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Cyprus News Agency: News in English, 12-09-28

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

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


CONTENTS

  • [01] Euro area annual inflation records slight increase
  • [02] Minister: Quality in higher education a priority for Cyprus
  • [03] PIMCO to carry out due diligence exercise for Cypriot banking system
  • [04] France and Cyprus have common views on EU defence matters
  • [05] Euro area annual inflation records slight increase
  • [06] Bank deposits slightly up in August, says Central Bank

  • [01] Euro area annual inflation records slight increase

    Cyprus Natural Gas Public Company (DEFA) announced on Friday a call for the expression of interest for the supply of natural gas as an interim solution until the extraction and import of natural gas located in the block 12 of the Cypriot Exclusive Economic Zone expected by September 2018.

    The tender covers two alternative forms of supply and namely the supply of Compressed Natural Gas (CNG) or the supply of Liquefied Natural Gas (LNG) via a Floating Storage and Regasification Unit (FSRU). The gas will be delivered at Vasilikos power plant for electricity production purposes.

    According to the tender's provisions, "of paramount importance for the selection of the successful party is the earliest possible delivery of the gas and the gas price. Detailed selection criteria will be communicated to the selected parties before the commencement of the negotiating process."

    [02] Minister: Quality in higher education a priority for Cyprus

    Quality in higher education in Cyprus is a priority, Minister of Education and Culture Giorgos Demosthenous has said.

    Demosthenous was addressing on Friday, in Nicosia, an international conference on quality in higher education institutions.

    Ensuring quality in higher education in Cyprus is a priority for the ministry of education and culture", he said. In this context, he added, the process of founding a Cyprus Agency on Quality and Accreditation of Education is underway.

    [03] PIMCO to carry out due diligence exercise for Cypriot banking system

    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, Central of Bank of Cyprus announced on Friday.

    The exercise, which includes an asset quality review and a bottom-up stress tests, will cover Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank, Co-Operative Central Bank together with a representative sample of affiliated co-operative credit institutions, the Limassol Co-Operative Savings Bank, Eurobank EFG Cyprus and Alpha Bank Cyprus.

    "The exercise will be carried out by PIMCO in cooperation with Deloitte for the parts of the exercise requiring auditor expertise," the CBC notes.

    The exercise will be coordinated and overseen by a Steering Committee, which is made up of representatives of the Cypriot authorities and the international organisations involved in the financial assistance programme for Cyprus, namely the European Commission, the European Central Bank, the European Financial Stability Facility / European Stability Mechanism, the International Monetary Fund and the European Banking Authority.

    [04] France and Cyprus have common views on EU defence matters

    France and Cyprus share common views on EU defence matters whilst their bilateral relations remain excellent in all areas, Cyprus Defence Minister Demetris Eliades has said.

    According to an official press release issued here on Friday Eliades met with his French counterpart Jean - Yves Le Drian before the latter's departure for France. Le Drian was in Cyprus attending the unofficial EU Defence Ministers meeting in the context of the Cyprus EU Council Presidency, which runs for the second half of 2012.

    After the meeting, Eliades said the they had concluded that they hold common views as regards EU security and defence policy, on developments in the region, as well as the Union's role in defence matters.

    [05] Euro area annual inflation records slight increase

    Euro area annual inflation is expected to increase to 2.7% in September 2012, from 2.6% in August.

    According to flash estimates from Eurostat, the statistical office of the European Union, energy (9.2% compared with 8.9% in August) is expected to have the highest annual rate in September, followed by food, alcohol and tobacco (2.9% compared with 3.0%), services (2.0% compared with 1.8%) and non-energy industrial goods (0.8% compared with 1.1%).

    [06] Bank deposits slightly up in August, says Central Bank

    The flow of deposits in the domestic banking system recorded in August a slight increase, according to data released by the Central Bank of Cyprus.

    The Bank announced on Thursday that deposits in domestic financial institutions recorded an increase of 0.5% in August on an annual basis or 837.9 million euros, reaching 70.66 billion euros compared to 69.82 billion in August of 2011.

    Deposits increased by 99.4 million euros in August compared to the previous month.


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