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Cyprus News Agency: News in English, 13-03-23

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

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


CONTENTS

  • [01] US State Department applauds conviction of Hezbollah Operative
  • [02] Moody`s downgrades Cypriot banks` deposit and senior debt ratings
  • [03] Cyprus retail trade down by 3,8% in 2012

  • [01] US State Department applauds conviction of Hezbollah Operative

    The US has welcomed the conviction of a Hezbollah member by Limassol Assize Court for plotting against Israeli interests on the island. Hossam Taleb Yaccoub was found guilty Thursday on five of eight charges, including participating in a criminal organization, two of agreeing to commit a crime and of legislative revenue from ill-gotten gains by a criminal organization.

    He has pleaded not guilty to all counts but has admitted he was a member of Hezbollah. The court will hear mitigating pleas on March 28.

    [02] Moody`s downgrades Cypriot banks` deposit and senior debt ratings

    Moody`s Investors Service downgraded Friday to Caa3, from Caa2, the deposit and senior unsecured debt ratings of Bank of Cyprus Public Company Limited, Cyprus Popular Bank Public Co Ltd and Hellenic Bank Public Company Ltd.

    These ratings have also been placed on review for downgrade. At the same time, Moody`s affirmed the Bank Financial Strength Ratings (BFSRs) at E, but added that the standalone credit assessments for Bank of Cyprus and Hellenic Bank, have been lowered to ca from caa3.

    It is added that Cyprus Popular Bank`s standalone credit assessment continues to map to ca. According to Moody's the actions on the deposit and senior unsecured debt ratings reflect Moody`s expectation of material losses for bank depositors; the risk of further deposit controls once the banks reopen; and the heightened uncertainty regarding the banks` recapitalisation plans.

    [03] Cyprus retail trade down by 3,8% in 2012

    The Turnover Volume Index of Retail Trade for 2012 recorded a decrease of 3,8% compared to the corresponding period of 2011, according to the latest figures published by the Statistical Service.

    The Index for December 2012 amounted 136,0 units, recording an increase of 30,0 units or 28,3% compared to 106,0 in November 2012. The Index decreased by 8,0 units or 5,5% compared to December 2011.

    According to provisional estimates the Turnover Volume Index of Retail Trade for January 2013 decreased by 37,5 units or 27,6% to 98,5 units compared to 136,0 in December 2012.


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