Cyprus News Agency: News in English, 12-12-29

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

CONTENTS

[01] CPB confirms reports on voluntary resignation scheme for employees

in Greece

[02] Cypriot researcher is awarded Marie Curie EU grant

[03] Cyprus Shipping Promotion in the USA

[01] CPB confirms reports on voluntary resignation scheme for employees in Greece

CPB requested state support from the government following massive impairments of Greek sovereign debt and non-performing loans in its operations in Greece and Cyprus. The government acquired shares worth of €1.8 billion amounting to 10% of Cyprus` GDP, issuing a decree instructing the bank to present a restructuring plan including a 10% slash in personnel expenditures for 2012 and an additional 8% in 2013.

CPB has already imposed scaled salary cuts for its employees in Cyprus saving 16 million from its wagebill. "Following recent press articles and a request by the Cyprus Stock Exchange, Cyprus Popular Bank Public Co Ltd, hereby clarifies that a Voluntary Resignation Plan has been announced for employees of the Bank in Greece, in the context of the actions necessary under the Restructuring Plan and reorganization of its operations," the bank said in statement to the CSE. It notes that "the bank has not taken any decision on a new voluntary resignation plan for employees based in Cyprus," adding "should the Bank proceed with such a plan, this will be under the provision of the labour legislation and following consultation with ETYK."

[02] Cypriot researcher is awarded Marie Curie EU grant

According to a University of Cyprus press release the project "Archaeological Investigations of the Extra - Urban and Urban Landscape in Eastern Mediterranean centers: A case - study of Palepaphos" has been awarded total funding of 100,000 euro for the period 2013 - 2017 by the Marie Curie Awards Career Integration Grants.

The University was graded with 4.8/5 on its suitability to support the implementation of the project. In a period of crisis when disciplines such as archaeology are usually set aside achieving such a grant is a "huge success", the press release says.

[03] Cyprus Shipping Promotion in the USA

According to a press release issued by CSC, a series of specialised private meetings were held with a number of senior officials of Cruise Companies based in Miami, Florida, which collectively represent 70% of the world cruise industry.

A detailed presentation of the main advantages of the Cyprus Shipping Taxation System, as it was recently approved by the European Union and the Cyprus Flag/Register, was made during these important meetings, with special reference to cruise/passenger ships, which represent a very profitable sector in International Shipping.

On behalf of CIPA, the Director General, Charis Papacharalambous, referred to the wider advantages of Cyprus, especially in terms of investments.

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