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Archives April 28, 2013 posted by

What a way to run a business


I read with interest the recent article in the Cyprus Mail about the importance of tourism as a major factor in the plan to boost the Islands economy and indeed I think that everyone will agree that tourism must be boosted if the economic recovery is to become a reality as this is a major part of the Islands income.

However may I suggest that the process starts with the hotel owners as the recent experience of a good friend of mine shows just how out of touch they are with reality and business acumen.

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Archives April 28, 2013 posted by

Doctors still charging an arm and a leg


Is it right that doctors in private practice have not agreed to reduce their fees? Many are still charging over 100 euros an hour

In my experience it is  advisable to phone around to ask the price of a consultation or medical test before making an appointment. Some doctors have reduced their prices considerably.

Name and address supplied


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Archives April 27, 2013 posted by

APOEL forced to postpone title celebration

APOEL’s title celebration was postponed as AEK surprised the league leaders and recorded a well-deserved 1-0 victory at the GSP Stadium in Nicosia on Saturday, which could prove to bring them a vital three points in their own struggle to secure European football next season.

Before the match even started, one of the flares from the stands with APOEL’s supporters flew into the dry vegetation outside the stadium and set off a fire which resulted in police intervention, with the kick-off inevitably delayed by five minutes.

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Archives April 27, 2013 posted by

Baghdatis set to feature in Munich

After recovering from a right shoulder injury, Marcos Baghdatis makes his return to tennis in Munich, having been drawn to open his ATP World Tour 250 BMW Open campaign against a qualifier. 

If the 27-year-old Cypriot advances into the second round, he would then face fourth-seeded German Philipp Kohlschreiber, who received a bye in the first round. 

Baghdatis, who is currently ranked 38th in the Emirates ATP Rankings, leads the overall head-to-head series against the German 4-2, with the two having already met in Munich twice. 

In 2007 Kohlschreiber beat the Limassol native in the semifinals 6-2 6-3, while in 2010 Baghdatis eliminated the German in the quarterfinals of the event, also in straight sets.

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Archives April 27, 2013 posted by

Stavrakis blames banks and Mari but Georghadji says it was cronyism and party interventions


THE BANKS and Mari disaster caused the destruction of the Cypriot economy, said former finance minister Charilaos Stavrakis yesterday before the committee of inquiry tasked with probing the circumstances which led to the near collapse of the economy and banking sector. 

Auditor-general Chrystalla Georghadji, who also testified before the committee, had a different take. 

She concluded the lack of responsibility, disdain for the law and state institutions and cronyism plaguing the country made Mari and the current economic crisis “almost inevitable”. 

Speaking before the three-member committee, Stavrakis said: “Mari and the banks broke the Cypriot economy.”  

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Archives April 27, 2013 posted by

Our View: Being seen to be doing something to help small businesses

WHEN IT comes to grand, but ultimately meaningless, initiatives nobody can compete with the political parties. Nothing illustrates this practice better than AKEL’s proposal for the 25 per cent reduction of rents on premises, housing small to medium enterprises (SMEs), for the next 12 months. The proposal has the support, in principle, of all the parties none which would want to be seen to oppose the lowering of rents.

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Archives April 27, 2013 posted by

Bank deposits down by €3.7b in March

AS MUCH as €3.7 billion was taken out of the island’s banks in March, €0.9 billon in February and €1.7 billion in January, Central Bank of Cyprus (CBC) data showed yesterday.

Overall deposits in March were down 9.9 per cent to €63.7 billion compared to March 2012 when they stood at €70.7 billion, meaning that €7.0 billion left the island in the past 12 months but more than €5 billion of that was removed in the last three months alone.

In March, €3.7 billion in deposits took flight, €1.9 billion from third-country nationals, €1.3 billion belonging to Cypriots, and around €500 million belonging to other EU nationals.

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Archives April 27, 2013 posted by

Businesses welcome latest cap relaxations

BUSINESSES yesterday welcomed the relaxation of capital controls, including the lifting of restrictions for non-resident account holders in foreign banks, albeit with some conditions.

Officials however warned against exploiting the new regime.

The Central Bank’s (CBC) internal audit department director Yiangos Demetriou said it was a big step in an effort to help the operation of the nearly-paralysed market.

“We must be especially careful,” he told state radio. “Our lenders had reservations about this (and) we had a hard time convincing them,” he said.

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Archives April 27, 2013 posted by

Interim BoC board appointed as bank eases on charges

THE Central Bank of Cyprus yesterday appointed the interim board of directors that will oversee the restructuring of the Bank of Cyprus (BoC), the island’s biggest lender.

The appointment came as the BoC announced a series of measures aimed at supporting its customers, including suspension of certain charges and reductions in interest rates.

The members of the Board of Directors are the following: Constantinos Damtsas, Lenia Georgiadou, Costas Hadjipapas, Philippos Mannaris, Sophoclis Michaelides, Lambros Papadopoulos, Andreas Persianis, Andreas Poetis, Panicos Pouros, Erol Riza, Savvas Savvides, Takis Taoushanis, George Theocharides and Michalis Zannetides.

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Archives April 27, 2013 posted by

Christofias sues CyBC for calling him an ignoramus

FORMER president Demetris Christofias is suing the state broadcaster claiming he had been called an ignoramus and a moron during a pre-presidential election interview with the current president.

Through the defamation suit, Christofias is asking for compensation between €100,000 and €500,000.

The papers, filed on April 17, name the state broadcaster CyBC and the head of its news department, Yiannakis Kareklas, as the alleged offenders.

The documents do not make any reference to the offending terms that prompted Christofias to sue but reports suggested it was because he had been called ignorant.

The person who first voiced the offending term during the show however was President Nicos Anastasiades.

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