Monthly Archives: November 2011

Archives November 29, 2011 posted by

Bank of Cyprus posts a €801 million loss on Greece

 

19.00 Bank of Cyprus, on Tuesday posted a €801 million net loss for the nine months of the year after taking provisions for a Greek sovereign debt swap.

BoC said the total impact of its participation in a voluntary swap of Greek government bonds with a 50 per cent impairment, including related hedging adjustments, amounted to €1.04 billion for the nine months of 2011.

Excluding the impairment of Greek government bonds, the group’s profit before provisions for the first nine months of 2011 reached €597 million, an annual increase of 17 per cent.

 

 

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Archives November 29, 2011 posted by

Eight arrested in burglary sweep

18:05 POLICE arrested eight people during the early hours of this morning in connection with different ongoing investigations of break-ins and thefts in the Limassol and Paphos districts.

Two Romanian nationals were arrested in Paphos after they were found driving a wanted car.

After searching their car and house, police found burglary tools and several electrical appliances and other objects that are thought to have been stolen.

A 22-year-old Briton and a 27-year-old Polish national were also arrested in Paphos yesterday, after they were caught in possession of €225 in notes and €220 in coins, believed to have been stolen from the Veronica Hotel’s billiard table.

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Archives November 29, 2011 posted by

Hellenic posts nine-month loss of €72.10m

18:01 HELLENIC Bank swung to a net loss of €72.10 million in the first nine months of the year, hit by high provisioning costs and a writedown on its Greek bonds.

It posted a net profit of €12.05 million in the first three quarters of 2010.

The bank, in which the Church of Cyprus is a key  shareholder, said today its pretax loss was €63.04 million compared with a profit of €16.14 million in the first nine months of 2010.

Hellenic Bank hiked its provisions by 120 per cent in the first nine months of the year compared with 2010.

The bank, which has some €110 million in Greek bonds, said it took a €55 million euro impairment from the 50 per cent haircut on Greek sovereign debt agreed by euro zone leaders in October.

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Archives November 29, 2011 posted by

Larnaca aims for world’s biggest Christmas Tree made from recyclables

17:58 CANS and water bottles tend to be discarded without a second thought in Cyprus but if you pass by Larnaca’s Europe Square on Saturday you will get to see the world’s largest Christmas tree made of recyclable objects.

The project is the baby of recycling company Green Dot and Larnaca municipality which wanted to surpass previous projects involving ‘ecological’ Christmas trees in Cyprus and aim to build the tallest recyclable Christmas tree ever.

The closest equivalent available on the Guinness world records website talks of the world’s highest artificial tree erected in Brazil in 2001 from green PVC artificial foliage and measuring some 52 metres.

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Archives November 29, 2011 posted by

Eroglu seeks OIC membership for ‘TRNC’

TURKISH CYPRIOT leader Dervis Eroglu wants the breakaway state in the north to become a full member of the Organisation of Islamic Cooperation (OIC), a position supported by the organisation’s leadership, according to Turkish Cypriot press today.

Eroglu made the comment during an address to the OIC’s Forum on Higher Education Services being held in Kyrenia since Monday.

Turkish Cypriot daily Gunes yesterday quoted Eroglu thanking OIC Secretary-General Ekmeleddin Ihsanoglu for agreeing to hold the event in the north.

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Cyprus' exposure to Greece is 'weak link' in economy, says IMF

17:52 Cyprus must take immediate steps to start reducing public debt and its banks remain badly exposed to debt-crippled Greece, the International Monetary Fund warned today.

Externally, the exposure of Cypriot banks to Greece and worsening prospects for external demand pose the main challenges to its struggling economy, the Fund said in its 2011 staff report.

Domestically, the foremost challenge is to restore sound public finances, and to regain access to sovereign debt markets, it said.

“The situation calls for immediate action to reverse the widening fiscal deficits and put public debt on a downward path,” it said.

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Kimi Raikkonen returns to Formula 1

16:27 Former world champion Kimi Raikkonen will return to Formula One next season after signing a two-year contract with Lotus, the team currently known as Renault said today.

The 32-year-old Finn won his title with Ferrari in 2007 but quit Formula One two years later and switched to rallying.

“I’m looking forward to playing an important role in pushing the team to the very front of the grid,” Raikkonen, who also had discussions with former champions Williams, said in a team statement.

The team, no longer owned by Renault, will race under the name of their title sponsor Lotus from next season.

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Unions unhappy with measures, want dialogue

16:07 UNIONS representing government workers on Tuesday appeared to reject fresh austerity measures proposed by the government and supported by political parties in a bid to shore up the ailing economy.

Following a lengthy meeting with the finance ministry’s permanent secretary, unions described the measures as unfair and warned that they would not accept fait accompli regarding collective agreements.

“It is unacceptable to face a proposal that does not give the right of consultation and social dialogue,” said SEK leader Nicos Moiseos.

The measure unions resist is a two-year pay freeze, which includes pay scale rises and cost of living allowance.

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Iranian protesters storm British embassy compound in Tehran

16:54 Video update of protest (see below)

16:31 Iranian police have cleared the area in front of the main British embassy compound in Tehran of protesters, who stormed their way in earlier today, according to Iran’s official news agency, IRNA.

The agency said 50 protestors had entered the main embassy compound, while 100 had entered Britain’s Qolhak compound.

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