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Cyprus News Agency: News in English, 13-06-18

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

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


CONTENTS

  • [01] Minister of Works meets with Technical Commitee on Cultural Heritage
  • [02] EU applies stricter rules for credit rating agencies

  • [01] Minister of Works meets with Technical Commitee on Cultural Heritage

    Minister of Communications and Works Tasos Mitsopoulos met Tuesday with the Chairman of the Technical Committee on Cultural Heritage Takis Hadjidemetriou with whom he discussed issues related to the restoration of monuments in the Turkish occupied areas.

    Hadjidemetriou said that the meeting focused on the restoration of Agios Panteleimonas Monastery, adding that the Committee is in the process of acquiring the necessary funding for this project. He added that already there is a private funding that sums up to 39.000 euro.

    The Minister said that he was briefed by the Technical Committee on the projects that are underway for the restoration of cultural monuments in the occupied areas and that the Ministry stands ready to help in any way.

    [02] EU applies stricter rules for credit rating agencies

    Credit rating agencies (CRAs) will have to follow stricter rules as of Thursday, June 20, following relevant legislation that enters into force after the agreement of the Council and the European Parliament.

    The new rules that were adopted last January, define the way CRAs will rate public debt, as well as the financial standing of private enterprises. Rules are deemed to be stricter than before, and ensure that a rating agency can be held liable when causing damage to an investor or an issuer.

    To avoid market disruption, rating agencies will set up a calendar indicating when they will rate Member States. Such ratings will be limited to three per year for unsolicited sovereign ratings.The ratings will only be published after close of business and at least one hour before the opening of trading venues in the EU.


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