Daily Archives: April 27, 2013

Archives April 27, 2013 posted by

President: shipping pivotal to economic recovery

PRESIDENT Nicos Anastasiades yesterday invited the shipping sector to play a leading role in the recovery of the economy.

Anastasiades was speaking at the 24th Annual General Meeting of the Cyprus Shipping Chamber in Limassol where he said the industry had not been affected overall by the banking crisis.

“The shipping sector now constitutes a crucial part of the ‘spinal column’ on which the Cyprus economy will depend in its road to recovery,” he said. Shipping contributes around 5.0 per cent to GDP.

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MTN hits out at ‘childish’ CyTA

THE CYPRUS Telecommunications Authority (CyTA) was branded ‘silly and childish’ by rivals MTN yesterday as competition between the two in a crisis market gathered pace. 

Currently holding 34 per cent of the market share in mobile services, MTN has more than tripled its share since 2011 when it only held 11 per cent. To boost this share, MTN had recently begun a telesales campaign, randomly calling both MTN and non MTN subscribers, to offer new or additional competitive solutions, according to MTN CEO Philip van Dalsen.  

CyTA accused MTN of using private and privileged information during their telesales campaign and allegedly blocked calls to Cypriot mobile phones from Greece through MTN.

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CyTA will look at reducing sports sponsorships

TELECOMS giant CyTA says it would look at reducing the amount of money it gives in TV sponsorship deals after it was revealed on Thursday the semi-state body company would hand out around €41m to sports teams around the island over a six-year period.

“CyTA has already made a decision to reduce costs regarding advertising and TV rights, due to the economic crisis and the relevant clubs have been informed,” it said in a statement.

CyTA claimed the biggest sponsorship and TV rights deals had been awarded by their competitors. “The report in daily Phileleftheros reported on pay-TV which is one of the most competitive areas in which CyTA is active,” it added.

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Cyprus Today

More flights from Austrian Airlines

STARTING FROM yesterday, Austrian Airlines has expanded the range of flights on its Larnaca-Vienna route with an additional flight during the summer season until the end of November. 

This brings the total number of flights up to twelve flights a week on the route from Larnaca. With this improved offer, Austrian Airlines is continuing to build up its already significant presence in Cyprus and improve the connection of Larnaca to the Austrian network, it said.

Austrian Airlines serves a total of 130 destinations in 55 countries this summer. In Vienna, passengers can transfer between flights in just 25 minutes. 

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Briefs

Road death 

A 23-YEAR-OLD man lost his life yesterday at 4.30am in Larnaca after losing control of his car and crashing it into the surrounding wall of a house.

It was the fourth road death in as many days. According to Larnaca police spokesman, Christos Andreou, 23-year-old Andreas Chiras from Aradippou was driving his car along the coastal road towards the Larnaca port roundabout when he lost control of the vehicle and hit an electricity pole and then the surrounding wall of a house. He was taken to Larnaca General Hospital where the doctors confirmed his death. Larnaca Police are investigating the accident. 

 

 

 

 

On the beat 

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Why the magnitude of this burden is unfair

 

THE CYPRIOT economy is receiving shocks from numerous quarters. First, the loss of working capital by Cypriot businesses, which have 40%-90% of their deposits over €100,000 held at the two main banks. The second is a liquidity shock due to the remaining deposits in these banks being frozen for months. Overall, 90%-100% of deposits above €100,000 have either been confiscated or frozen. The third quarter relates to a significant loss of confidence in the banking system. The last two shocks are amplified by unprecedented internal and external capital controls forced upon Cyprus. 

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The effort to restart the economy must be through attracting investment

THE RECENT adverse developments in the Cypriot economy render foreign investments and efforts to attract them an even more significant factor for the business environment, economic growth and employment in Cyprus.

Within a difficult economic environment, the Cypriot economy is being called to stand up and showcase its advantages. Today, more than ever, every possible effort needs to be made to turn Cyprus into a strong business centre, more effective, more competitive with even more transparent procedures in regards to investments and business activity.

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