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    July 11, 2019 11:19 PM EDT

    NICOSIA Chaussures Air Max Grossiste , Aug. 29 (Xinhua) -- Bank of Cyprus (BOC), the bailed-out island's primary lender, posted a net loss of 554 million euros (666 million U.S. dollars) on Tuesday for the first six months of the year, on account of an increase in provisions for non-performing loans.

     

    BOC said in a statement posted on the Cyprus Stock Exchange website that this compared with a profit of 54 million euros during the same period of 2016.

     

    It announced that it had increased its provisions for loan impairments to 727 million euros -- 614 million euros in the second quarter and 113 million euros in the first quarter -- compared with a provision totaling 180 million euros in the respective period of 2016.

     

    BOC Air Max 95 Grossiste , like all other Cypriot banks, was hit by a wave of non-performing loans after it was resolved in March 2013, as part of Cyprus's 10-billion-euro bail-out by the Eurogroup and the International Monetary Fund (IMF).

     

    The lender was forced to seize 47.5 percent of uninsured deposits over 100,000 euros to recapitalize Air Max 97 Grossiste , thus introducing the term "bail-in" to monetary terminology.

     

    The bank's traditional owners, mostly local institutions and individuals, were succeeded by its creditors, who were mostly Russian and Ukrainian oligarchs.

     

    BOC said that bad loans dropped at the end of June to 9.8 billion euros Air Max Plus Grossiste , representing 50 percent of its total loan portfolio.

     

    The bank's Irish chief executive, John Hourican, said in a statement that despite the posted loss, the lender was making "steady progress in its journey back to full strength."

     

    He vowed to crack down on what he called deliberate defaulters in repaying their loans Air Max TN Grossiste , by resorting to "a potential sell-down of delinquent loans."

     

    He said the board made a deliberate decision to allocate an increase provision for bad loans so as to further accelerate risk reduction.

     

    "We expect to continue to utilize the operating profit of the bank in the remainder of 2017 for further balance sheet de-risking...to be in a position to present a more normal credit cycle charge," he added.

     

    He said the growth of the Cypriot economy by 3.5 percent in the second quarter this year is expected to help the bank's operations. (1 euro = 1.20 U.S. dollars)

     

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    BEIJING, Aug. 30 (Xinhua) -- Chinese authorities are solicitingpublic opinion on a provisional regulation that aims to furtherregulate activities involving private investment funds.

     

    The regulation focuses on risk prevention and protection ofinvestor rights during fund raising and investment operations, theLegal Affairs Office of the State Council, China's cabinet Air Max Grossiste Pas Cher , saidWednesday in a note regarding the soliciting of opinions.

     

    It is necessary to issue such a regulation given theirregularities arising in the fast-developing industry in recentyears, according to the office.

     

    The regulation states that fund managers and custodians shouldjoin the industry association to submit information on fundoperations and that the association should establish a mechanism tohandle investors' complaints.

     

    The public can provide feedback on the provisional regulation byvisiting the office's website before Sept. 30, 2017. Enditem

     

     

     

    JUBA, Dec. 8 (Xinhua) -- South Sudan on Thursday denied reports that it had asked the Sudanese government to close offices of the opposition party SPLM-IO led by ousted First Vice President Riek Machar.

     

    Mawien Makol Arik, a spokesman for the Ministry of Foreign Affairs, told Xinhua that the government asked Khartoum to cease helping South Sudanese opposition groups from using Sudanese territory to wage war against Juba, but not to close the party's offices.

     

    "We haven't asked Khartoum to close any rebel offices in their territory but we asked Sudan to refrain from supporting opposing members of the government of South Sudan to create an environment that will help us implement the cooperation agreement," Arik said.

     

    Arik said South Sudan was committed to implementing agreements signed with Sudan, adding that members of a joint border committee from both countries recently met in the Ethiopian capital Addis Ababa to fast-track the process of addressing boundary disputes.

     

    He urged the Sudanese government to desist from making contradictory statements that may hamper efforts to restore full ties between the two neighbors and to give more time for the implementation of the signed deal.

     

    Sudanese President Omar Al-Bashir in October gave South Sudan until the end of 2016 to implement the cooperation agreement signed between the two countries in 2012.

     

    The joint cooperation agreement provides mechanisms for oil and trade, security, border demarcation as well as status of citizens.

     

    South Sudan accuses Khartoum of supporting opposition forces loyal to Machar while Khartoum accuses Juba of hosting and supporting armed groups fighting against the Sudanese government in Kordofan and Blue Nile regions.

     

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    • 4 posts
    July 18, 2019 8:45 AM EDT

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