Cyprus

  • THE FINANCE COMMITTEE REVEALS ITS AGENDA

    By: Gaston Saidman

     

    During the last year, due to the failed attempts to create a government in Israel, the parliamentary committees were inactive; with only the Finance Committee being allowed to continue working in order to deal with issues such as the annual budget and the possibility of having control over the budget permits in case of elections. (more…)

  • CORONAVIRUS AFFECTS THE MIDDLE EAST ENERGY MARKET

    By: Gaston Saidman

    The new plague known as the corona virus keeps the world on alert. The price of the
    oil stock prices was already worryingly low. In the energy market, the mineral better
    known as black gold (oil) has been unstable since 2018.The new virus definitely
    caused the price to drop to $ 20.30 BPD. (more…)

  • Is Israel facing a great opportunity in the gas market?

    Is Israel facing a great opportunity in the gas market?

     

    By: Gaston Saidman

     

    In recent weeks, the Persian Gulf was the scene of violent events that are viewed as acts of aggressive offensive by Iran in response to US sanctions, and it is obvious that the tension influences the energy market. However, the price of crude oil did not rise as expected. (more…)

  • Israel, Cyprus and Argentina – A new initiative for peace, business and more

    israel cyprus chamber of commerce

    Author: Gastón Saidman

    The new management team of the Chamber of Commerce Israel – Cyprus is preparing for a year of new initiatives with an extensive agenda. The Chamber of Commerce will be part of not only commercial projects but will also work together with the different governmental institutions to improve mutual relations between the two countries in the near future.

    The board began a series of meetings with the aim of marking its contribution on political, social and of course, commercial issues. (more…)

  • Israel and Cyprus launch commercial and parliamentary cooperation

    From left to right: Eran Cohen, Leon Amiras, Ambassador Salina Shambos, Mr. Sofronis Papageorgiou and Gastón Saidman.

    The meeting was attended by the President of the Chamber of Commerce Israel Cyprus, Adv. Leon Amiras, the General Manager of the Chamber of Commerce, Mr. Eran Cohen, the Ambassador of Cyprus in Israel, Ms. Salina Shambos and the Head, Commercial and Economic Affair  Mr. Sofronis Papageorgiou. The meeting was organized by Yediot Ha Knesset, which always supports this type of activities as a journalistic medium, granting a parliamentary information service from an internal base. (more…)

  • The gas era will revolutionize the Middle East

    Author: Gaston Saidman

    Oil was always the most used mineral because of its use in the development of multiple products that are necessary for our daily lives without us even realizing it, such as the construction of asphalt, plastic to create a simple pen and even the ink for the pen. (more…)

  • Israel-Europe gas pipeline MoU signed

    Energy Ministers from Israel, Greece, Italy and Cyprus agreed to push ahead with the 2,100 kilometer pipeline linking Israel and Italy.

    Ministers of Energy from Israel, Cyprus, Greece and Italy today signed in Cyprus a memorandum of understanding (MoU) for the laying of an underwater gas pipeline from Israel to Italy, Israel’s Ministry of National Infrastructures, Energy and Water Resources has announced. The ministry said, ‘This is a major step in promoting the laying of an underwater gas pipeline from Israel via Cyprus, Greece and Italy.”During the summit in Nicosia, the four minister put out a joint statement that this is a strategic infrastructure project representing the shared interests of the countries and the EU regarding natural gas.The planned pipeline will be 2,100 kilometers long, cost NIS 25 billion, and will be completed by 2025.

    Minister of National Infrastructures, Energy and Water Resources Yuval Steinitz who has worked intensively to promote the project, said after the signing ceremony, “The vision that I declared in Israel took shape at the meeting in Cyprus today. The Israel-Italy underwater gas pipeline will make Israel an important player in the European energy market.”

    The planned pipeline will allow Israel to sign long term deals to export gas to Greece, Italy and other European markets. Steinitz said, “This project will strengthen the energy security of the EU and diversify Europe’s sources of supply of natural gas.”

  • Deutsche Bank to fight $14bn demand from US authorities

    Deutsche Bank said it would fight a $14bn demand from the US Department of Justice to settle claims it missold mortgage-backed securities, a shock bill that raises questions about the future of Germany’s largest lender.

    The claim against Deutsche, which is likely to trigger several months of talks, far exceeds the bank’s expectations that the DoJ would be looking for a figure of only up to €3bn.

    The demand adds to the problems facing Deutsche Bank’s Chief Executive John Cryan, a Briton who has been in the job for a year.

    The bank only scraped through European stress tests in July and has warned it may need deeper cost cuts to turn itself around after revenue fell sharply in the second quarter due to challenging markets and low interest rates.

    Deutsche Bank shares, which have lost around half their value this year, tumbled 7.6 per cent to €12.10 in Frankfurt on Friday, with analysts saying the bank may need to raise fresh funds from investors or sell assets to shore up its capital ratios.

    The cost of insuring Deutsche Bank debt against default rose by around eight per cent.

    The bank, which employs around 100,000 people, said it regarded the DoJ demand as an opening shot.

    “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited,” it said in a statement.

    “The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.”

    Analysts said that even a hefty reduction in the bill was likely to weigh heavily on Deutsche Bank’s finances.

    “If the final bill is at €5bn or more Deutsche Bank will not be able to avoid a capital hike anymore,” said Ingo Frommen, banking analyst at LBBW.

    Deutsche Bank’s problems are likely to alarm political leaders in Europe’s largest economy and the home to the European Central Bank.

    The German finance ministry said on Friday that the government expected a “fair result” from the negotiations but that the talks were a matter for the bank and the American authorities.

    Finance minister Wolfgang Schaeuble took the unusual step of voicing public support for the bank earlier this year and a senior opposition figure said he expected the government to step in as a last resort if needed.

    “The question would be how much damage would it do to the economy if the bank were to topple,” said Green Party financial spokesman Gerhard Schick.

    The DoJ has taken a tough stance in settlement negotiations with other banks, requesting sums higher than the eventual fine.

    A recent European Union ruling that Apple must pay up to €13bn in taxes to the Irish government and the forthcoming US election could complicate Deutsche Bank’s efforts to whittle down the demand.

    One of Deutsche’s top 10 investors said he expected the bank to have to pay €4-5.5bn for the mortgages case. “But because of the election campaign it may end up higher – at maybe 6 or 7bn.”

    In 2014, the DoJ asked Citigroup to pay $12bn to resolve an investigation into the sale of shoddy mortgage-backed securities, sources said. The fine eventually came in at $7bn.

    In a similar case, rival Goldman Sachs agreed in April to pay $5.06bn to settle claims that it misled mortgage bond investors during the financial crisis.

  • S&P upgrades Cyprus on ‘gradual recovery’

    in a statement, it said that it “has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to ‘BB’ from ‘-BB-’.”

    At the same time the ratings agency affirmed its ‘B’ foreign and local currency short-term sovereign credit ratings on Cyprus.

    “We expect the Cypriot economy will expand by about 2.7% this year, surpassing our March 2016 forecast, with annual growth at about 2.5% in real terms in 2017-2019,” the agency said. It said that Cyprus’ recovery is supported by resilient business services, tourism, gradually reviving private consumption, and construction. The restructuring in the financial sector is advancing, but the agency expects it will be a few years before the sector contributes to economic growth.

    “We think that the sovereign’s budgetary position will continue improving over the next few years, standing at close to balance or in surplus, with gradually declining government debt,” it noted.

    S&P said that the positive outlook reflects its view that “we could upgrade Cyprus within the next 12 months if its reduction of currently high levels of non-performing loans accelerates, indicating a convergence of Cyprus’ credit and monetary conditions, including the monetary transmission mechanism, with those of the eurozone”.

    The rating agency also expects the unemployment rate, 15 per cent at year-end 2015, will drop further to below 12 per cent by 2018, which will support households’ disposable incomes and private consumption.

    “We expect the Cypriot economy will continue to grow at about 2.5 per cent in real terms in 2017-2019, even though high levels of non-performing loans (mainly loans past due for more than 90 days and forborne loans for a minimum observance period even if they meet the new repayment programme) remain a key concern for financial stability and economic performance,” it said.

    In the long run, S&P said it also factored in the possibility of a reunification of the island, which would represent an important positive contribution to the country’s growth rate, despite initial micro- and macroeconomic challenges.