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Cyprus News Agency: News in English, 12-03-13

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

From: The Cyprus News Agency at <>


  • [01] Commerce Minister travels to Tel Aviv and Brussels
  • [02] Moody`s downgrades Cypriot bonds
  • [03] The Cabinet soon to decide on One-stop shop service

  • [01] Commerce Minister travels to Tel Aviv and Brussels

    Cypriot Minister of Commerce, Industry and Tourism Praxoula Antoniadou will be departing on Tuesday for Israel, to participate in an energy conference on Wednesday, organised in Tel Aviv by the Israeli Institute of Energy and Environment.

    On Thursday, Antoniadou will fly to Brussels, where she will participate in the EU Council of Commerce Ministers on Friday.

    During her stay in Brussels, she will also meet with Commissioner Cecilia Malmstrom, the new General Secretary of the Energy Charter and a EURELECTRIC delegation.

    [02] Moody`s downgrades Cypriot bonds

    Moody`s Investors Service downgraded Tuesday Cyprus` government bond ratings by one notch to Ba1 from Baa3, assigning a negative outlook to the ratings, citing increased risk for the government to provide financial aid to Cypriot banks due to their exposure to Greek bonds and the Greek economy.

    Outlining the rationale behind its decision, Moody`s cites ``the increased risk that the Cypriot government would have to provide renewed financial support to the country`s banks because of their exposure to the Greek government and economy, and the commensurate impact of such measures on the government`s own financial strength.``

    It also cites ``the likely impact on market confidence in Cyprus stemming from these banking-sector concerns, as well as broader uncertainties about Europe`s macroeconomic prospects and institutional frameworks.``

    ``Overall, the fragile market confidence in Cyprus, which has already led to a loss of access to international debt markets, is likely to continue, with a high potential for further shocks to funding conditions for the sovereign and the domestic banks,`` Moody`s notes.

    [03] The Cabinet soon to decide on One-stop shop service

    During the next couple of weeks the Cabinet is expected to reach a decision that would allow Cyprus Investment Promotion Agency (CIPA) to operate as an One-stop service in a bid to speed up procedures to attract Foreign Direct Investment to the island, CIPA Chairman Christodoulos Angastiniotis has said.

    Speaking after a meeting of CIPA Board of Directors with Cyprus President Demetris Christofias in the Presidential Palace, Angastiniotis said that the aim is not to introduce a new law, but to give CIPA the opportunity to gain a coordinative role in the foreign investments services, so that Cyprus to become a more attracting and competitive destination for foreign investors.

    Angastiniotis said that CIPA Board of Directors briefed President Christofias on the way the Agency works, on its targets and on the latest developments in the field of foreign investments.

    Government Spokesman Stephanos Stephanou said that Cyprus is a regional investment centre, noting however that the international environment on the field of foreign investment is very competitive. “Hence, Cyprus should continue to work intensively by upgrading its efforts in order not only to maintain its place in the investments map, but to become a modern investment centre”, he added.

    Stephanou said that CIPA was established by the government with the aim to assist its effort to promote Cyprus and to attract foreign investments to Cyprus.

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