Daily Archives: July 25, 2010

Archives July 25, 2010 posted by

Markets will decide value of bank stress tests, say analysts

AS THE dust begins to settle after Friday’s announcement of the results of the EU’s stress test of 91 European banks’ asset portfolios, the argument goes on as how useful or meaningful the exercise was, with widespread talk of the bar being set too low, and some analysts talking of “little more than a PR exercise”.

The two Cypriot banks that were tested, Bank of Cyprus (BoC) and Marfin Popular Bank (MPB), both passed the test comfortably. The six Greek banks included the National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank, which all have operations in Cyprus. While most countries had between one and five banks on the test list, Germany had 14 and Spain a massive 27.

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Archives July 25, 2010 posted by

Number of personal bankruptcies on the rise


MORE AND more people are declaring personal bankruptcy with last year clocking up a record 1,329 cases, and 430 more registrations by the end of June this year, data from the Registrar of Companies Office shows.

In 2008, the year the financial crisis broke, around 1,000 people declared personal bankruptcy, a jump from 839 in 2007.

The trend is backed up by the Central Bank’s biannual economic bulletin, which says: “Bankruptcies of natural persons show a continuous upward course…a fact which, could potentially mean that household financial conditions are worsening through time.”

And the 2010 figures so far support the forecast that the total number for this year will be close to that of 2009.

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Archives July 25, 2010 posted by

Our View: A very peculiar type of free speech

AFTER a six-month absence, the ultra-nationalist youth group ELAM (National Popular Front) was back on Nicosia’s streets on Tuesday. A group of a few hundred youths, mostly teenagers, dressed in black T-shirts and faded jeans marched to the Ledra Palace checkpoint, in disciplined, army formation, chanting aggressive slogans against alleged traitors and the Turks. It was an anti-occupation march to mark the anniversary of the invasion.

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Archives July 25, 2010 posted by

Tales from the Coffeeshop: The joys of groundhog anniversaries

HOUSE president, DIKO chief, 2009 Personality of the Year and Spy protégé Marios Garoyian deserves a little sympathy, from our amoral establishment, after falling foul of some sanctimonious, patriotic bloggers.

The morally upright bloggers were furious that he went to Mykonos, the hedonists’ playground, on July 15 of all days – the black anniversary of the coup. This was not a day to party and enjoy yourself on a decadent, fun-loving island, full of clubs and bars, all the puritanical internet killjoys wrote.

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Archives July 25, 2010 posted by

Police on the march over working hours

SOME 500 off-duty police officers yesterday demonstrated outside the presidential palace mainly against the decision of the Chief of Police to implement an eight-hour day.

The two-hour demonstration was peaceful.

Representatives of the police association (SAK) handed government spokesman Stefanos Stefanou a resolution, which he promised to convey to President Demetris Christofias.

“We are asking for the president’s intervention to diffuse the situation between the association and the chief of police,” SAK chairman Charalambos Socratous said.

The officers shouted “no to the eight-hour shift” and held placards demanding their working hours to be harmonised with those of the civil service.

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Archives July 25, 2010 posted by

Army deputy commander suspended

THE DEPUTY commander of Palodia army depot has been suspended as the investigation into the theft of 172 kilos of explosives from the depot continues, the Sunday Mail has learned from defence sources.

The theft was discovered on Wednesday during a routine check of the storeroom where the PG-2 plastic explosives were held. The perpetrators appear to have cut through the perimeter fence close to the storeroom and broken the three locks on the door.

Police and the Defence Ministry have mounted a large-scale investigation into the theft, which has exposed a lack of sufficient security measures for such a sensitive installation.

Personnel at the depot may face charges of criminal neglect and dereliction of duty.

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Archives July 25, 2010 posted by

Psychologists to go clubbing to warn on drugs

THE YOUTH Board of Cyprus (ONEK) has announced a pilot scheme, called “Safer clubbing” to send psychologists into night clubs to educate the young about the dangers of drugs.

The one year scheme will be conducted in cooperation with the anti drugs council, and will see three psychologists touring the Nicosia club scene in September, where they will be on hand to answer questions about drug abuse, and raise awareness about facilities that are available to drug users.

The trio will also set up alcohol breath testing machines to help Nicosia’s young party animals learn their limits and assess whether it is safe for them to drive home.

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Archives July 25, 2010 posted by

Christofias’ proposals ‘not serious’

THE TURKISH Cypriot side yesterday accused President Demetris Christofias of putting forward proposals he knew would be rejected in the north.

Kudret Ozersay, the Turkish Cypriot leadership’s Special Representative at UN-sponsored talks, said the  proposals represented nothing new, and called on Greek Cypriot side “to take a more constructive and responsible attitude” towards the ongoing talks.

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Archives July 25, 2010 posted by

Remand for two in racist attack

TWO men from Limassol arrested in connection with the beating of a 25-year-old Nigerian were yesterday remanded in custody for one day, police said.

The pair from Limassol, aged 25 and 27, are suspected of taking part in the racist attack against the Nigerian man in central Nicosia on Tuesday evening.

The 25-year-old man was chased and beaten on Makarios Avenue, on the anniversary of the 1974 Turkish invasion, by a club-wielding mob of youths wearing the T-shirts of nationalist organisation National Popular Front (ELAM).

Earlier Tuesday, ELAM had held a march through Nicosia to mark the anniversary.

Police told the court they had found clubs – believed to have been used in the attack – in the suspects’ car and home.

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Archives July 25, 2010 posted by

‘Limassol Hospital in greatest need of upgrade’

LIMASSOL General Hospital is the island’s public hospital in most need of “promotion, upgrading and expansion”, Health Minister Christos Patsalides said yesterday.

“Despite today’s public budget situation, I want to confirm that our policy of strengthening, improving and upgrading health services is a given”, Patsalides said, adding that the health sector is a high priority for the government.

In his speech during the opening of a new block at Limassol General Hospital that will house 17 new outpatient departments, the minister said that the new facilities will “relieve the congestion and improve the way the hospital operates”.

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