Daily Archives: July 19, 2012

Archives July 19, 2012 posted by

AEL ‘were incredibly good’

AEL manager Pambos Christodoulou was delighted with a comfortable 3-0 Champions League second qualifying round first-leg victory over Northern Irish champions Linfield on Wednesday evening at the Tsirion Stadium in Limassol.

“Before the match I said that if we approach it seriously, we would have nothing to worry about. This is exactly what happened as the players came out on the pitch and dictated play, leaving our opponents with no chance of getting anything out of the game.

“We had possession, we created chances and were dangerous almost all of the time,” Christodoulou said.

Read More
Archives July 19, 2012 posted by

Michaelides linked to scandal

 

LAWYER and former interior minister Dinos Michaelides was yesterday implicated in the investigations into money laundering allegations against former Greek minister Akis Tsohatzopoulos.

Tsohatzopoulos, 72, was arrested last April on money laundering charges in the biggest scandal in Greece involving a politician.

His cousin, businessman Nicos Zigras, who was also arrested in connection to the affair, testified to Greek authorities on Tuesday and said that Michaelides transferred cash linked to the acquisition of Russian self-propelled short ranged TOR M1 air defence systems. 

Zigras appears as the beneficiary of Cypriot-registered company Torcaso Investments and handled Tsohatzopoulos’ offshore accounts until 2004.

Read More
Archives July 19, 2012 posted by

Our View: Going to court is the only hope for investors

IT APPEARS the investors’ pressure group, having recruited the support of the politicians, are turning the screw on the two leading banks, which supposedly persuaded their customers to buy high-yield securities in 2010 and 2011. One of the two banks, the Popular, has already made an informal, compromise proposal – it offered to pay security-holders increased interest rates, for a specified period, in order to cover their capital losses. 

Read More
Archives July 19, 2012 posted by

Happily-married Baghdatis ready for the Olympics

FRESH from his wedding over the weekend, Cypriot tennis star Marcos Baghdatis has returned to the island where he is preparing for the Olympic Games.

Baghdatis, who is staying in his native Limassol, will fly to London on Sunday, less than a week before the opening ceremony on July 27 where he has been given the honour of carrying the Cyprus flag. 

Speaking to the Cyprus Mail yesterday, president of the Cyprus Tennis Federation Philios Christodoulou said: “The Cyprus Olympic Committee decided they wanted Marcos to be Cyprus’ flag-bearer and we at the Federation are very proud of this decision and would like to express our thanks to the Olympic Committee.”

Read More
Archives July 19, 2012 posted by

S&P: rescue package will top 15 billion euros

STANDARD and Poor’s rating services estimate the total cost of Cyprus’ rescue package from the EU will exceed 15 billion euros or 83 per cent of total GDP according to a report published by the rating agency yesterday. 

This figure surpasses all previous unofficial estimates made by eurozone officials which according to Reuters news agency had placed the package at around 10 billion euros.

“We estimate Cyprus’ total financial requirements over a three-year period at about €11 billion, or 61 per cent of GDP. However, considering the uncertainty in Greece, and buffers applied in other programmes – Ireland and Portugal, for example – we believe the total size of a programme would likely be upwards of €15 billion,” the rating agency announced in a statement.

Read More
Archives July 19, 2012 posted by

Loss of savings would be a 'massive crime'

THE LOSS of thousands of people’s “life savings” due to the purchase of supposedly high yield securities would be a “crime of massive proportions”, said House Speaker Yiannakis Omirou yesterday. 

Representatives of investors who claim to have been defrauded by misleading products promising high yields yesterday met with Omirou and chairman of the House Institutions Committee Demetris Syllouris.  

Speaking after the meeting, Omirou said parliament was determined to make every effort to avoid the possibility of investors losing everything.  

Read More
Archives July 19, 2012 posted by

Crunch day for EAC pensions

THE STATE’S demand for a €200 million loan from the electricity authority’s (EAC) pensions fund will be assessed by its managing committee today, but members have expressed serious reservations over the prospect.

The general secretary of EAC union EPOPAI-OIO-SEK, Andreas Panorkos, yesterday said movement of such significant funds was dangerous and difficult. It wasn’t an investment nor a move that would ensure the fund’s viability would remain intact, he said.

The finance ministry, meanwhile, insisted yesterday that the cash-strapped state could cope if the EAC rejected its request.

Read More
Archives July 19, 2012 posted by

CoLA deal is unlikely ahead of troika visit

THE possibility of government, workers and employers agreeing on a reformed cost of living allowance (CoLA) by Sunday, ahead of the troika’s visit to negotiate Cyprus’ bailout terms and conditions, are next to none, judging by yesterday’s meeting at the labour ministry.

CoLA is expected to be on the agenda on Monday, when the so-called troika – International Monetary Fund, European Commission and European Central Bank – come to discuss the terms under which the EU will offer Cyprus financial assistance.

Employers’ unions KEVE and OEV reportedly stormed out of a meeting at the labour ministry, after rejecting a compromise proposal by the minister.

Read More
Archives July 19, 2012 posted by

State is way behind on building payments

BUILDING contractors are due millions of euros in repayments for jobs carried out for the state, with some reporting deliberate delays in inspecting the work in order to postpone payment further.

According to the head of the Federation of Associations of Building Contractors Cyprus (OSEOK), Nicos Kelepeshis, these delays have been taking place for a long time.

“The truth is we have been facing delays from the various authorities for a while now,” Kelepeshis told state broadcaster CyBC. “This isn’t something new; we are talking about final payments and settling of bills for work that was carried out and passed through the inspections, and for which an order was issued for payment.”

He added, “We have examples that have taken years”.

Read More
Archives July 19, 2012 posted by

DISY chief seeking advice from troika savvy Ireland

DISY presidential candidate Nicos Anastasiades will seek advice from the Irish Prime Minister tomorrow on how the country dealt with its loan from the EU, ahead of the so-called troika’s visit on Monday.

The troika delegations – from the European Commission (EC), International Monetary Fund (IMF) and European Central Bank (ECB) – are expected on the island next week to start negotiating the terms of Cyprus’ bailout.

The DISY leader’s meeting with Enda Kenny is part of the contacts Anastasiades has launched with EU leaders to discuss the economy.

In an announcement yesterday, Anastasiades said he was convinced “we can learn valuable lessons from Ireland’s experience”.

Read More

Archives Calendar

Archives List