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Cyprus News Agency: News in English, 12-11-28

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

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


CONTENTS

  • [01] Bank of Cyprus reports losses of €211million
  • [02] EU FAC (Trade) Council to discuss important trade agreements with

    third countries


  • [01] Bank of Cyprus reports losses of €211million

    The Bank of Cyprus has reported after tax losses of €211million including the impairment of Greek Government Bonds (GGBs) for the first nine months of 2012, Group Financial Results published on Wednesday show.

    The ongoing deterioration of the Group's loan portfolio, a summary of the report says, resulted in a significant increase in the provisions for loan impairment which reached €822 million compared to €295 million in the same period of 2011, thus recording an increase of 179%.

    GGBs haircut resulted in losses of €1,046 million for the Bank. Non - performing loans ration reached 17.1% on September 30, compared to 14.2% on June 30.

    [02] EU FAC (Trade) Council to discuss important trade agreements with third countries

    Important decisions on trade with third countries, that could boost the EU's economy, thus creating employment opportunities for its citizens, will be made during the Foreign Affairs Council that will convene Thursday in Brussels with the participation of EU Trade Ministers.

    The Council, chaired by Cypriot Minister for Commerce, Industry and Tourism, Neoclis Sylikiotis, will be called on to approve a mandate for the negotiation of a free trade agreement with Japan.

    Japan is the EU`s seventh-largest trading partner while the EU is Japan`s third-largest trading partner, with 3.6 % and 11 % respectively of each other`s trade in goods in 2011.

    The European Council in October called for an agreement to be reached on negotiating directives with a view to launching negotiations in the months ahead.


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