Major issues of today’s financial press are the nine-month results of the Cyprus Popular Bank, the two draft legislations over the protection of loan guarantors and the CSE Council decision over SFS.
The “Economy” inset of newspaper “Phileleftheros” under the title “Popular Bank: Positive results under circumstances” mentions that CPB results indicate current market conditions and coincide with the interest rate cut, the slowdown of Cyprus and international economy, the increased provisions over bad debts, as well as the increase of the operating costs.
Profit from operations before exceptional items reached CYP 50.8 million and +2.8% compared to the corresponding period of 2001, while the profit before the transfer from the reserves of investment revaluation reached CYP 12.3 million compared to the loss of CYP 9.4 million during the corresponding period of 2001.
The weakest points seen in CPB results are the increased (by 71.2% compared to 2001) provisions of the bad debts that reached CYP 20.2 million, as well as the rise of operating costs (+ 16.8% or CYP 56.3 million) that represent 63% of Group’s total costs.
Elsewhere, the newspaper points out that the possibilities for Cyprus to join EMU by 2007 are 70%.
The “Economy” inset of newspaper “Simerini” under the title “New status for guarantors” highlights that the Parliamentary Committee of Law promotes two draft legislations for the protection of loan guarantors, by adopting safety valves to avoid their bringing to justice before the imposition of fines to debtors. As far as the second legislation is concerned, it deals with the transfer of assets, including donation, sale, pledging or mortgage.
The Central Bank, however, claims that the specific protective legislation must not be applied to Companies’ owners, stressing that the draft does not contain a provision for independent legal advice, while the asset alienation is not necessary.
Elsewhere the newspaper refers to the Renewable Energy Source and its financing that is to reach million of pounds.
The “Economic” inset of newspaper “Alithia” under the title “CSE decision for SFS: Conditional acceptance and not rejection” quotes that the executive chairman of the Company, Christodoulos Ellinas, has expressed his discontent, as CSE Council decision was publicized before it reached them. The SFS decision is to be brought before CSE Council within the next seven days. The report also contains the final CSE decision for the acquisition proposal of WKH by Sharelink FS.
Elsewhere the newspaper deals with the CPB nine-month results for 2002, reporting that CPB profits reached CYP 12.3 million.
The “Economy” inset of newspaper “Phileleftheros” under the title “Popular Bank: Positive results under circumstances” mentions that CPB results indicate current market conditions and coincide with the interest rate cut, the slowdown of Cyprus and international economy, the increased provisions over bad debts, as well as the increase of the operating costs.
Profit from operations before exceptional items reached CYP 50.8 million and +2.8% compared to the corresponding period of 2001, while the profit before the transfer from the reserves of investment revaluation reached CYP 12.3 million compared to the loss of CYP 9.4 million during the corresponding period of 2001.
The weakest points seen in CPB results are the increased (by 71.2% compared to 2001) provisions of the bad debts that reached CYP 20.2 million, as well as the rise of operating costs (+ 16.8% or CYP 56.3 million) that represent 63% of Group’s total costs.
Elsewhere, the newspaper points out that the possibilities for Cyprus to join EMU by 2007 are 70%.
The “Economy” inset of newspaper “Simerini” under the title “New status for guarantors” highlights that the Parliamentary Committee of Law promotes two draft legislations for the protection of loan guarantors, by adopting safety valves to avoid their bringing to justice before the imposition of fines to debtors. As far as the second legislation is concerned, it deals with the transfer of assets, including donation, sale, pledging or mortgage.
The Central Bank, however, claims that the specific protective legislation must not be applied to Companies’ owners, stressing that the draft does not contain a provision for independent legal advice, while the asset alienation is not necessary.
Elsewhere the newspaper refers to the Renewable Energy Source and its financing that is to reach million of pounds.
The “Economic” inset of newspaper “Alithia” under the title “CSE decision for SFS: Conditional acceptance and not rejection” quotes that the executive chairman of the Company, Christodoulos Ellinas, has expressed his discontent, as CSE Council decision was publicized before it reached them. The SFS decision is to be brought before CSE Council within the next seven days. The report also contains the final CSE decision for the acquisition proposal of WKH by Sharelink FS.
Elsewhere the newspaper deals with the CPB nine-month results for 2002, reporting that CPB profits reached CYP 12.3 million.
3287.99
1275.09
