Daily Archives: December 5, 2012

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Christofias: bailout is a necessary evil

 

PRESIDENT Demetris Christofias last night made it clear there was no going back on the bailout deal and its contents, which he warned would be painful.

In a televised address to the nation, Christofias called for unity and responsible action from all to “overcome the difficulties” brought about by Cyprus’ recourse to the European Stability Mechanism. 

Cyprus has reached a preliminary deal with the IMF and the EU to borrow up to €17.5 billion – almost equivalent to the country’s entire annual output.

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Germany wants complete transparency on money laundering

 

GERMANY said yesterday it expected complete transparency from Cyprus on money laundering issues and expects quick implementation of suggestions made under international requirements.

The warning came from German finance minister Wolfgang Schaeuble after the meeting of EU finance ministers yesterday in Brussels.

Asked about the Cyprus bailout, Schaeuble said: “We expect complete financial transparency from Cyprus relating to money laundering issues, which fulfil EU standards and international requirements. We also expect quick implementation of all requirements that international organisations make.”

“On top of that we need extensive cooperation on tax questions,” he added.

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How much your electrical appliances cost to run

 

EVER wondered how much of that dreaded electricity bill is down to leaving the electric heater on to warm the bedroom or having the air conditioning unit on all night?

You’re not alone, which is why the Electricity Authority of Cyprus (EAC) has released a breakdown of the consumption and usage cost of home appliances so that people can become aware of what they’re spending.

A 2000W electric heater that uses up 2kWh will set you back by €4.70 over a night, if you run it for eight hours. It costs 58.78 cents an hour, the EAC said. The cost comes to €141 over thirty days based on that consumption.

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Over 8,000 schoolchildren need assistance

OVER 8,000 school children are in need of financial assistance, said the Education Ministry’s permanent secretary Olympia Stylianou yesterday. 

Speaking after a meeting of the House Education Committee, Stylianou said the ministry has called a broad meeting of stakeholders to work out a system for providing assistance to needy pupils. 

Earlier this week, known businessman Nicolas Shacolas said his family and the Shacolas Group would provide food for a year to poor primary school children in 2013. The exact method of providing help will be organised in coordination with the education ministry, said Shacolas. 

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Property tax will jeopardise sector further, developers say

DEVELOPERS are unhappy with a new immovable property tax regime, agreed as part of the island’s bailout, saying it will jeopardise the already badly-hit sector’s prospects.

In a written statement, the developers association warned that implementation of the new regime would lead many people to sell their properties because of the high tax.

This will in turn force the value of mortgaged property down and create fresh recapitalisation needs for the banks, the developers said.

“We think that immovable property is once more used as the easy way out to cover the state’s financing needs, without considering the effects such a choice would have on the future growth of the sector and employment,” they added.

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‘CyTA pension fund must not be a loan reservoir’

THE telecommunications company CyTA said yesterday that payback of any financial assistance to the cash-strapped state must be guaranteed, as it mulled loaning the government some €100 million to get it through until an international bailout deal was completed.

It is not the first time CyTA bailed out the government. However, unions have expressed concerns because the money will come out of their pension funds.

CyTA chairman Stathis Kittis said they were trying to ensure – possibly through bank guarantees — that the assistance would be repaid.

But Kittis said that any assistance, if given, should be part of a contribution by other semi-government organisations.

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Education ministry ‘not axing contract workers’

ALTHOUGH the secondary school teachers’ union has called for a demonstration today over a provision in the 2013 budget they interpreted as meaning that 533 contract workers would get the axe, the education ministry yesterday said all had been accounted for in the budget.

“The budget covers all contract workers,” said the education ministry’s permanent secretary Olympia Stylianou at a meeting of the parliamentary finance and education committees.

The head of the secondary schools’ teacher union, Demetris Taliadoros, said that the budget included 533 contracted secondary school teachers for the first eight months of the 2013-2014 academic year, with their numbers thereafter reduced to 40.

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Doctor remanded in rape case

A 39-YEAR-OLD Filipino woman in Limassol made a formal complaint to police on Monday that her 47-year-old employer, a doctor, had made repeated indecent attacks on her since September of 2010. 

A police spokesman said that according to the woman’s complaint, while she was in the kitchen at her workplace on Monday, her employer attacked and raped her. She was checked by a medical examiner who confirmed that she had bruises on her sternum and the inner side of her left thigh. The suspect was remanded for eight days yesterday.

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