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

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

CONTENTS

[01] Russian Commercial Bank to maintain operations in Cyprus

[02] 2012 Unemployment amounted to 11.8% of labour force

[03] Cyprus-Israel to enhance cooperation in health matters

[04] New London investment club eyes Greece and Cyprus

[05] EC Representation presents initiatives on bicommunal dialogue

[01] Russian Commercial Bank to maintain operations in Cyprus

According to CNA sources, despite initial thoughts by the bank to transfer its operations to Malta, due to the recent Eurogroup decision on Cyprus and the restrictions imposed afterwards on the movement of capital, the bank has decided to remain in Cyprus.

The same sources have told CNA that the bank's decision is a token of its confidence in the Cyprus banking system, the Cypriot authorities and the prospects of the economy on the island.

[02] 2012 Unemployment amounted to 11.8% of labour force

The Statistical Service also said that the highest rate of unemployment was recorded among young people below 25 years old and accounted for 27,8% of the labour force of the same age group. In its report "Labour Force Survey" for 2012, published on Monday, the Statistical Service added that the labour force (i.e. the employed and unemployed persons) amounted to 440.604 persons in 2012 consisting of 52,7% men and 47,3% women.

The employed persons reached 388.605 and the employment rate for persons aged 20-64 years old was 70,2%. The corresponding rate for males stood at 76,1 % while that for females was much lower at 64,8%. Both rates, however, are among the highest in the European Union.

According to the Survey, the workforce of Cyprus has a relatively high educational background since more than one-third (42,1%) of the workforce have completed tertiary education and 39,0% completed upper secondary education. Moreover, 41.670 persons or 10,7% of the employed worked on a part-time basis and 48,2% of these reported that they could not find a full-time job while 18,9% reported that they work on a part-time basis for personal or family reasons.

[03] Cyprus-Israel to enhance cooperation in health matters

Following a meeting on Monday, Petrides said he had a constructive discussion with Harari, with whom he also talked about the transfer of Israeli doctors to Cyprus, to perform specialized surgery and train Cypriot doctors.

"The conversation with the Ambassador gave us the chance to identify more areas, to which we will definitely extend our cooperation," the Minister noted. Petrides also said that the two countries signed an agreement in 2010 on Health and Technology, which will remain in force until 2015. He said that many aspects of this agreement are already being implemented.

Harari stated from his part that both countries have been cooperating in the area of Health for many years and expressed his confidence that they can broaden this cooperation even further.

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[04] New London investment club eyes Greece and Cyprus

The official announcement is expected in the coming summer. The ‘Hellenic Investment Club's' founding team consists of investment bankers, private equity professionals, hedge fund managers and venture capitalists.

The founder himself is a London financier of Athenian origin. The Club specialises in buying and building companies that operate in the Hellenic mid-market (€10m to €100m). Its investors' working method in private equity is cooperating with the management teams they back, acquire businesses which operate in attractive and fragmented sectors and transform them into market leaders.

"Our investment model creates value by driving operational improvements, supporting organic growth and sourcing and funding complementary acquisitions," states the Club's website. The Club is currently able to deploy over €200 million of capital.

The focus in venture capital is buyouts in established businesses. However, the Club's members also accelerate innovative ideas through their affiliation with established venture capital clubs in London, Athens and Silicon Valley. The main focus is given to the healthcare, technology - media - telecommunications and services industries.

A source close to the founding team has confirmed to the Cyprus News Agency that the Hellenic Investment Club intends to get involved in Cyprus as well by the end of the year.

[05] EC Representation presents initiatives on bicommunal dialogue

The two new initiatives were presented by the Head of the European Commission Representation in Cyprus Georgios Markopouliotis, a press release issued here today notes. The Meeting Point, an initiative supported by the Representation of the European Commission in Cyprus and operated by the AHDR, will offer citizens free of charge information, advice, assistance and answers regarding the European Union`s priorities, legislation, policies and programmes.

Located at the H4C, The Meeting Point's mission is to promote bi-communal dialogue and facilitate co-operation between the Greek Cypriot and Turkish Cypriot communities. During the event, Nicosia Mayor Constantinos Yiorkadjis and the so called Mayor of the occupied part of Nicosia Kadri Fellahoglu announced their decision to give permission so that The Meeting Point can use a venue opposite to the H4C which belongs to the Nicosia municipality and to so-called municipality of the occupied part of the town, in the framework of the bicommunal Nicosia Masterplan.

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