Monthly Archives: June 2013

Archives June 1, 2013 posted by

Court freezes former Laiki strongman’s assets

A CYPRIOT court has frozen assets worth around €5.3 billion belonging to former Laiki Bank strongman Andreas Vgenopoulos and two other people, the Central Bank (CBC) announced yesterday.
The interim court orders, which have a global reach, were secured by the administrator overseeing the resolution of Laiki, formerly the island’s second-biggest lender.
The court froze assets belonging to Vgenopoulos and former Laiki CEO Efthimios Bouloutas worth €3.79 billion and those belonging to former board member Kyriacos Magiras worth €1.5 billion.
It also banned Vgenopoulos’ Marfin Investment Group (MIG) Holdings SA from making any payments or transfers to the benefit of the three men.
A hearing concerning the orders will be held on June 11.

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Archives June 1, 2013 posted by

Jobless rate hits new high

CYPRUS’ jobless rate climbed to 15.6 per cent in April, compared with 11.2 per cent last year, Eurostat said yesterday.
In absolute numbers that translates to 71,000 people.
More analytical data reveal that unemployment for men in Cyprus, in April, stood at 15.8 per cent, at 15.2 per cent for women and at 32.7 per cent among young people under 25 years of age (March data).

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Archives June 1, 2013 posted by

Hellenic posts €31.7 million loss

HELLENIC Bank posted a €31.7 million loss in the first quarter, taking a hit from higher provisioning for bad loans and from the sale of its Greek business as part of an international bailout for Cyprus.
Hellenic was one of three Cypriot banks which sold their Greek branches to that country’s second-biggest lender Piraeus Bank in March under a deal brokered between Cypriot authorities and international lenders to ring-fence the Cypriot banking system and prevent its chaotic bailout spilling over to Greece.
Hellenic, in which the Church of Cyprus is a major shareholder, said it booked a €10.2 million loss from the sale of its Greek unit in a deal valued at €29 million.

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President asks ETEK advice on title deeds

PRESIDENT Nicos Anastasiades has asked the Cyprus Scientific and Technical Chamber (ETEK) for its help in solving the title deeds issue by suggesting that architects or developers could give final approval for work completion, rather than having to wait for local authorities.
During a meeting at the presidential palace with ETEK president, Stelios Achniotis, Anastasiades raised the issue of drawn-out procedures relating to title deeds. There is a current backlog of 100,000 unissued, some of which go back two decades.
The issue was discussed in the context of attracting investment and curbing unemployment, Anastasiades asked for suggestions from the chamber on how the private sector could be utilised in helping to speed up procedures.

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Motorcyclist killed

A 19-YEAR-OLD man was killed on Thursday night and another is fighting for his life after the motorcycle they were riding slammed into a wall in Larnaca.
Police said Giorgos Filiastides apparently lost control of his motorcycle and hit a wall on his left hand side on Markos Drakos Street.
The accident happened at 11.10pm, police said.
His passenger, Giorgos Alambritis, 19, from Aradippou suffered severe head injuries. According to Larnaca Police spokesman Christos Andreou, neither was wearing crash helmets.
“The injuries both men suffered were to their heads and if they had been wearing helmets then we would probably not be in mourning today,” he said.

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Archives June 1, 2013 posted by

Car Rally

THE THIRD international classic and historical car show will take place today from 11am until 5pm at the Constanza Moat in Nicosia.
The event is being organised by the Cyprus Classic Car Touring Club in relation to the activities of the Aphrodite FIVA world rally.
The exhibition will feature the cars participating in the world rally and also cars belonging to club members.  Experts will vote on the best classical car and the public will vote for the best car in the show.
Participants are requested to donate food at the entrance to support the community markets run by the Angaliaso charity foundation.
For participation call 99677477 

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