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Cyprus News Agency: News in English, 10-05-26

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From: The Cyprus News Agency at <>




    President of the Republic of Cyprus Demetris Christofias has noted that the intensification of competition among tourist destinations and the consequences of the global financial crisis have unavoidably affected Cyprus as well.

    In an address to the General Assembly of the Pancyprian Association of Hotel Owners (PASYXE), read out by Minister of Commerce, Industry and Tourism Antonis Paschalides, President Christofias praised the Association`s role in the tourism sector and referred to government measures to support the sector.

    President Christofias said the government measures and efforts by other organisations in the public and private sector would produce better results if accompanied by hard work, dedication and coordination.

    He said there were already positive messages from important markets, such as Russia, Germany, Greece and the Scandinavian countries, adding that if the UK market maintains the same level of tourist arrivals as 2009, then 2010 will be positive.


    Bank of Cyprus announced on Wednesday profit of 81 million euro after tax, increased by 29% compared to the corresponding period of 2009.

    BOC believes that in 2010 it will achieve ``satisfactory profitability`` in the framework of the announced forecasts, noting that net profit after tax will reach 300-400 million with positive contribution from all the markets the Group operates.

    According to a press release issued by BOC ``the results of Q1 2020 reaffirm its successful planning policies and its chosen business model allowing the Group to achieve increased profit, maintain a strong balance sheet and remain on track to achieve its business and financial targets of 2010.``

    Profit before provisions for Q1 2010 increased by 46% reaching 165 million euro whereas profit before taxation reached 91 million euro, increased by 17% compared to Q1 2009.


    ``Under siege 2010`` readiness exercise concluded successfully in Larnaka International Airport. The exercise was carried out between 11:00 - 14:00 local time in the framework of the multinational political - military exercise ``Argonaut 2010`` taking place in Cyprus on May 25 - 28.

    According to the exercise`s scenario, as a result of rapid political-military developments taking place in Middle eastern country, a passenger aircraft of Cypriot-based Eurocypria Airlines lands in Larnaka airport in the framework of an operation to evacuate non-combatants stranded in the neighbouring country, mainly Cypriots and Europeans who after the arrival to Larnaka will embark on corresponding flights to other European destinations. However, during disembarkation of Cypriot passengers the plane is hijacked, prompting all concerned services both in and outside the airport to act.

    In statements after the exercise, Cypriot Minister of Communications and Works Erato Kozakou-Markoullis said the exercise was successful, adding ``all services concerned both governmental and non-governmental, contributed effectively to the successful conclusion of this exercise.``

    ``The exercise proves that we are really ready to tackle any possible crisis,`` she added.

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