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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 June 1, 2013 posted by

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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Archives June 1, 2013 posted by

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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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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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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Archives April 30, 2013 posted by

Tractor injuries

OVER THE weekend two men were treated for injuries caused in two separate tractor accidents in Paphos.
George Stylianou, 50, was seriously injured on Saturday afternoon in a rural area of Kathika when his tractor overturned.
Stylianou is in the intensive care unit of Paphos general hospital. According to doctors his condition is serious but he has shown signs of improvement.
Socratis Vasiliadi, 60, received slight injuries to his legs when his tractor overturned on Sunday afternoon on the rural road between Ayia Marina Kelokedaron and Kelokedara.
According to police the tractor , which was towing a wagon carrying a water tank, overturned on a turning.
In both cases the tractors did not have protective covers.

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Archives April 30, 2013 posted by

Georgiades tells deputies: stop complaining

FINANCE Minister Haris Georgiades has urged parliament to ratify a bailout deal, despite the hardship it will bring, warning that the alternative would be economic collapse.
“Instead of seeking non-existent alternative choices and dei ex machina, maybe we must decide to take control and our fate in our own hands,” Georgiades said during a joint meeting of the House Finance and Foreign Affairs Committees. “Instead of complaining, maybe we should recognise our own mistakes and start working to cover lost ground.”
The committees discussed the island’s bailout ahead of a vote to ratify the €10 billion deal today.

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