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Archive for 2015

Hourican lambasted by opposition parties

Bank of Cyprus CEO John Hourican has come under fire from opposition parties over comments attributed to him in a leaked email that said politicians are protecting larger businesses in Cyprus.

Stalemate over bad loan guarantors

Amidst alleged claims that Cyprus politicians may be protecting larger businesses, disagreements have arisen between the government and the troika over the treatment of bad loan guarantors.

Property prices continue to weaken

Property prices across Cyprus continued to weaken during the fourth quarter of 2014 with both house and apartment prices falling according to the RICS Cyprus Property Price Index.

Municipal secretary quizzed at Aristo trial

The trial of Aristo boss Theodoros Aristodemou and three others defendants in the suspicious land zoning case continued on Tuesday with defence lawyers quizzing municipal secretary Themis Philippides.

Fifth insolvency bill facing problems

The fifth and final bill of the “insolvency framework” has caused a new rift between the Cyprus government and Troika technocrats, particularly with regard to the proposed treatment of guarantors to bad loans.

Mortgage regulation tightened

The Mortgage Credit Directive 2014/17/EU aims to enhance consumer protection for those buying residential property and should end devious banking practices in Cyprus and other EU member states.

Foreclosures bill suspension extended

At a plenary meeting of the Cyprus parliament earlier this afternoon, opposition party MPs voted to extend the suspension of the hotly debated foreclosures bill until later this year.

Cyprus real estate insight (apartments)

During the first three quarters of 2014 more than 3,200 residential property transactions took place across Cyprus according to figures released by Cyprus Economic Intelligence (CEI).

Aristo trial gets underway

The trial of Theodoros Aristodemou, the head of Aristo Developers Limited and former Chairman of the Board of Directors of the Bank of Cyprus, and three others resumed today at the Paphos Assizes.

Ayia Napa marina investment

Naguib Sawiris, billionaire businessman and founding member of the Al Masreyeen Al Ahrrar political party, plans to invest around €220 million in the construction of the Ayia Napa marina.

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