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Archives June 1, 2013 posted by

New ways to obtain citizenship… if you have the cash

FOREIGN investors will now be able to obtain Cypriot citizenship if they bring in €5 million, have large bank accounts or perform certain business transaction on the island.
The cabinet approved the plan on May 24 enabling foreign nationals to gain citizenship if they meet certain criteria set out by the interior ministry, which has already received two applications.
“The new plan is a very positive move and although we are still at a very early stage we believe plenty of interest will be shown in the coming weeks and months,” a ministry spokesman told the Cyprus Mail yesterday.

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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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Archives April 30, 2013 posted by

School arson

A FIRE was set in the Technical school in Nicosia after vandals broke in on Sunday at around 10.30pm, police said yesterday. The perpetrators broke into an office, set fire to a couch and coffee table and also stole a computer. They also broke into a classroom, took chairs and plastic bins which they later set fire to. The Lykavitos police station is investigating.

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Archives April 30, 2013 posted by

Kazamias called to account

FORMER finance minister Kikis Kazamias yesterday denied downplaying or misrepresenting the severity of the economic outlook during his brief stint in the previous administration.
He highlighted also the poor interpersonal relations between former President Demetris Christofias and ex-central banker Athanasios Orphanides, adding that the feelings were “mutual.”
Kazamias was testifying before the committee of inquiry probing the circumstances that led the economy to the brink of bankruptcy and to the ‘haircut’ decision of March this year. The panel is currently focusing on fiscal/governmental policies and decisions, most of which fall within the term of the previous administration.

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Archives April 30, 2013 posted by

Busy weekend

THE FIRE Services were called to extinguish a total of 221 fires over the weekend. The number is considered to be very high and in a statement yesterday the services called on the public to be especially careful. The sharp increase in temperatures over the weekend and the reduced humidity in the atmosphere combined with strong winds were conducive for fires to start and spread.
The Fire Service reminded the public that starting a fire, throwing cigarette butts away or any other actions which could start a fire are prohibited.

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Archives April 30, 2013 posted by

Lillikas rallies anti-bailout supporters

A NEW political movement calling itself the ‘Citizens’ Alliance’ has vowed to fight a financial rescue deal between Cyprus and international lenders and to seek alternatives for placing the stricken economy on a path to recovery.
Unveiled this weekend in Nicosia, the movement is led provisionally by Giorgos Lillikas, who in the recent presidential elections garnered an impressive 26 per cent of the popular vote, nearly making it to the runoff vote.
His movement’s founding convention was held Sunday on the grounds of the State Fairs, where hundreds flocked to register. Elections to nominate the leadership are scheduled for later this year.

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