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Archives June 1, 2013 posted by

CBC appoints KPMG London to evaluate Bank of Cyprus’ balance sheet

THE CENTRAL Bank of Cyprus (CBC) yesterday announced that it had appointed audit firm KPMG London to carry out an independent evaluation of the assets of the Bank of Cyprus and the Cyprus Popular Bank, CBC announced.
“The CBC acting as Resolution Authority has appointed KPMG London to carry out an independent evaluation of the assets and liabilities of Bank of Cyprus and Cyprus Popular Bank,” CBC Spokeswoman Aliki Stylianou said, adding the evaluation was expected to be completed by mid July.
“After the completion and delivery of the valuation report, the Resolution Authority will determine the rate of conversion into equity of 22.5 per cent of the uninsured deposits of the Bank which are now frozen,” Stylianou 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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Archives June 1, 2013 posted by

More blame heaped on previous government

THE PREVIOUS government ignored suggested action plans to contain Cyprus’ deteriorating finances and support the overextended banks, the head of the finance ministry’s investment and finance directorate told an inquiry yesterday.
Andreas Trokkos was testifying at an ongoing committee of inquiry into the country’s near-bankruptcy leading to a harsh €10 billion bailout that has resulted in a massive restructuring of the country’s banking system and has forced losses on uninsured depositors in the island’s major banks.

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Archives June 1, 2013 posted by

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

MOKAS cooperating closely with US authorities

CYPRUS’ anti-money laundering unit (MOKAS) said it was cooperating closely with US authorities in a major case involving the operators of a digital currency exchange with links on the island through numerous bank accounts.
US prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.
The indictment lists 45 bank accounts – 22 in Cyprus at four banks: Hellenic, National Bank of Greece, Eurobank (Greek) and Cyprus Development Bank (CDB).

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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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Our View: ‘Social’ dinner was much ado about nothing

IN THE END, all the fuss and political grandstanding that preceded the dinner for the two leaders and their spouses, hosted at the residence of the UN Special Representative Lisa Buttenheim, was much ado about nothing. President Anastasiades’ fears that the host, Alexander Downer, would have attempted to turn Thursday’s dinner into a political event, using it to kick-start the peace process, proved totally unfounded. The social character of the dinner was maintained and a good time was reportedly had by all.

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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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Moving towards a tram system for Nicosia

THE COMMUNICATIONS ministry has called for tenders’ proposals for a feasibility study on a tram network in the greater Nicosia region, Nicosia mayor Constantinos Yiorkadjis said yesterday.
“We believe in the (project’s) potential to offer solutions to the accumulated problems created by the contradictory… way in which Nicosia’s city network has been designed,” Yiorkadjis said this week during a workshop last night on the concept of a Nicosia tram.
 “There is no excuse for continuing to endlessly build roads with no strategic planning and without prioritised goals for achieving sustainable growth,” Yiorkadjis said.

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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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