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Cyprus News Agency: News in English, 13-03-23
CONTENTS
[01] US State Department applauds conviction of Hezbollah Operative
[02] Moody`s downgrades Cypriot banks` deposit and senior debt ratings
[03] Cyprus retail trade down by 3,8% in 2012
[01] US State Department applauds conviction of Hezbollah Operative
The US has welcomed the conviction of a Hezbollah member by Limassol
Assize Court for plotting against Israeli interests on the island. Hossam
Taleb Yaccoub was found guilty Thursday on five of eight charges,
including participating in a criminal organization, two of agreeing to
commit a crime and of legislative revenue from ill-gotten gains by a
criminal organization.
He has pleaded not guilty to all counts but has admitted he was a member
of Hezbollah. The court will hear mitigating pleas on March 28.
[02] Moody`s downgrades Cypriot banks` deposit and senior debt ratings
Moody`s Investors Service downgraded Friday to Caa3, from Caa2, the
deposit and senior unsecured debt ratings of Bank of Cyprus Public
Company Limited, Cyprus Popular Bank Public Co Ltd and Hellenic Bank
Public Company Ltd.
These ratings have also been placed on review for downgrade. At the same
time, Moody`s affirmed the Bank Financial Strength Ratings (BFSRs) at
E, but added that the standalone credit assessments for Bank of Cyprus
and Hellenic Bank, have been lowered to ca from caa3.
It is added that Cyprus Popular Bank`s standalone credit assessment
continues to map to ca. According to Moody's the actions on the deposit
and senior unsecured debt ratings reflect Moody`s expectation of material
losses for bank depositors; the risk of further deposit controls once
the banks reopen; and the heightened uncertainty regarding the banks`
recapitalisation plans.
[03] Cyprus retail trade down by 3,8% in 2012
The Turnover Volume Index of Retail Trade for 2012 recorded a decrease
of 3,8% compared to the corresponding period of 2011, according to the
latest figures published by the Statistical Service.
The Index for December 2012 amounted 136,0 units, recording an increase
of 30,0 units or 28,3% compared to 106,0 in November 2012. The Index
decreased by 8,0 units or 5,5% compared to December 2011.
According to provisional estimates the Turnover Volume Index of Retail
Trade for January 2013 decreased by 37,5 units or 27,6% to 98,5 units
compared to 136,0 in December 2012.
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