Daily Archives: July 24, 2010

Archives July 24, 2010 posted by

Cyprus' two main banks pass European stress test


THE island’s two largest banks – Bank of Cyprus and Marfin Popular — yesterday successfully passed an EU-wide stress test coordinated by European Banking Supervisors (CEBS) in cooperation with the European Central Bank.

The Finance Ministry said in a statement the tests were positive for the two banks “showing the resilience of the Cypriot banking system to withstand possible negative shocks.”

It added that the test would contribute substantially to transparency in the banking system and contribute  positively towards strengthening financial stability.

In a bid to restore investor confidence after the Greek financial fiasco, the tests on 91 European banks were designed see how banks would cope with another recession and losses on government debt.

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Two arrested in army explosives theft

TWO non-commissioned officers were yesterday remanded in custody for eight days in connection with the theft of 172 kilos of plastic explosives from an army depot in Limassol.

The two were arrested late on Thursday night following the discovery of the break-in at the unit at Palodia, north of Limassol, on Wednesday.

Police told the court it suspects the two sergeant majors, aged 36 and 35, for neglecting their duties, conspiracy to commit felony and burglary and theft of explosives.

The court heard that the first suspect, who is responsible for the depot the explosives were kept in, did not keep a registry of who went in and gave the keys to aides who entered the facility without him being present.

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United front emerges at the English School

THE ACRIMONIOUS dispute over finances, standards and multiculturalism at the English School in Nicosia took a new turn yesterday after management and parents, in a rare display of unity, rejected allegations of falling standards and called for an end to “inaccurate and exaggerated” statements.

The Board of Governors and English School Parents Association (ESPA) gave their full backing to teachers and staff at the school, maintaining that the academic standards have never been higher.

In a released statement, the board and ESPA said they wished to jointly comment on a number of issues that have been discussed in public lately, adding “much of what has been reported has been inaccurate and exaggerated”.

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Germany convinced Cyprus solution possible

GERMAN REUNIFICATION was one of the most touching historical moments in the country’s history and this is what Germans want for the people of Cyprus today, said German Foreign Minister Guido Westerwelle yesterday.

“The people of Cyprus may know and should know that the people of Germany have a lot of sympathy with you and we feel in the same way, because we have been a divided country for many years and we will never forget the very special moment when the wall came down,” he said after meeting with his Cypriot counterpart Marcos Kyprianou yesterday.

Noting that reunification was one of the most touching historical moments in Germany’s history, he said: “This is also what we would wish to you and to your island and to the people of Cyprus”.

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Bar owner to sue over revoked licence



PAPHOS bar owner Carol Firth is suing Paphos municipality after it revoked her music licence, following a series of complaints, which she believes, were lodged by a neighbouring business.

“I just want to tell everyone that I may have my back against the wall, but I’m not going to give up without a fight. It’s terrible that the situation has come to this and I’m determined to carry on,” she said.

A recent shocking incident at the bar involving plain-clothes police, customers and Firth in the Tomb Bar in Paphos left patrons reeling.

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Fuel prices cut but Limassol and Paphos still paying over the odds

THE OIL companies have cut the pump-price of petrol by two cents per litre and diesel by one cent per litre, but prices in Limassol, are unjustifiably higher than elsewhere, Commerce Minister Antonis Paschalides said yesterday.

Paschalides attributed the price-cut to an improved exchange rate of the euro against the US dollar.

However, Paschalides said that the results of studies commissioned by the Ministry show that pump prices in Limassol and, to a lesser extent, Paphos are noticeably higher than in other towns.

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Woman conquers fear of heights for charity

A 49-YEAR-OLD woman conquered her fears in a grueling mountain climb to raise money for St. Michael’s Hospice Charity in Paphos.

Denice Beaton single handedly raised €800 to help finance the project, climbing the 120-foot high Eagles Crag near Ineia, north of Paphos in June.

“I’m absolutely terrified of heights” said Beaton, “I can’t even stand on a chair to change a light bulb without getting frightened.”

Despite her apprehensions, she scrambled up the mountain in the intense midday sun to secure the sizeable donation.

Beaton was inspired to conquer her fear after losing her father in a hospice in England. “These things are really needed here. I hope my donation can go towards some equipment at St. Michaels.”

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Road works will close major avenue for two weeks

ONE OF the busiest sections of Limassol Avenue in Nicosia will be closed off for works on the capital’s new sewage system from August 7 for two weeks.

Motorists are being urged to seek alternative routes whenever possible; or else adhere to the directions of the traffic police, who will be present at all times until the works are complete on August 23.

Even though the time of year chosen is expected to be the least busy, with most of the capital’s residents going on their summer holidays, the works are still expected to cause some hassle, as the road is one of the busiest on the island.

According to Communications and Works Minister Erato Kozakou Marcoullis, the road is used by over 45,000 cars daily, during peak seasons.

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New cycle lane along Pedieos

THE CONSTRUCTION of a pedestrian road and cycle lane along the Pedieos river will begin at the end of the summer, the Nicosia Municipality announced yesterday.

The project aims to continue the pedestrian road of Lakatamia and Strovolos, creating a link between the Municipalities. The route will start from the bridge close to the Presidential Palace stretching 2.6km within the confines of the Nicosia Municipality. It will pass through the Presidential Palace Park and the Red Cross road, through the old part of Ayioi Omologites and will go under the bridge at Grivas Dighenis Avenue, to end at the Ministry of Health, where the Prodromos and Metochi Avenues meet.

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