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Archives June 1, 2013 posted by

New CM website out today

 The Cyprus Mail website is getting refurbished today.

It will look better and be far easier for you – its readers – to use. The new website will seamlessly take over from the old one within the day. 

There is nothing you need to do at your end. Simply enjoy the new Cyprus Mail website and have a look around to get a feel for our new home.

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Archives June 1, 2013 posted by

Moving towards a tram system for Nicosia

THE COMMUNICATIONS ministry has called for tenders’ proposals for a feasibility study on a tram network in the greater Nicosia region, Nicosia mayor Constantinos Yiorkadjis said yesterday.
“We believe in the (project’s) potential to offer solutions to the accumulated problems created by the contradictory… way in which Nicosia’s city network has been designed,” Yiorkadjis said this week during a workshop last night on the concept of a Nicosia tram.
 “There is no excuse for continuing to endlessly build roads with no strategic planning and without prioritised goals for achieving sustainable growth,” Yiorkadjis said.

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Archives June 1, 2013 posted by

Our View: ‘Social’ dinner was much ado about nothing

IN THE END, all the fuss and political grandstanding that preceded the dinner for the two leaders and their spouses, hosted at the residence of the UN Special Representative Lisa Buttenheim, was much ado about nothing. President Anastasiades’ fears that the host, Alexander Downer, would have attempted to turn Thursday’s dinner into a political event, using it to kick-start the peace process, proved totally unfounded. The social character of the dinner was maintained and a good time was reportedly had by all.

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Archives June 1, 2013 posted by

MOKAS cooperating closely with US authorities

CYPRUS’ anti-money laundering unit (MOKAS) said it was cooperating closely with US authorities in a major case involving the operators of a digital currency exchange with links on the island through numerous bank accounts.
US prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.
The indictment lists 45 bank accounts – 22 in Cyprus at four banks: Hellenic, National Bank of Greece, Eurobank (Greek) and Cyprus Development Bank (CDB).

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Archives June 1, 2013 posted by

More blame heaped on previous government

THE PREVIOUS government ignored suggested action plans to contain Cyprus’ deteriorating finances and support the overextended banks, the head of the finance ministry’s investment and finance directorate told an inquiry yesterday.
Andreas Trokkos was testifying at an ongoing committee of inquiry into the country’s near-bankruptcy leading to a harsh €10 billion bailout that has resulted in a massive restructuring of the country’s banking system and has forced losses on uninsured depositors in the island’s major banks.

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Archives June 1, 2013 posted by

CBC appoints KPMG London to evaluate Bank of Cyprus’ balance sheet

THE CENTRAL Bank of Cyprus (CBC) yesterday announced that it had appointed audit firm KPMG London to carry out an independent evaluation of the assets of the Bank of Cyprus and the Cyprus Popular Bank, CBC announced.
“The CBC acting as Resolution Authority has appointed KPMG London to carry out an independent evaluation of the assets and liabilities of Bank of Cyprus and Cyprus Popular Bank,” CBC Spokeswoman Aliki Stylianou said, adding the evaluation was expected to be completed by mid July.
“After the completion and delivery of the valuation report, the Resolution Authority will determine the rate of conversion into equity of 22.5 per cent of the uninsured deposits of the Bank which are now frozen,” Stylianou said.

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Archives June 1, 2013 posted by

New ways to obtain citizenship… if you have the cash

FOREIGN investors will now be able to obtain Cypriot citizenship if they bring in €5 million, have large bank accounts or perform certain business transaction on the island.
The cabinet approved the plan on May 24 enabling foreign nationals to gain citizenship if they meet certain criteria set out by the interior ministry, which has already received two applications.
“The new plan is a very positive move and although we are still at a very early stage we believe plenty of interest will be shown in the coming weeks and months,” a ministry spokesman told the Cyprus Mail yesterday.

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Archives June 1, 2013 posted by

Tax office needs more resources, its chief says

CYPRUS is not currently in a position to comply with EU regulations concerning tax fraud and could find itself in deep trouble if it does not conform, according to the director general of the inland revenue department (IRD).
Speaking at the House Foreign and European Affairs Committee, Giorgos Poufos told MPs that Cyprus had no other choice but to implement the European Council’s decision on May 22 by taking measures regarding tax evasion and fraud.
He demanded that discussions begin immediately for the required legislation.

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Archives June 1, 2013 posted by

Huge split at EVROKO

SIXTY members of the European Party (EVROKO) yesterday announced their departure from the party citing party leader Demetris Syllouris’ support for Nicos Anastasiades in the recent presidential elections as the main reason.
Among those leaving are MP Nicos Koutsou, the party’s general-secretary, Stelios Americanos and member of the political committee, Eleni Vrahimi.
Their departure was announced at a press conference yesterday in Nicosia, during which Americanos told reporters that around 80 per cent of the party’s elected municipal councillors and the majority of the party’s active members had decided to leave.
He said that the main reason for the exodus was that they disagreed with Syllouris decision to support Anastasiades during the presidential elections.

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Archives June 1, 2013 posted by

‘We made sure dinner was just a social occasion’

THE GOVERNMENT has averted the possible politicisation of Thursday’s first encounter of the two leaders at a dinner hosted by the UN in the buffer zone, the spokesman said yesterday.
Christos Stylianides said steps taken to avert the dinner becoming a political occasion had been successful and the government was on track with preparations for peace talks to be launched in the autumn.
“There were indications that some people gave such importance and gravitas to the dinner so that it could symbolise the beginning of the (peace) process,” Stylianides added. Although he did not elaborate, it is well known the government was displeased with what it called attempts by UN Special Representative Alexander Downer to play up the dinner as a political event.

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