Daily Archives: July 26, 2012

Archives July 26, 2012 posted by

Goalless tie sufficient for AEL to progress

 

AEL manager’s expressed satisfaction with his team’s performance in a goalless draw against Northern Irish Linfield FC at Belfast’s Windsor Park, after the Limassol team advanced into the third qualifying round of the UEFA Champions League with a 3-0 aggregate win. 

“It was a difficult game tonight as we had expected. We were playing an opponent who had nothing to lose after the first game in Cyprus,” said Pambos Christodoulou. “We tried to keep possession of the ball and had a number of chances in either half. Linfield had only few chances and did not really threaten us.

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Troika adds to air of doom and gloom

 

THE TROIKA visit has signalled a moment of reckoning for the beleaguered Cyprus economy as proposals discussed by the trio of international lenders have set alarm bells throughout the country. 

The troika delegation – comprising officials from the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) – yesterday met with trade unions, employers’ organisations, semi-government organisations, Laiki Bank board members, the Energy Service head and a delegation of ruling AKEL party. 

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‘Leave us alone’ SGOs tell troika

EU AND IMF technocrats yesterday discussed the possibility of privatising the island’s semi-government organisations (SGO) in efforts to tidy up state finances.

The suggestion wasn’t exactly welcomed by the state’s main SGOs, the Cyprus Telecommunications Authority (CyTA) and the Electricity Authority of Cyprus (EAC).

Speaking after meeting with the ‘troika’ – delegates from the European Commission, European Central Bank and International Monetary Fund – CyTA chairman Stathis Kittis said the delegates had asked to be informed on the organisation’s finances, investments and dynamics.

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Retirement scheme for bank staff

CYPRUS Popular Bank (Laiki) has prepared an early retirement plan for some 185 employees who were meant to retire by 2017, the bank’s spokesman confirmed yesterday.

According to Costas Archimandritis, the decision was made as part of efforts to reduce the bank’s expenditure as much as possible.

“There is a plan and it regards 185 people. They are employees who would have retired at any point from now until 2017,” said Archimandritis.

He said the plan was ideal for employees who wanted to leave the organisation before their retirement rolled round, plus they would be entitled to lump sums and some salary benefits, depending on their service.

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‘Suspension for senior bank figures ahead of external investigation'

CENTRAL BANK governor Panicos Demetriades has reportedly asked the island’s two main banks to suspend the employment of senior figures in both banks ahead of an external investigation into the circumstances which led to the banks’ overexposure to Greek bonds. 

According to yesterday’s Alithia, Demetriades sent the letter to the boards of Bank of Cyprus and Laiki Bank on Monday, informing them that an independent investigation will soon be launched into their activities in Greece. He requested that senior bank officials that might have been involved in decisions taken on Greek bond exposure to be temporarily suspended while the investigation is ongoing. 

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Sylikiotis: we won’t mortgage our gas reserves

THE GOVERNMENT yesterday denied reports that it was considering ‘mortgaging’ potential gas reserves to prop up state finances. 

Phileleftheros yesterday reported that the Finance Ministry was looking into a proposal by Canadian conglomerate Triple Five for a €3 billion loan through the purchase of state bonds.  

The paper cited sources saying Triple Five made the proposal last week. In return for the substantial purchase of government bonds, the Canadian conglomerate reportedly wants the state to provide guarantees for the loan’s repayment in the form of hydrocarbon deposits recently located in Cyprus’ exclusive economic zone (EEZ). 

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Shake-up for CTO offices

THE CYPRUS Tourism Organisation (CTO) is planning to close, merge and reorganise offices abroad so as to reinforce efforts to promote Cyprus as a popular tourist destination.

“The time has come for a big reorganisation of the offices, to see which ones we can possibly shut down, where new ones can open,” said Commerce Minister Neoclis Sylikiotis, after meeting with the CTO yesterday and being presented with the initial findings of a study into the matter.

Sylikiotis said tourism was intensely competitive and demanded new measures, including an investigation into the possibility of attracting new markets.

There are currently 23 CTO offices abroad, costing over €7.7 million, while just €1.8 million is spent on projecting Cyprus as a tourist destination abroad.

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‘Alarming’ number of young road fatalities

THE EUROPEAN Commission’s vice president for transport expressed alarm yesterday over Cyprus’ higher-than average number of road fatalities among the 18-24 age group.

Cyprus was the host country for the 4th European Road Safety Day, which took place yesterday. Statistics released showed that from all road fatalities on the island in 2010, some 23 per cent were under 25 years old compared to the EU average of 19 per cent.

 “The tragic loss of young lives on European roads is unacceptable….I am most concerned by accidents due to drugs or alcohol especially among young men and women,” said Siim Kallas, the Commission’s vice president responsible for transport.

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Slap on the wrist for mag over sex content

CIVIL society organisations expressed their ‘gratitude’ and ‘satisfaction’ over the Cyprus Media Complaint Commission’s (CMCC) decision over a recent ‘sex’ edition of the entertainment guide Time Out Cyprus.

“The Commission has adopted the position of the complainants that the publication seeks to normalise the sex industry,” said the results of their investigation, adding that they had also violated the journalist’s code of ethics.

The complaint was submitted by 12 non-governmental organisations including the Mediterranean Institute of Gender Studies (MIGS) who were up in arms over the publication that they felt not only objectified women but incited violence towards them.

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