Daily Archives: April 6, 2013

Archives April 6, 2013 posted by

In the company of women, or what bail-in pain has to do with botox, botched relationships and eating disorders

Once in a blue moon, Mercury catches up with his first love, the arts – more specifically, the performing arts.

And this past Friday night, in the midst of deliberating whether or not to take part in a quiz at the ESOBGA club house or head off to watch a local production of Eve Ensler’s The Good Body at Melina Merkouri Hall, fate took a hand.

While Mercury was trying to weigh up how best to lay out an article on the escalating crisis in the Korean peninsula, while freeing up room on the page for a story on a building collapse disaster near Mumbai, the phone rang at the far end of the subs room.

Mercury heard the colleague who answered say to the caller “…no, just guys here, and [name of a female colleague], so I don’t think so…”

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Co-op rumour spreads panic

 

THE GOVERNMENT, Central Bank and Cooperative Movement rushed to calm fears of a new raid on bank deposits yesterday after rumours, texts and reports circulating spread panic among depositors who formed long queues mostly outside cooperative banks. 

Massive lines of people formed outside cooperative banks across the country seeking ways to either get their money out or divide their fixed deposit accounts into smaller ones of under €100,000 following the circulation of text messages claiming the government was about to impose a haircut on cooperative bank deposits.  

Other depositors whose fixed deposit accounts had yet to mature but who also heard the rumours turned up simply to withdraw the €300 maximum amount permitted from their accounts. 

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Our View: Did anyone really need to be tipped off to move their money out in time?

A VERY big issue has been made out of the withdrawal of a very big amount of money, €21 million, from Laiki by the in-laws of President Anastasiades’s daughter. The implication was that Andys and Katia Loutsios had been tipped off about the impending haircut of deposits by Anastasiades and got their money out of Laiki in the week leading up to the crunch Eurogroup meeting of March 15 that decided the haircut of deposits.

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Fifty appeals lodged against haircut

THE Supreme Court yesterday cancelled two injunctions aimed at preventing bank restructuring procedures from going ahead as more than 50 appeals have been submitted against the Eurogroup decision to resolve Laiki and force losses on Bank of Cyprus (BoC) depositors.

At the same time the Church of Cyprus withdrew an appeal it had filed against writing off all of its current BoC shares, after the decision was reversed by the Central Bank.

The injunctions were cancelled because of possible conflict of interest.

The judge who issued them, Myronas Nikolatos, had recused himself from the cases after issuing the injunctions.

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Banks’ report raises questions, says government

THE government yesterday appeared to dispute an investigation launched by the Central Bank of Cyprus (CBC) into the island’s banking debacle, as the media criticised the regulator over the apparent failure to probe certain vital aspects of the affair.

The CBC was quick to stress that the investigation was not over yet.

“The publication of the Alvarez and Marsal investigation into the banking system raises questions regarding the objectives and the terms of reference set from the beginning,” government spokesman Christos Stylianides told reporters. 

“The government notes this fact with concern, and expects that society, which is subjected to huge sacrifices for reasons it bears no responsibility for, will be fully informed.”

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President and CBC chief receive death threats

 

POLICE ARE investigating death threats against President Nicos Anastasiades and Central Bank of Cyprus (CBC) Governor Panicos Demetriades and their families over the raid on deposits in the island’s two biggest banks. 

The threats were made in a typewritten letter addressed to the two men but sent by post to local daily Politis in Nicosia and signed by the ‘Deposit Rescue Group: To the Death’.  

The paper’s assistant editor Manolis Kalantzis said he received the letter on Thursday morning and immediately notified police who sent CID investigators to the paper’s offices in the old town. 

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Chinese company interested in Cyprus Airways

A CHINESE company is interested in buying ailing national carrier Cyprus Airways (CY), it was revealed yesterday.

In a statement to investors, CY said officials from Beijing Yi Xiang Da Investment Co Ltd held talks with finance ministry and airline officials.

Signs for a conclusion appear to be encouraging, the airline said, but there has not been an agreement yet.

The government said it was prepared to talk to anyone with the aim of finding a strategic investor.

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CIPA: energy sector will prove catalytic for Cyprus

THE Cyprus Investment Promotion Agency (CIPA) expressed its regrets yesterday over the raid on bank deposits imposed by the EU but also welcomed the finalisation of a bailout deal with international lenders.

“As CIPA, we have for some time now, advocated that penalising depositors would be an unfair and short-sighted measure,” a news statement said. “Despite all efforts, unfortunately, this solution was at the end simply imposed on Cyprus.”

On the other hand, CIPA being the main point of contact for foreign investors, welcomed the stability that the finalization of the memorandum of understanding between Cyprus and the Eurogroup is expected to bring after a long period of uncertainty.

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Industry leaders gather for major gas conference

TOP oil and natural gas professionals and executives, along with companies behind the planning and development of the region’s natural gas industry will gather in Nicosia between Monday and Wednesday 

Noble Energy, is the lead sponsor for Gulf Publishing Company’s inaugural Eastern Mediterranean Gas Conference (EMGC) at the Hilton. 

Charles D. Davidson, Noble Energy chairman and CEO, will be one of the speakers. “Far more than providing tremendous business and growth opportunities for the oil and natural gas industry, the abundance of natural gas resources recently discovered offshore Cyprus and Israel have the potential to forever alter the energy-security and economic landscape of the entire Eastern Mediterranean region,” he said.

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