Monthly Archives: December 2012

Archives December 29, 2012 posted by

Dzeko inspires City as United seal win

Edin Dzeko shone to give 10-man Manchester City a battling 4-3 victory at Norwich City, but leaders Manchester United also won as own goals and more controversial refereeing marked the last Saturday of 2012.

United maintained their seven-point advantage over City at the top of the Premier League after Gareth McAuley turned the ball into his own net and substitute Robin van Persie netted in a 2-0 win over West Bromwich Albion at a sodden Old Trafford.

City striker Dzeko scored twice in the first four minutes and another of his strikes was credited as an own goal by goalkeeper Mark Bunn at Norwich where Samir Nasri’s 44th-minute red card had threatened the champions’ dominance.

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Archives December 29, 2012 posted by

Central Bank goes on the offensive

 

THE CENTRAL Bank of Cyprus (CBC) last night launched a scathing attack against the so-called protectors of the “bankers of the past”, accusing its critics of running scared from the expected results of an ongoing probe into the circumstances that led the nation’s two biggest banks to seek state support.

In an announcement issued last night, the CBC said: “In recent days, various coordinated and synchronised reports have seen the light of day about the state of the banking system in Cyprus.”

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Archives December 29, 2012 posted by

Our View: Tourism doing well but prices still exorbitant

 

IN AN era of doom and gloom it is good news to hear that tourism at least is doing well after a decade in decline. It will also be happy tidings for hoteliers to hear that the Immovable Property Tax, which would have damaged the industry is to be reviewed. They were among the most vociferous opponents of the new calculation of the annual tax, saying in some cases it would cost hundreds of thousands to pay, which would have doomed the industry, which was just starting out on the road to recovery.

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Archives December 29, 2012 posted by

Tourism recovery on a steady path

 

MAINLY due to increased Russian arrivals, revenue from tourism, which has been rising all year, is expected to bring close to €2 billion for 2012, a 10 per cent rise on last year, the Cyprus Tourism Organistion (CTO) said yesterday.

Tourism brought in some €1.7 billion in 2011.

CTO chief Alecos Orountiotis said this year would end with a 3.5 per cent increase in arrivals over last year – around 2.5 million visitors in 2012.  In 2011 arrivals rose 10 per cent but prior to that tourism had been falling steadily and in 2009 had seen a 10 per cent drop over 2008. 

Up until November this year, over 470,000 Russian tourists visited the island, far exceeding the CTO’s hopes of attracting some 400,000.

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Archives December 29, 2012 posted by

Fewer children dropping out of school

CYPRUS has one of the lowest percentages, from all 27 European Union countries, when it comes to school drop-outs.

The figure was revealed in the latest Key Data on Education report, published by the Eurydice Network and Eurostat which combines statistical data and qualitative information to describe the organisation and functioning of education systems in Europe.  

Trends show that students in Cyprus are deciding against dropping out of school.

Islandwide considerable progress was made, with a 90 per cent participation of students, one year after the end of compulsory education. 

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Archives December 29, 2012 posted by

Back to the drawing board for property tax

THE GOVERNMENT has backed down from its intention to update immovable property prices by applying a formula that stakeholders had said would hike up taxes many times over and would drive the economy deeper into recession. 

The House plenum is due to discuss an amended bill on January 17 that will remove a provision to update property prices, which was part of the preliminary agreement between Cyprus and its international lenders. 

Interior Minister Eleni Mavrou said that the bill would not now update property values using the consumer price index (CPI) over 1980 to 2012.

“We’re going back to the 1980 values,” Mavrou said referring to the way immovable property tax is currently calculated, which is on the property’s value on January 1, 1980.

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Archives December 29, 2012 posted by

The largest insurance payout ever in Cyprus

THE INSURERS and reinsurers of the Vassilikos power plant yesterday completed payment of the largest insurance payout ever in Cyprus, totalling €132.5m, following the plant’s destruction by the Mari naval base blast in July 2011.  

According to an announcement by Atlantic Insurance, the company paid the Electricity Authority of Cyprus (EAC) €102.5m yesterday, adding to the €30m already paid for reconstruction of the damaged power plant.   

Atlantic thanked the EAC’s reinsurers for the timely compensation payment which constitutes “the biggest insurance payout ever paid in Cyprus”.  

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Archives December 29, 2012 posted by

Nurses gripe over new working hours

THE NURSES’ union has called on the health ministry and stakeholders to discuss upcoming changes in civil service working hours to see how shift workers can work alongside staff who will be working the new normal government hours, the nurses’ association has said.

“All those who work in this area need to collaborate and discuss changes to see how they can be implemented, said the chairman of the nurses’ union and deputy secretary of civil servants’ union PASYDY, Giorgos Flourentzos.

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Archives December 29, 2012 posted by

Bungling burglar burns himself stripping live wire

A BUNGLING burglar sustained serious burns when he tried to strip copper piping from an 11,000kW cable at an EAC substation in Nicosia on Thursday night.

The EAC was alerted to the burglary yesterday morning when a power outage in Strovolos was being investigated. They discovered the theft of the copper piping worth €400 from the 

Prodromos Avenue substation.

During investigations into the theft, police and EAC officials suspected the perpetrator might have burned himself and a call to the Nicosia general hospital confirmed that a man had arrived at first aid on Thursday night with serious burns. Police said the man had told doctors he sustained the burns while trying to change a fuse at home

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Archives December 29, 2012 posted by

Cheaper bills on storage heaters

THE NEW year will come with cheaper bills for storage heaters’ users with a pricing scheme dropping by an estimated 12 per cent, the Electricity Authority of Cyprus (EAC) has said.

The energy regulator has approved the EAC’s request to shave off 2.0 cent per Kwh from the bills of off-peak storage heaters users, the authority said yesterday in an announcement. 

The off-peak tariff applies to all customers using electricity for the storage of thermal energy during off-peak periods as set by the EAC.

To be eligible, people need to have their storage heater connected to a separate off-peak circuit via switchgear that prevents the connection of standard electricity plugs.

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