Daily Archives: December 18, 2012

Archives December 18, 2012 posted by

Why is new evidence in the Helios crash being ignored?

I am shocked that the Cypriot press is mute about the new evidence regarding the causes of the Helios air crash as well as the proceedings in the criminal action in Greece.

As the wife of an innocent man – a professional pilot and extremely responsible person who was at the time the chief pilot of the company; an individual who has been wrongfully prosecuted, I believe I must speak up and make the public aware of the brutal violations of all professional ethics and fundamental human rights during the court proceedings in Greece.

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Migrants’ contribution to Cypriot society has been complex and extensive

“CYPRUs must act. History tells us that migration has been an essential ingredient of growth and development of many countries. It is already essential to the economic survival of this country. However, unless regulated by appropriate laws and regulations, it entails a high cost in violations of the rights of persons, in social disruption, in reduced productivity, and lost opportunities for economic growth and development”

These are words of Patrick Taran, Specialist on International Labour Migration and Governance at a recent conference in Nicosia 

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Future exploitation of natural gas does not invalidate the memorandum

A few weeks ago I made some comments about the proposal of one of the presidential candidates to use future proceeds from the natural gas through the issuance of long-term bonds. Because my comments may have been misunderstood, I would like to clarify my position.

Under no circumstances would be appropriate to use future revenues from natural gas to avoid signing the memorandum that is forcing us to take measures, as painful as they are, in order to fix the banking, fiscal, and structural problems of our economy. 

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Just days away from a default

 

THE ELECTRICITY company (EAC) last night approved a state request for a €100 million loan following a stark warning that without the cash the government would default in the next few days.

“If these additional financing needs are not secured we will be talking about a state default in the next few days,” finance ministry permanent secretary Christos Patsalides told the House Finance Committee earlier yesterday. 

Patsalides said this would also drag semi-government organisations under, since it would put the state into selective default and annul any guarantees given to them.

Telecommunications company CyTA had already agreed to lend the state €100 million – through three-month bonds – on condition that the EAC would also chip in.

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Our View: Refusal to budge on 13th salaries has prompted panicked begging

THE PERMANENT secretary of the finance ministry, Christos Patsalides made no secret of the desperate situation the government finds itself in during yesterday’s House finance committee meeting. He said the government would be forced to stop payments in the next few days, if it did not secure the short term loans it was seeking from the staff pension funds of semi-governmental organisations.

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Orphanides closes 11 branches

ORPHANIDES Supermarkets’ hopes for a reprieve appeared to have been dashed yesterday after its main creditors reportedly rejected the appointment of an administrator to oversee the company’s restructuring.

The news came as the company, in the red for well over €200m, announced it was temporarily shutting down 11 stores across the island amid depleting stocks.

Citing sources, the state broadcaster said last night both Popular Bank and Bank of Cyprus turned down the company’s proposal to appoint Andreas Andronikou, of UK auditing firm UHY Hacker Young, as administrator.

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In latest poll, Anastasiades deemed most honest and popular leader

MORE THAN half the public believe the government should sign the memorandum with the troika while seven in ten are not happy with President Demetris Christofias’ handling of negotiations with the international lenders, according to a latest poll. 

State broadcaster CyBC last night revealed the results of the latest poll conducted on its behalf by CMR Cypronetwork Marketing Research based on a sample of 1,214 people across the island.

According to the poll, 54 per cent of those asked believe Cyprus should sign the memorandum with the troika, while 36 per cent believe it should not. 

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Divisions over pension provisions

THERE appears to be a disagreement between the government and international lenders over a provision concerning the calculation of civil service pensions that is set to change as part of the island’s bailout, lawmakers heard yesterday.

The sticking point is whether the new system of calculating pensions would be retroactive or if it will cover earnings after the date it comes into force – January 1, 2013.

The troika says the former, while a government bill says otherwise.

According to the memorandum on which the two sides agreed on principle, “pension benefits will be calculated on a pro-rata basis taking into account life-time service as of January 2013.”

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Bank of Cyprus urged to change board structure

THE CENTRAL Bank has called on the island’s largest lender to re-jig its board so that no independent director serves for more than nine years, as part of a drive to improve corporate governance.

Central Bank sources yesterday said the CB chief’s circular – sent earlier this month – was simply a reminder to the Bank of Cyprus (BoC) to enforce the regulations, but also to get the ball rolling with regard to coming changes to banking governance.

Under a regulatory administrative act (as amended in 2009), the board of directors “must explain why it considers a member as being independent…if they have been on the board for more than nine years subsequent to their initial appointment.”

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