of €40 billion of assets under management and employs a team of 880 people.

 

4,469 applications missing documents

Politis reports that the first month of the extension for the ESTIA borrower protection scheme has passed and it appears that very few borrowers have completed their applications. About a dozen borrowers proceeded to complete their applications, according to the head of the Association of Cyprus Banks, Michalis Kronides. Only 20% of applicants have completed their ESTIA application. Specifically, 5,652 applications (for loans worth €1.5b) can be evaluated by the banks. Out of these, 1,183 applications (for loans worth €278m) have been fully completed, while 4.469 applications are still missing certain supporting documents.

 

Discussion about PEPs loans moved forward

The House Watchdog Committee has moved forward is discussion of a list of politically exposed persons (PEPs) with bad debts to the 6^th of February. The head of the Central Bank, Constantinos Herodotou is expected to attend the meeting, in order to give relevant information but it is not yet known if he will give MPs the list. Moreover, he will be called to reply to MPs questions over whether PEPs were granted loans with preferential terms or whether there were any debt write-offs. According to Phileleftheros’ sources, the meeting was set for 5 March but was changed due to the postponement of a trip of the Watchdog Committee Chairman and the House President.

 

House demands list with 100 largest tax debtors

The House Watchdog Committee is demanding to see the updated list with the 100 largest tax debtors. After the Committee’s decision to discuss the matter, they prepared a draft letter signed by the Chairman of the Committee Zacharias Koulias to be sent to the Tax Commissioner. Specifically, the Committee is asking for the updated list of the 100 biggest debtors, both the natural and legal persons who have an outstanding debt to Income Tax or VAT. According to the Tax Department data, out of the 100 taxpayers who owe over €1m, there are a few who have a debt amounting to some million euros. Already the relevant department has sent letters to the 100 taxpayers who are natural and legal persons, calling them to settle their debt within 30 days, or face criminal charges.

 

Auditor-General calls on MOKAS to help with passports investigation

The Auditor General suggests that MOKAS could check to find out if any commission fees were received in the framework of real estate sale and purchase transactions, but not declared. He said that there is a €1m loss from the non-payment of transfer fees, that there are property valuations at the Ministry of Interior are different from the Tax Department, while he believes that 6 Saudi nationals should have been granted Cypriot citizenship because they didn’t meet the criteria.

 

Row over debt write-offs

AKEL’s Secretary General told Politis that he knows many things about the bad loans and write-offs, while he called on the head of the Central Bank to publish everything, providing the real picture. He blames DISY, and said that DISY president Averof Neofytou tried to misdirect the public from the matter at hand.

 

MSC 8-day cruises

MSC Cruises and Top Kinisis Travel, MSC’s main sale representative in Cyprus, announced 8-day cruises in the Eastern Mediterranean leaving from Limassol port in the summer 2021. During an event held on January 21 at the amphitheatre of MSC cruise ship Opera in the presence of ministers, shipping and tourism industry stakeholders and other guests, Akis Kelepeshis, Executive Chairman of Top Kinisis Travel Public Limited and Angelo Cappuro, MSC Cruises Global Executive Director, made the above announcement. During his speech Akis Kelepeshis explained the significance for the Limassol port and said that MSC Lirica’s 8-day cruises Cyprus-Israel-Greece-Turkey cruises will transport to Limassol 55,000 tourists in 2021. MSC Lirica will run the cruises from May to October 2021.

 

Message for Guterres

Nicosia sent a message to UN Secretary-General Antonio Guterres with regard to its lack of response on the Turkish illegal actions in the Cyprus’ EEZ. According to Phileleftheros’ information, during the recent telephone conversation of President Nicos Anastasiades with the UN envoy, Jane Hall Lute, the President raised the issue and asked the UN official to convey Nicosia’s position. Nicosia pointed out that so many international organizations and states have reacted to the Turkish offenses against Cyprus and only the UN has done or said nothing. Ms Lute has undertaken to convey Anastasiades’ message to the UN Secretary-General. This intervention reveals that Nicosia is deeply disturbed by the "clever neutrality" with which the UN is dealing with Turkish activities. This is also evident from the reports of the Secretary-General but also from a statement by UN Special Representative Elizabeth Spehar in New York in January 2018 that UNFICYP is not an issue. It obviously means that the mandate of the Peacekeeping Force covers only the land and not the maritime area.

 

Nicosia counterattack against Ankara

The current week is expected to be a week of significant developments at many levels, with Nicosia on the one hand preparing to welcome US Undersecretary of State for Energy Francis Fannon and on the other hand Brussels to be almost ready to announce states' political agreement with members that will lead to the long-awaited sanctions against Turks involved in illegal drilling. Fannon's visit to Nicosia, like all previous ones, is of paramount importance, since the US diplomat will attend the inaugural meeting of the Energy Planning Working Group, which was decided last August in Athens, in which Cyprus participates along with Greece, Israel and the USA. It is noted that this is the first meeting of this group on emergency preparedness and response related to offshore oil and gas activities. Frances Fannon is also expected to send messages from Nicosia to Ankara regarding its illegal drilling within the Cyprus’ EEZ. Messages similar to those sent by French President Emmanuel Macron last week from Paris. With regard to Brussels, once the political decision has been made, according to Ant 1 correspondent, the sanctions will concern two senior business executives whose assets will be frozen and banned from entering the European Union countries. The announcement of the first sanctions against persons is expected within the last week of February. According to Foreign Minister Nicos Christodoulides, he completed everything on his part, and it is now up to the relevant Relex team and Coreper as to when they will make the announcements. This is a very difficult and complex endeavour which requires unanimity to pass through the competent Brussels committees, and already, as Nicos Christodoulides has previously revealed, Turkey has reached out to many foreign ministers and European leaders alike, urging them to block the decision.

 

Which airlines are gaining ground

Airlines in a battle to boost their share of the airline's pie resulted in the big airlines taking advantage of the changes brought about by their competitors' bankruptcy. Competition flared after Cobalt Air's closure despite initial increases in ticket prices, especially in destinations such as Greece and the UK. Big airlines have rushed to gain shares following the fall of Cobalt, achieving - in some cases - a significant expansion of their passenger base. According to official figures, low cost airline companies dominate the Cyprus airline market, with some of the more traditional players holding significant shares, despite their relatively high prices. According to Hermes Airports data, Ryanair, Aegean and Easyjet have the largest market shares in the Cypriot ethers, collectively bringing a quarter of passenger traffic to and from Cyprus. According to Hermes Airports, Ryanair has the largest market share reaching 10.2% in 2019 versus 8% in 2018. Aegean Airlines is second with 8.8% from 8.5% in 2018 and Easyjet with 7.4% from 7.1%.

 

High-quality holiday homes by Leptos

Leptos Group has for the past 60 years been offering high-quality projects with good aesthetic, managing to attract hundreds of Cypriots and foreign buyers who purchased holiday homes. In Cyprus, the Group emphasised on the districts of Paphos and Limassol, which are well-known for their natural beauty and history as well as their cosmopolitan character. In Paphos they created the innovative projects such as the Kamares Villages, Aphrodite Gardens and Venus Gardens. In Limassol, the group has been moving forward with three new projects over the past three years. These are Limassol Blu Marine, Limassol Park and Limassol Del Mar. At the same time, the Group is developing many projects in Greece. In an interview with Phileleftheros, the Groups’ vice-president, Pantelis Leptos is presenting the Group’s plan for holiday home developments in Cyprus and abroad. At the same time, he reveals the Group’s future plans and refers to the Group’s 60-year history in the construction business.

 

Akama communities want to involve Perdios in drafting Action Plan

A concerted effort is being made by the Akamas and Polis Chrysochous communities to actively involve the Deputy Ministry of Tourism in the procedures and negotiations taking place for the development of the western region of Cyprus. They believe that Savvas Perdios’ actions since taking up office are headed to the right direction, while all other involved state services do not really take into account the specificities and demands of the region, they are campaigning so as to make the Deputy Ministry a part of this dialogue. In this framework and only in just a week, they proceeded to two activities that state the intentions of the local authorities and bodies. The Municipality, the communities and other bodies of Chrysochous as well as Tylliria participated in a meeting led by the Deputy Minister of Tourism, in order to look into the tourist problems of the areas as well as resolve them, while a few days later the coordinating body of the Akama communities, requested Perdios’ participation in the process to finalise and implement the region’s Action Plan.

 

Cyprus tourism over the next decade

The 42^nd Annual Conference of the Cyprus Hotels Association (PASYXE) that will be held on Tuesday, 25 February 2020 at Hilton Nicosia will deal with the challenges and prospects of the Cyprus tourism. The conference’s main theme will be: Aligning our vision for Cyprus tourism in the next decade. It is comprised of six presentations: 1. Europe. Our vision of Cyprus over the next decade. 2. Hermes Airports’ vision for Cyprus. 3. Hotelbeds: Destination Report and future prospects. 4. STR presentation for the comparative evaluation of statistical data for the hotel and destination industry. 5. Sustainability by setting standards in the hotel and tourist sector. 6. We change before we are forced to change. PASYXE extends thanks to its official sponsors who are substantially supporting the annual conferences and reports of the association. City of Dreams Mediterranean is a Golden Sponsor.

 

Faulty immune system may lead to lung cancer

An immune system that's not functioning normally may lead to lung cancer in patients who don't smoke, a new study suggests. "A strong immune system helps to keep inflammation under control and chronic inflammation is known to promote cancer," said co-author Rayjean Hung. "Our research suggests that it's underlying dysfunction of immune regulation that can lead to lung cancer, as if a shield is down," she said. Hung is a senior investigator at Sinai Health's Lunenfeld-Tanenbaum Research Institute in Toronto. For the study, Hung's team looked at the genes of 80,000 people to see if conditions other than those that compromise lung function—such as chronic obstructive pulmonary disease (COPD)—can cause lung cancer. As many as 70% of lung cancer patients also have existing COPD or airflow obstruction. "Who suffers from lung cancer goes beyond what could be explained by smoking," Hung said. "Our findings provide more insight on why lung cancer occurs in non-smokers and points to the importance of immune regulation." Screening CT scans can find lung cancer before symptoms appear. Finding the disease early can make curing it more likely. These findings expand the number of people who should be screened, the researchers said.

 

Daily smoking and drinking ‘linked to modest increase in brain age’

Smoking and drinking on a daily basis may lead to a “modest increase” in brain age, new research suggests. Scientists have found that regular drinkers and smokers appear to have slightly older brains than people who do not, or only occasionally, smoke or drink. The findings also show the brain age of moderate drinkers to be “indistinguishable” from those who abstain from drinking. A team led by Arthur W Toga, from the Keck School of Medicine of University of Southern California, looked at data from the UK Biobank project, an online database of 500,000 people and their medical conditions. They used machine learning technologies and a type of brain scan known as structural MRI to calculate the relative brain age of 17,308 people aged 45 to 81. The authors found that those who smoked or drank alcohol on most or all days had older-looking brains than those who smoked or drank less frequently or not at all. Each additional pack-year of smoking, defined as smoking a pack of cigarettes per day for a whole year, was associated with 0.03 years of increased relative brain age, the researchers said. And each additional gram of alcohol consumption per day was associated with 0.02 years of increased relative brain age, the team added.

 

Never too late: scientists find how quitting smoking reduces lung cancer risk

Quitting smoking reduces the risk of developing lung cancer by promoting the development of “protective” lung cells, researchers say. Scientists have found that kicking the habit can stop further damage to the lungs and allow new, healthy cells to replenish the lining of the airways. The team, from the Wellcome Sanger Institute and University College London (UCL), discovered that compared to current smokers, people who had stopped smoking had more “genetically healthy” lung cells. These cells, the researchers say, have a much lower risk of developing into cancer and highlight the benefits of stopping smoking completely. Dr Peter Campbell said: “People who have smoked heavily for 30, 40 or more years often say to me that it’s too late to stop smoking – the damage is already done. “What is so exciting about our study is that it shows that it’s never too late to quit – some of the people in our study had smoked more than 15,000 packs of cigarettes over their life, but within a few years of quitting many of the cells lining their airways showed no evidence of damage from tobacco.” It is estimated around 72% of the 47,000 annual lung cancer cases in the UK are caused by smoking. The disease accounts for nearly 21% of all cancer deaths, according to figures from Cancer Research UK.

 

Increasing expectancy of healthy life

Healthy habits, such as maintaining a healthy weight, mild consumption of alcohol and frequent exercise can prolong life with good health, for another ten years. Experts found that people with healthy habits can expect five additional years of good health, compared to those who smoke, drink excessively or are overweight. The study looked at data of over 110,000 people but focused on the cases of cardiovascular disease, cancer and type II diabetes.

 

 

 

1431 Can help you stop smoking

Cyprus recorded more than 350,000 (31% of the population) smokers in 2018. Around 40% was men and 11% women. However, thanks to smoking cessation programmes that have been implemented by mental health services, and under the auspices of the Ministry of Health, out of 517 smokers who entered such programmes, 52.5% were successful in stopping smoking. The “1431” line operates 24/7 by the Health Ministry, where interested persons can call anytime, leave their information and request smoking cessation programmes. This information is sent to the scientific programme coordinator, who distributes persons to the 6 available clinics in Cyprus offering these programmes.

 

Transport of pesticides from the occupied areas under the microscope  

The authorities of the Republic are on alert because of the illegal trade from the occupied areas and the distribution of dangerous pesticides in the areas controlled by the Republic. Minister of Agriculture Costas Kadis, in his statements to CyBC, stressed the seriousness of the issue, said he asked for the assistance of the EU Health Commissioner Stella Kyriakides to strengthen the efforts of the authorities to maintain the agriculture economy in safe and healthy levels. According to data, the use of illegal pesticides showed a rapid increase, having immeasurable damage to both the environment and people.

 

5 new vacancies at National Gaming and Casino Supervision Commission

Phileleftheros reports that there are career opportunities relating to the casino, as five new vacancies were announced for the National Gaming and Casino Supervision Commission. Interested parties can submit an application by 14 February for these temporary positions. The gross annual salary for four of the positions is to up to €25,000, while the fifth’s annual salary is up €20,000. The Commission is hiring an IT Officer, a Risk Management Officer, two Casino Supervisors who will work alongside the other supervisors at the facilities of the casinos across Cyprus, on a shift basis. The Supervisors will be tasked to oversee the operations of the casinos and make sure that they operate according to the relevant legislation and that any allegations for potential legal violations are thoroughly investigated. Moreover, they will investigate, prepare and present the regulatory cases for hearing processes. Lastly, it is noted that the Commission is also hiring a Human Resources officer.

 

Engomi residents object to high rises

The town-planning department reassured Engomis’ residents that they will not be issuing a town-planning license for the construction of the proposed high-rises near the Nicosia casino and Hilton Park, if the Municipality of Engomi does not consent to it. On behalf of Engomi’s residents, Louiza Mavrmmati after a municipality-wide meeting, said that the residents would have reacted differently if the two proposed developments were up to 6-storeys high and the hotel was four storeys, as foressen in the Nicosia Masterplan. Mrs Mavrommati also said that the residents have sent a message that they will accept changes to their municipality’s characteristics, which is mainly comprised of two-storey buildings. Some residents also wondered whether it is right to send a message that Engomi is competing with the city centre of Nicosia, which mainly foresees the development of high-rises.

 

 

 

Hard Rock selling its emblematic Las Vegas casino

The Hard Rock Hotel & Casino will be a thing of the past in three days, but it plans on going out with a bang, with a four-year goodbye party. The “Last Great Party” as it was named, will offer cheap food and live performances by well-known bands and famous DJs. The €100m-worth property includes a casino covering a 28,400 square feet area and a 11-sotrey hotel with 339 rooms. The casino-hotel will be renamed Virgin Hotel Las Vegas, after being purchased by Virgin mogul, Sir Richard Benson.

 

Charges up to €25

GPs and specialty doctors of the GHS are able to charge beneficiaries up to €25 as an additional contribution for visits after 8:00 p.m. until 7:00 a.m. on weekdays, and on any hour on the weekends and public holidays, according to the HIO’s announcement. However, this charge excludes visits/services from doctors specialising in radiology, radiodiagnostic cytology and pathological anatomy.

 

Laughing gas to be included in substances

The public consultation begins concerning the inclusion of “laughing gas” in the Narcotic Drugs and Psychotropic Substances Law, according to the Ministry of Health. The public consultation will last until 2 March. According to the Ministry, the reason behind this proposal is the occasional occurrence of sales of packages for recreational use of nitrous oxide, especially during the summer months in the tourist areas. Commonly known as “laughing gas”, it has calming and euphoric properties, however, it increases risk of asphyxia, crossing (deterioration of time perception) and accidents as a result. It also has other uses, such as medical anaesthesia but the aim of this action is to impose greater penalties on violators and curb the phenomenon of selling laughing gas for recreational use.

 

Additional contributions and patients with chronic illnesses

Health Minister Constantinos Ioannou explained why the HIO fails to satisfy the Pancyprian Thalassemia Association’s (PTA) request to cover the additional contributions. Other groups of chronic patients such as persons with multiple sclerosis, ALS, etc, do not pay any additional contributions, as these are covered for them by the HIO. The PTA requested that they receive all medical aids (hearing aids, mobility aids, etc) from the GHS, as they are needed due to complications from thalassemia and chronic illnesses, but the Health Minister said that external aids such as mobility aids, are under the responsibility of the Ministry of Labour. He added that the HIO will cover implants and the remaining medical equipment, such as hearing aids, defibrillators, medication pumps, that are currently covered by the Health Ministry.

 

Upheaval due to changes to the GHS

The restrictions on the protocols and guidelines that will be put forward on Monday by the Health Insurance Organisation have caused an upheaval mainly among doctors. These relate to the prescription of specific drugs and annual cardiological tests. In fact, the private doctors’ association that have joined the GHS is preparing to meet with the HIO to request explanations and request more time and a part in taking up relevant decisions. As the association’s president told Phileleftheros, the doctors are opposed to a number of provisions and what they are asking is to meet with the HIO and participate in the preparation of protocols so that there aren’t constant oppositions and upheavals. The majority of complaints have to do with the cardiological tests since cardiologists and patients are worried, that specific regularly taken tests such as cardiographs, fatigue tests, heart ultrasounds etc. will not be covered by the General Health System. Speaking to Phileleftheros, the deputy general director of the HIO Athos Tsitonides tried to calm people down saying that no patient will be excluded from treatment due to the protocols and guidelines of the GHS. The restrictions that were implemented concern cases of citizens who, for preventive reasons, request to take specific tests.

 

Upheaval due to changes to the GHS

The restrictions on the protocols and guidelines that will be put forward on Monday by the Health Insurance Organisation have caused an upheaval mainly among doctors. These relate to the prescription of specific drugs and annual cardiological tests. In fact, the private doctors’ association that have joined the GHS is preparing to meet with the HIO to request explanations and request more time and a part in taking up relevant decisions. As the association’s president told Phileleftheros, the doctors are opposed to a number of provisions and what they are asking is to meet with the HIO and participate in the preparation of protocols so that there aren’t constant oppositions and upheavals. The majority of complaints have to do with the cardiological tests since cardiologists and patients are worried, that specific regularly taken tests such as cardiographs, fatigue tests, heart ultrasounds etc. will not be covered by the General Health System. Speaking to Phileleftheros, the deputy general director of the HIO Athos Tsitonides tried to calm people down saying that no patient will be excluded from treatment due to the protocols and guidelines of the GHS. The restrictions that were implemented concern cases of citizens who, for preventive reasons, request to take specific tests.

 

Court cancels Famagusta pharmacies’ holiday break decision

The Administrative Court has cancelled the decisions of the Pharmaceutical Council and the Cyprus Pharmaceutical Association Council, with which they determine the summer holiday break for pharmacies in the district of Famagusta.

 

HIO says too early to review the number of patients in doctors’ catalogues

The HIO plans to reconsider the number of beneficiaries included in personal doctors’ catalogues, after the first year of the GHS’ operation. They believe that at this point, it is rather early to review this number and they are waiting for things to smooth out before taking any decision. Many GHS beneficiaries complain that their personal doctor is very busy and that they have a waiting list. This kind of complaints have also reached the MPs, who during a discussion on the GHS budget submitted a number of questions on this issue, while some supported that the maximum number of beneficiaries should be 1,500. Replying to MPs, the HIO says that based on the number of beneficiaries and the 500 number of personal doctors who are expected to join the GHS, each personal doctor should be assigned to 1,300 patients.

3 out of 10 for blood tests

Since June and until the end of January, GHS beneficiaries recorded around 2 million visits to their GPs. Around 3 out of 10 beneficiaries (26.9%) were referred for blood tests, 1 in 2 (49.25%) were prescribed medicines, 4 out of 10 (36.4%) were referred to a specialty doctor and around 9 out of 100 (8.62%) were referred to radiodiagnostic examination. In its letter, HIO responded to MPs’ questions over the GHS budget, as it will be voted in House on 7 February. MPs’ main concerns, inter alia, include the abuses recorded by the system, and they have requested that the HIO informs them in writing about the measures taken to address this issue.