Cyprus News Agency: News in English, 12-01-23

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

CONTENTS

[01] Cyprus talks begin at Greentree

[02] ECOFIN to rule on Cyprus austerity measures

[03] Minister: Second round of licensing expected by end of January

[04] Ship management revenues increase marginally in 2nd half of 2011

[01] Cyprus talks begin at Greentree

Talks began with a working breakfast attended by UN Secretary General Ban Ki moon, the leaders of the two communities in Cyprus, President Demetris Christofias and Turkish Cypriot leader Dervis Eroglu, UNSG Special Adviser on Cyprus Alexander Downer and officials taking minutes. The remaining members of the delegations did not join Ban and the two leaders for breakfast.

The process continues with joint meetings until midday when lunch will take place with the participation of the Secretary General and the two delegations.

After lunch Ban will leave Greentree and will return on Tuesday for lunch and stay there until talks wrap up at 1800 local time.

The first day of the talks began with a photo opportunity for Ban, Christofias, Eroglu and their spouses. Downer and the aides of the two leaders were not present.

According to a Greek Cypriot source no outline of the positions of the two sides were handed in to the UN and apart from the schedule already announced, there was no further information as to the UN plans for the talks.

The first meeting between the two leaders and the UNSG took place in November 2010, followed by two more meetings in Geneva on January 26 and July 7, 2011, during which both sides reaffirmed their commitment to finding a comprehensive solution as soon as possible, while in Geneva, on 26 January 2011, the sides agreed to intensify the negotiations.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third. Since 1974 Turkey occupies 37% of Cyprus` territory in defiance of UN Security Council resolutions, European Parliament decisions and resolutions, European Council decisions and other resolutions of international fora, which condemn the Turkish invasion and occupation.

Ankara has proclaimed a self-styled `state` in the occupied areas of Cyprus, which the UN have called legally invalid and asked the international community not to recognise or facilitate it. The illegal state is only recognised by Ankara.

The latest round of UN - led negotiations have been underway since 2008 between the leaders of the two communities in Cyprus with an aim to reunify the island under a federal roof.

[02] ECOFIN to rule on Cyprus austerity measures

At the same time, on the Commissions recommendation, the Council, which meets in Brussels, is expected to activate the next stage of the excessive deficit procedure in the case of Hungary, which has not taken effective measures to reduce its deficit.

As noted in ECOFINs draft decision, the Commission, based on the existing information, believes that all four countries (Cyprus, Malta, Belgium, Poland) have achieved, through their actions, sufficient progress to correct their deficits within the timeframe set by the Council of Ministers.

It is also noted that the excessive deficit procedure was initiated in July 2010, when the Council adopted a recommendation for corrective measures. The Council had then estimated that special circumstances prevailed in Cyprus in 2009, could lead the country to recession, for the first time in the past 35 years, and justified correction of the deficit in the medium term.

[03] Minister: Second round of licensing expected by end of January

Antoniadou was speaking to CNA on the occasion of her visit to Israel on Tuesday where she will attend a Business Forum in Tel Aviv organized by the Cyprus Chamber of Commerce and Industry and the Ministry of Commerce in cooperation with Cyprus -Israel Business Association, Enterprise Europe Network and the Chamber of Israel.

The Minister said that the aim of a multi-Cypriot delegations visit to Israel is to promote investments in Cyprus and broader cooperation between enterprises of both countries.

She said that in the context of the Business Forum she would deliver a speech on the prospects that are created by the discovery of natural gas in the region.

[04] Ship management revenues increase marginally in 2nd half of 2011

According to Ship Management Survey, released by the Central Bank of Cyprus, the majority of revenues came from Germany (57%). There were also significant contributions from Switzerland (11%) and Latvia (7%).

These figures do not represent the countries of the beneficial ship owners whose ships are managed by companies based in Cyprus. They merely represent the countries from where the payments were transferred to Cyprus.

Most companies in the sector generate revenues within the range of 1 million - 10 million euro, but there are a few very large companies with revenues exceeding 27 million half-yearly. As a result, the sector is relatively concentrated with 24% of the companies generating 83% of the sectors total revenues.

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