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Cyprus News Agency: News in English, 13-02-13

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

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


CONTENTS

  • [01] Less municipal solid waste in 2011
  • [02] Cypriot banks ask for more time to announce preliminary results

  • [01] Less municipal solid waste in 2011

    Municipal solid waste generated in Cyprus in 2011 recorded a decrease of 2% compared to the previous year.

    According to the Statistical Service, it is estimated that the total amount of municipal solid waste generated in Cyprus in 2011 stood at 560 thousand tonnes.

    In 2010 it was 572 thousand tonnes in 2010, recording a decrease of 2,0%.

    [02] Cypriot banks ask for more time to announce preliminary results

    The island's two biggest banks, the Bank of Cyprus and the Popular Bank, have sent a request to the Cyprus Securities and Exchange Commission asking for more time to announce their preliminary financial results for 2012.

    According to CNA sources, the two banks argue that they cannot meet the February 28 deadline for submitting their preliminary financial statements because they have not as yet been informed about the final amount investment management firm Pimco believes is needed for their recapitalization. Consequently, they say, anything announced by the banks might be misleading to investors.

    Global investment solutions provider PIMCO has been assigned with the due diligence (accounting and economic value assessment) that would determine the capital needs of the Cypriot banking system at the request of the Troika (European Commission, European Central Bank and the International Monetary Fund) as part of Cyprus` application for financial assistance from the EU bailout mechanism.


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