Daily Archives: January 12, 2013

Archives January 12, 2013 posted by

Chelsea stroll at Stoke after Walters nightmare

Two own goals from Stoke City forward Jonathan Walters set Chelsea on their way to a 4-0 Premier League victory on Saturday that gave under-fire interim manager Rafael Benitez some respite.

Walters had a nightmare afternoon at the Britannia stadium, putting through his own net with a diving header on the stroke of halftime, then beating his own keeper Asmir Begovic with a header from a corner just after the hour. He also missed a late penalty.

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Baghdatis to take on Ramos in Melbourne


Marcos Baghdatis completed his preparations for the Australian Open at the AAMI Classic exhibition tournament in Kooyong, with a straight sets loss to World No. 6 Tomas Berdych in the third place play-off on Saturday.

 The Czech’s performance was a vast improvement after losing in straight sets to eventual event winner Lleyton Hewitt earlier in the week.

Berdych needed four match points to finally put away 2006 Melbourne Park finalist Baghdatis, with the Cypriot driving a ball into the net to end the contest.

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Merkel firm but supportive

CYPRUS appeared to win conditional support for its bailout bid from EU paymaster Germany yesterday, hours after a savage credit ratings cut intensified the indebted island’s economic misery.
Germany, wary at the prospect of bailing out a country it says must improve financial transparency, nonetheless said European Union members must stand by each other.
“Cyprus must move forward with its own obligations and reforms to the economy but at the same time we must show solidarity,” German Chancellor Angela Merkel told reporters as she arrived on the island for talks with other conservative politicians, members of the European People’s Party. She said that was a fundamental EU principle.

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Our View: Everyone earning above a certain income should pay for healthcare

MANY people remarked about the negligible opposition to the raft of austerity measures that were approved last month after marathon sessions of the legislature. There was a one-hour work stoppage at state schools and a peaceful demonstration by teachers and some protests outside the legislature by disabled people and members of big families who had their benefits cut. The rest of the public sector workers, despite some verbal threats, accepted cuts to pay, pensions and benefits without a protest, showing a remarkable sense of responsibility.

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Anastasiades steps on to European stage

THE European People’s Party (EPP) summit in Limassol yesterday gave a boost to presidential hopeful Nicos Anastasiades image as a worldly, well-connected potential head of state.
But for the DISY leader, the summit with fellow conservative European Union figures commenced amid growing concerns over the deteriorating financial health of Nicosia and the timing of a bailout plan.
Prominent foreign leaders that jetted in for the afternoon event at the Meridian Resort included President of the European Commission José Manuel Barrosso, German Chancellor Angela Merkel, Greek Prime Minister Antonis Samaras and Irish Prime Minister Enda Kenny.

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No mercy as Moody’s slashes bond rating

MOODY’S ratings agency has downgraded Cyprus’ bond rating by three notches to Caa3 from B3 with a negative outlook on the significantly increased likelihood of a government default due to a rising debt burden.
The key driver of the rating action “is the anticipated rise in the Cypriot government’s debt burden, driven principally by the increased recapitalisation needs of its banking system following distressed exchanges on Greek government debt and rising delinquencies on loans to Greek and Cypriot obligors,” Moody’s said. “Given that the resulting increase in the debt burden is likely to be unsustainable, Moody’s believes there is a significantly increased likelihood that the Cypriot government may eventually default outright or press for a distressed exchange.”

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More lenient terms for Russian loan possible

RUSSIA will discuss more lenient terms for Cyprus’s repayment of its €2.5 billion loan, Russian Finance Minister Anton Siluanov said yesterday.
Cyprus has officially requested the extension of the repayment of a €2.5 billion loan received from Russia in 2011 by five years — from 2016 to 2021.
“We’ll cooperate with European countries on the subject of measures needed to shift Cyprus to a more even schedule for debt repayment,” Siluanov was quoted by Bloomberg as saying.
Extending the repayment period would significantly contribute to make the island’s public debt more manageable.

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Regulator asks EAC to reconsider latest price hike

ENERGY Regulatory Authority, CERA, has asked the Electricity Authority of Cyprus (EAC) to reconsider the latest rise in electricity prices, which came into effect on January 1.
Prices were adjusted under the EAC’s recalculation of its fuel-cost formula to cover the purchase of carbon credits for greenhouse gas emissions, rising approximately 4.0 per cent.
The EAC adjusts its fuel cost formula – the major component of electric bills – every month. The electricity rate – kilowatt hour (kWh) – is the sum of the fuel cost plus the price of carbon credits.

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Cheaper medicines from next month

A PRICE reduction in medicines will become effective on February 11 when the price list will be updated for the first time since 2009, health minister Androula Agrotou pledged yesterday.
“Savings to the consumers will come to €10 million a year,” Agrotou said during a press conference.
This is just a drop in the ocean given that the public spends €250 million a year on drugs, about €110 million worth through the public sector and the rest through private pharmacies, according to the 2011 report by auditor general Chrystalla Georghadji.
What would make an effective difference would be updating the price list at least once a year that could result in reductions of up to 20 per cent, Georghadji said in her report.

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Producers defend milk price rise

ALONG with cattle farmers, milk pasteurisers have announced they will raise prices to accommodate increased production costs.
Milk pasteurisers issued an announcement this week saying they need to raise the price of wholesale milk by nine cents per litre, but said that would mostly go towards covering the price hike coming from the cattle farmers.
Cattle farmers have raised raw milk prices by four cents a litre from January 1 and have said they will also raise prices by an additional 1.8 cents a litre on April 1 to cope with the price of animal feed.
The head of the milk pasteurisers’ association Marios Kampanellas said that they too were trying to cover the rising cost of electricity, fuel, and water.

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