Daily Archives: April 16, 2013

Archives April 16, 2013 posted by

Boston Marathon Update: Investigators hunt for clues in Boston Marathon bombing

Investigators on Tuesday searched for the person or group responsible for planting two bombs at the Boston Marathon finish line that killed three people and wounded more than 100 in the worst bomb attack on U.S. soil since September 11, 2001.

The U.S. Federal Bureau of Investigation led a battery of federal, state and local law enforcement agencies on the case, while critically wounded victims of Monday’s blasts fought for their lives and others contemplated a new life as amputees.

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Depositors could lose as much as €8 billion

 

LARGE depositors who kept their money in the two biggest Cypriot banks stand to lose up to €8.3 billion through the restructuring of the two institutions, a European Commission document showed.

It is part of an estimated total €10.6 billion contribution from investors for restructuring the Cypriot banking sector, which also includes wiping out shareholders and bondholders in Laiki, or Popular, Bank as well as imposing losses on junior bondholders in the Bank of Cyprus and a deposit-for-equity swap.

Cyprus will close Laiki, its second biggest bank, and restructure its biggest, Bank of Cyprus, in return for an international loan of €10 billion over three years, without which the country would be unable to pay its debts.

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Our View: Paying for the procrastination of previous decades

NOW that the disastrous bailout deal has been done and dusted other than receiving the necessary approval from a number of European parliaments, the government has set to try and put the country back together.

How they will do this to any great extent is anyone’s guess.

President Nicos Anastasiades began on Sunday with an address to Russian businesses. Other than relaxing the rules on citizenship for many of those who sustained losses in the deposits haircut, there was not much else to offer them except grand words all of which have been heard before.

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Raft of measures to aid economy

THE GOVERNMENT is to ease citizenship rules for foreign investors who lost money under an EU bailout deal, as part of a series of planned measures to salvage what it can of its reputation as a business centre.

President Nicos Anastasiades said new steps, mostly affecting the Russian business community, would be approved at a cabinet meeting.

Speaking at a Russian business conference in Limassol on Sunday evening, Anastasiades said the new measures would “mitigate to some extent the damage” Russian investors had endured.

In exchange for a €10bn rescue package, agreed by the EU and IMF, Cyprus must wind down Laiki Bank and write-off a large portion of secured debt and uninsured deposits in the Bank of Cyprus.

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SGOs: spare us the sell-off and we’ll find money for troika

SEMI-GOVERNMENT organisations (SGOs) have offered to come up with the money demanded by the troika in exchange for sparing them from privatisation. 

The Cyprus Telecommunications Authority (Cyta) and Cyprus Ports Authority (CPA) yesterday criticised the troika’s demands to come up with €1.4 billion through privatisations of SGOs, saying they believe they can use their own resources to cover the amount demanded by the troika as part of Cyprus’ bailout agreement.

Speaking after a meeting of the House Finance Committee, Cyta chairman Stathis Kittis said privatisations were not necessary, especially those that contribute to state coffers. 

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Further relaxations on capital controls

THE FINANCE Ministry has further eased capital restrictions via an eighth decree issued late on Sunday. The new regimen will hold for a period of seven days.

Under the new decree, transfers per person are increased to €3,000 per month within the Republic, compared to €2,000 previously, whereas transfers of deposits/funds to accounts held in other credit institutions are raised to €50,000 per month per legal entity compared to €10,000. 

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A minute with Kyriacos Andreou (Bboy Kyri) Professional Dancer and Coach of Network Cartoon Crew

 

Network Cartoon Crew: winners of Pancyprian break-dance competition botH Cyprus 2013 along with Marios Thoupis (both members of Looney Tunes crew)

 

Where do you live?

In an apartment in Nicosia with a childhood friend, from where I study business administration at University of Cyprus

 

Best childhood memory?

The first time I saw someone breakdancing on the internet and then trying out dancing moves with my friends. I’ll never forget the excitement and happiness I felt. I thought I wanted to learn that dance more than anything in the world.

 

Most frequented restaurant and absolute favourite dish? 

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President responds to Draghi on Central Bank Governor

PRESIDENT NICOS Anastasiades has written a letter to European Central Bank (ECB) President Mario Draghi allegedly listing the shortcomings of Cyprus’ Central Bank Governor Panicos Demetriades, it was reported yesterday. 

In the initial letter, which was also sent to House President Yiannakis Omirou, Draghi reminded both men that a central bank governor could only be dismissed on grounds specified by EU law, adding that any dismissal would be subject to review by the EU’s Court of Justice. 

Speaking on Sunday, Anastasiades said he planned to inform Draghi about some incidents which he hoped would be taken to heart, hinting that had there been the proper supervision by European institutions, Cyprus wouldn’t be in the position it’s in now.  

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Inquiry panel starts Friday

THE COMMITTEE of Inquiry appointed to probe into possible civil, criminal or political liabilities concerning developments in Cyprus’ banking sector and economy will hold its first public hearing on Friday.

According to an announcement, the three-member committee met yesterday at the Filoxenia Conference Centre, where the decision was taken to request the Finance Ministry’s permanent secretary Christos Patsalides to appear before the committee on Friday morning. 

Patsalides will be the first to do so.  The committee is made up of former and present Supreme Court judges, Giorgos Pikis, Panayiotis Kallis and Andreas Kramvis.

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