Cyprus News Agency: News in English, 13-05-08

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

CONTENTS

[01] EU leaders to focus on energy and tax fraud/evasion at May European

Council

[02] Appraisal well in Cyprus` block 12 after first half of June, senior

Noble Energy official says

[03] Banks' expansion destroyed the Cypriot economy, former FinMin says

[04] In quest of a new growth model for Cyprus

[01] EU leaders to focus on energy and tax fraud/evasion at May European Council

In his letter to the EU leaders, President of the European Commission Jose Manuel Barroso said that the European Council will discuss two important and topical issues, namely energy and tax evasion/fraud.

Referring to energy, he noted that energy prices differ considerably across the EU, because the market is fragmented.

"We have part of the solution to high energy prices in our hands - if we complete our internal energy market and implement existing legislation", he pointed out.

[02] Appraisal well in Cyprus` block 12 after first half of June, senior Noble Energy official says

During an interview, on the sidelines of the 2013 Offshore Technology Conference, in Houston, Texas, Elliot said he was satisfied with the working relationship established with the Cyprus government, adding that he did not believe things were progressing too slowly.

Elliott has recently (last April) assumed his new duties, following an overhaul in Noble's organisational structure, that added three major operating regions, including the Eastern Mediterranean. Elliott said that as soon as the exploration well in Israel's "Karish" field is finished, Noble will move the rig directly to Cyprus' block 12 for the appraisal well. He added that the well in Israel is expected to finish in the first half of June, while drilling in block 12 will take up to three months.

[03] Banks' expansion destroyed the Cypriot economy, former FinMin says

Stavrakis said that the Board of Directors of Cyprus' two biggest banks have not risen to the occasion with respect to effectively monitoring the actions of their managers while he also spoke of corruption among members of the Board of Directors who might have been intertwined either because they had loans or for other reasons.

Former Finance Minister, who served in his ministerial post between February 2008 and August 2011, was speaking before the Investigation Committee set up to look into the near collapse of the banking sector and the economy of the country.

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[04] In quest of a new growth model for Cyprus

A common theme is the acknowledgement that along with the banks a very large part of the rest of the services sector will be affected - a serious blow for a country where the tertiary sector makes up 80% of the GDP, tourism included. It's not all doom and gloom though, as the ongoing debate reveals choices and possibilities.

As far as the banks are concerned there is a new landscape and a new equilibrium of sizes and opportunities. "It will be an opportunity on the one hand for the subsidiaries of foreign banks to expand their operations, and on the other hand it will be difficult for them to compete with the Bank of Cyprus, an institution which will have a huge share of the market," Professor of International Finance at Cass Business School, Kate Phylaktis told CNA.

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