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Cyprus News Agency: News in English, 11-10-26

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] FINANCE MINISTER - BANKS - ADEQUACY
  • [02] HYDROCARBONS - PROSPECTS
  • [03] ECONOMIC SENTIMENT
  • [04] IRC - CYPRUS RALLY

  • [01] FINANCE MINISTER - BANKS - ADEQUACY

    Cyprus Banks are expected to try to raise capital privately to strengthen their capital adequacy, Finance Minister Kikis Kazamias has said, stressing however that the Government is ready to step in and take all actions necessary to ensure financial stability.

    In a written statement issued Wednesday, Kazamias noted that the whole banking system at EU level is facing serious challenges arising mainly from the debt crisis in the eurozone.

    He said that ``an effort is being undertaken at EU level to further increase the capital adequacy of the EU banking system so as to be able to cope with further shocks from the debt crisis.``

    Therefore, he added, ``increasing European banks capital aims at maintaining the necessary capital in the banking system at very high levels following any significant assessment of the value of government bonds held by banks in order to maintain a climate of trust in the system.``

    Minister stressed that ``in this context, as is already known, the Cypriot banks are exposed to government bonds and so are facing the same challenge.``

    The entire issue, he added, is being addressed with all due consideration by both the Ministry of Finance and Central Bank of Cyprus.``

    Kazamias stresses that ``the required additional strengthening of the capital adequacy of Cypriot banks should be done primarily by the banks themselves.``

    ``However, if necessary, the Government in close collaboration with the Central Bank is prepared to take all necessary actions to ensure financial stability,`` he added.

    Finally, Kazamias noted that the issue of effective response to the challenge of further strengthening the capital adequacy of European banks is being handled at European level, with the possible involvement of the European Financial Stability Fund.

    [02] HYDROCARBONS - PROSPECTS

    Possible deposits of hydrocarbons in Cyprus` exclusive economic zone would give prospects of great and long-term economic growth and at the same time place Cyprus on Europe`s energy map, giving it the opportunity to contribute to the EU energy security, Minister of Commerce, Industry and Tourism Praxoulla Antoniadou said on Wednesday.

    Addressing the opening of the Cyprus-Greece Chemistry Conference, titled ``The contribution of chemistry to human culture - Past, present and future``, in the southern coastal town of Limassol, Antoniadou said Cyprus is at ``a new point of its development effort,`` however ``the heavy financial climate has affected us on a local level as well.``

    Referring to exploration for hydrocarbons in Cyprus` exclusive economic zone, Antoniadou said that any deposits of hydrocarbons found ``will give prospects of great and long-term economic growth and at the same time place Cyprus on Europe`s energy map, giving it the opportunity to contribute to the EU energy security.``

    She also said that Cyprus is anxiously monitoring developments regarding Greece`s economy and expressed hope that ``through the effective handling of the state, the solidarity of the European family and the strength of the Greek people, it will be possible for this hard period to close in the near future.``

    [03] ECONOMIC SENTIMENT

    Economic sentiment in Cyprus increased in October, boosted by consumer confidence, the Economic Research Centre (ERC) of the University of Cyprus has said. The economic sentiment index (ESI), prepared by the ERC, gained 3.4 points compared with September.

    According to the ERC, retail trade, manufacturing and the services sector presented slight improvement, whereas the construction sector continued deteriorating due to worsening expectations.

    The climate among consumers increased compared with September returning to the levels of July 2011, as consumers evaluated their financial situation more positively.

    Expectations for consumer goods prices for the next twelve months improved, whereas consumers consider the current period as suitable for savings.

    [04] IRC - CYPRUS RALLY

    Next weeks Cyprus Rally, the nail-biting final round of this years Intercontinental Rally Challenge (IRC) calendar which will deliver a six-way battle to decide who wins the 2011 IRC title, will also decide the winner of the thrilling 2WD category.

    The rally, which will take place between 3rd and 5th November, is a coefficient 2 event, which means double points are on offer, giving a number of drivers the chance to bag the title on the final event of the season. Three of the first four 2WD drivers will compete in Cyprus, making this a show-stopping finale to an already thrilling season, according to a press release.

    The 2011 Cyprus Rally gets underway in action-packed style on the evening of Thursday 3rd November with the spectacular LTV Super Special Stage an urban rallying extravaganza in the centre of Pafos, on the western coast.

    The Cyprus Rally will be followed - on Sunday 6th November - by the Cyprus Golden Stage Rally. This all-or-nothing single stage shootout will see a host of top drivers go head to head in their bid to secure a share of a 150,000 euro prize fund. The event will be broadcast live on Eurosport.


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