Daily Archives: April 19, 2013

Archives April 19, 2013 posted by

President announces measures to restart economy

 

PRESIDENT Nicos Anastasiades on Friday announced measures to restart the economy and support vulnerable groups.

The President also announced a government decision to build a natural gas liquefaction terminal in Cyprus, as reported in the Cyprus Mail today. 

The government measures serve five key objectives: the support of vulnerable groups, training of the unemployed, youth, and graduates, the creation of new jobs, enhancing development and encouraging green projects.

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CBC releases detailed PIMCO report on banks

THE Central Bank of Cyprus (CBC) on Friday released the detailed results of a due diligence of the banks that determined they will need around €8.9 billion in additional capital needs.

The capital needs were the result of a comprehensive analysis of the value of credit portfolios and foreclosed assets, and of the earnings capacity of the banks to absorb losses over the next three years under an adverse scenario.

According to this scenario, domestic banks will need some €8.2 billion while foreign lenders need €149 million.

Cooperative banks need €589 million, the due diligence that was carried out by investment experts PIMCO found.

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Moufflons fume after World Cup exclusion

ON the eve of their departure for Budapest, where they will play Hungary on Saturday afternoon, the all-conquering Cyprus international rugby team were left reeling after being given the news that the International Rugby Board (IRB) has refused to allow them to enter the qualification play-offs for the Rugby World Cup in England in 2015.

The IRB is the governing body of all rugby and controls and organises the World Cup.

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The tourist is not as gullible as we think

 I REMEMBER, in years gone by, whenever experts were discussing the future of the tourism industry many were suggesting that ‘virtual tourism’ would supersede other forms of tourism.  Although this concept seems rather unrealistic, the future of this volatile industry is quite unpredictable and as its economic importance is growing, it becomes apparent that attempts to forecast future trends should not be ignored.  

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Our View: Private schools need to adapt to the change in circumstances

LIKE SO many other areas of the economy, the private education sector is in crisis. Although the government announced that educational institutions were to be exempt from the brutal haircut on deposits, it is not yet clear whether private schools are included.

But even if the deposits of those schools which banked with Bank of Cyprus and Laiki are saved, the haircut and spiralling recession is likely to have a dramatic impact on student numbers. 

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Airport charge still a thorny issue

INCENTIVES and liberalisation of flights could increase the tourist flow to Cyprus by 400,000 people per year, the House Commerce Committee heard yesterday.

Lawmakers and the Cyprus Tourism Organisation (CTO) asked for a reduction in airport fees in a bid to attract more airlines to Cyprus but airports operator Hermes said a general cut would be difficult and ineffectual.

Airport fees were not decided arbitrarily by Hermes; there was a specific timeframe and pricing policy, Hermes spokesman Adamos Aspris said.

“This is an integral part in the concession agreement, which has been approved by parliament,” he told reporters.

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Vgenopoulos fails to show at court

CITING what appeared to be a technicality, former Laiki strongman Andreas Vgenopoulos failed to show up in a Paphos court yesterday to answer charges that he had misled investors into buying high-risk securities.

Vgenopoulos and former Laiki CEO Efthimios Bouloutas, both Greek nationals, argued through their lawyers that the charge sheet had not been delivered to them in the correct manner.

Their lawyers raised a pre-trial objection suggesting that the papers had been delivered under the provisions of the Schengen Agreement, which Cyprus had not ratified.

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Viability of BoC ‘a national priority’

 

THE viability of the Bank of Cyprus (BoC), the island’s biggest, is a national priority, new ruling DISY leader Averof Neophytou said yesterday, as he called for the immediate appointment of a board to oversee the lender’s restructuring following a Eurogroup decision to impose hefty losses on its uninsured depositors.

The Cypriot economy’s salvation goes through the rescue of BoC, Neophytou said.

“Everyone must understand this. The new BoC, after the merger with Laiki, has a local share that exceeds 60 per cent,” Neophytou said.

The majority of businesses were BoC customers, he said, adding that the absence of a leadership at the lender had cost the economy a lot.

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Creation of LNG plant looks certain

PRESIDENT Nicos Anastasiades is today likely to announce his government’s formal policy decision to press ahead with the construction of a liquefied natural gas (LNG) plant on the island.

Sources told the Mail the decision was taken at a cabinet meeting on Wednesday, but was not immediately made known as the President intended to announce it today along with a raft of planned measures designed to jumpstart the economy.

A decision for an LNG facility had been taken by the previous administration of Demetris Christofias; the current DISY-led administration was understood to also support the project, but an official announcement was pending.

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