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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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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

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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Archives April 30, 2013 posted by

Jovanovic to leave champions APOEL

 

 

APOEL manager Ivan Jovanovic will be leaving the club at the end of the season.

The Serbian, who has won four league titles and a Cyprus Cup with the Nicosia giants, informed the board of his decision less than a week after securing the club’s 22nd championship.

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Archives April 30, 2013 posted by

Anastasiades: this country is not up to scratch

STATE officials, including the President, will no longer be immune from prosecution, nor will they be able to stay in office indefinitely, President Nicos Anastasiades announced yesterday in an gesture aimed at restoring the public’s trust in government following the banking fiasco.
Recommended actions include forcing state officials to give regular income statements, publishing and justifying public tenders, implementing and monitoring the auditor-general’s reports, and defining state officials’ criminal and civil responsibilities.

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Archives April 30, 2013 posted by

Our View: Let’s hope political parties show a sense of responsibility

TODAY the legislature will vote on the deeply unpopular memorandum of understanding which, in theory, should be passed with DIKO and DISY votes. We say in theory because nobody knows whether all deputies of these two parties would show up and, if they do, that they would vote in favour of the memorandum’s ratification.
Without the legislature’s approval there would be no financial assistance from the EU and IMF, the state would default on its debt repayments and would have no money to meet its financial obligations, such as paying public sector salaries. In short, there is no alternative despite the stupid insistence of the demagogues that we should disengage from the memorandum.

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