Pissarides
meets Essex
University
alumni
Shipping
Remains in
Cyprus and
Supports
the Economy
T
he Board of Directors of
the Cyprus Shipping Chamber
(CSC) held an official meeting with the
Minister of Communications & Works, Tasos
Mitsopoulos, on 2 April 2013. During the meeting, the Minister was briefed about the operational problems faced by shipping companies,
as a result of the current situation of the Cyprus
economy following the 24 March agreement
reached with the Eurogroup. There followed a
discussion on measures that will allow shipping
companies in Cyprus to continue to operate
normally and provide significant support to the
economy.
Laiki Bank
customers
in UK
p
escaeve
l y
Following a proposal by the Chamber, it was
decided to initiate a joint promotional campaign on the shipping companies’ commitment
to remain in Cyprus and the advantages of
Cyprus as a reliable and competitive maritime
centre.
The Minister stressed the importance
attached by the new government to the local
shipping industry and thanked the CSC for the
continuous support provided by the Cyprusbased shipping companies to the country’s
economy.
T
housands of customers with funds in
the UK arm of Cypriot bank Laiki will
escape any levy on their accounts.
The Bank of England’s new Prudential
Regulation Authority (PRA) has announced
that all those whose accounts are in credit
will be automatically moved to Bank of
Cyprus in the UK. This means that up to
£85,000 of their deposits will be protected
under the UK compensation scheme. But
15,000 Laiki customers with an estimated
£270m in their accounts in the UK are being told their money is safe. On average,
Laiki customers in the UK have £18,000
in their accounts. About 5% of customers have more than £85,000, according to
Bank of Cyprus UK. Any money above that
amount would not be guaranteed by the
UK compensation scheme, but the Bank
of England confirmed that all deposits had
been moved to Bank of Cyprus UK.
Jotun Cyprus opens
new Limassol office
J
otun, one of the world’s
leading manufacturers
of decorative paints,
marine, protective and powder
coatings, has just opened its
new office in Limassol. The
event was attended by the Norwegian Ambassador to Greece
and Cyprus, Sjur Larsen, and
the President and CEO of
Jotun A/S, Morten Fon.
Products of the Jotun
Group, which has 71 com-
panies and 36 production
facilities on all continents,
are available in more than
90 countries through its own
subsidiaries, joint ventures,
agents, branch offices and
distri