Posts by tag: central bank governor

Archives April 9, 2013 posted by

Time running out for Cyprus Airways

TIME is running out for ailing national carrier Cyprus Airways (CY), which could be forced to shut down unless a way is found to keep the company afloat, the government said yesterday.
Communications Minister Tasos Mitsopoulos said the state – which has a controlling interest  – could no longer prop up the airline.
Itself cash-strapped, the government can ill afford to pour more money into CY; however, even if money was no object, legal constraints prevent any cash injection whatsoever, the minister said.
That’s because the European Commission recently initiated an investigation into whether some €100m in state aid granted to CY complied with EU rules.

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Archives April 6, 2013 posted by

Chinese company interested in Cyprus Airways

A CHINESE company is interested in buying ailing national carrier Cyprus Airways (CY), it was revealed yesterday.

In a statement to investors, CY said officials from Beijing Yi Xiang Da Investment Co Ltd held talks with finance ministry and airline officials.

Signs for a conclusion appear to be encouraging, the airline said, but there has not been an agreement yet.

The government said it was prepared to talk to anyone with the aim of finding a strategic investor.

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Archives March 29, 2013 posted by

Decision on BoC shares hits a snag

AUTHORITIES were yesterday trying to find an alternative solution to a Eurogroup decision to wipe out all Bank of Cyprus (BoC) shares as part of the island’s bailout, as the Church secured an injunction halting the move.

The Eurogroup decision provides that current shareholders will lose their shares without compensation and ownership of BoC will fall to uninsured depositors who will see around 40 per cent of their cash go towards rescuing the lender.

“We are in contact with various legal experts as some people have expressed doubt whether this provision is constitutional,” Central Bank spokeswoman Aliki Stylianou said. “If there are signs it is unconstitutional then the government must renegotiate this at the Eurogroup.”

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Archives January 31, 2013 posted by

Unrest grows after employers call for wages freeze

NO EMPLOYER can afford to give wage rises under the current economic situation, the head of the employers and industrialists federation said yesterday, defending a circular suggesting an across-the-board freeze on salaries, and suspending wage indexation for this year. 

The chamber of commerce and industry (KEVE) and the employers and industrialists federation (OEV) have suggested to their members they impose a moratorium in 2013 to minimise the risk to businesses. 

“It is necessary to seriously come to an adjustment based on the new state of affairs on how businesses can work,” KEVE said in an announcement. 

KEVE called on businesses to discuss and agree on any measures necessary to secure viability.

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Archives January 10, 2013 posted by

Pop meets classical

So, Christmas is over, and New Year’s Eve super-charged evening of decadence and debauchery was all over in flash, which means that for most of us, it’s back to the routine.

Work, school, bills, diets and screaming in horror at the bank balance… welcome to the wonder that is January. Things are always a little sluggish around this time of year, with most people inclined to stay home feeling the pinch after Christmas. But there’s no need for us to get depressed and gloomy about the end of the festive season as there is plenty going on across the island that is worthy of our attention.

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Archives January 3, 2013 posted by

Christofias ‘in no mood’ to bow to state sell-off demands

PRESIDENT Demetris Christofias said yesterday he had no intention of privatising semi-state companies as part of a bailout deal as he blamed the former Central Bank governor once more for the island’s predicament.

“We are leaving (office) with our head held high and proud for our services to the Cypriot people for the past 90 years or so and our services in the last five years,” Christofias said during a New Year event at ruling AKEL’s Nicosia district office. 

The president, who will not be seeking re-election in February, blamed the banks for Cyprus’ economic woes and former CB governor Athanasios Orphanides whom he accused yet again of lax supervision.

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Archives December 7, 2012 posted by

Pimco report will be sent tonight

THE INTERIM report of Pimco, which will contain the amount deemed necessary for the recapitaliation of Cyprus` banking sector, will be sent this evening from the US.
The Cyprus News Agency said however that details would not be made public until Saturday morning. “It is not yet clear if Pimco will be making the announcement,” the agency said.
Pimco`s interim report will be sent to the ten-member Steering Committee, which has been set up to follow the study being carried out by California-based Pimco.
 The Steering Committee comprises representatives of the Ministry of Finance, the Central Bank, the Cooperative Central Bank, the troika, the European Banking Authority and the European Support Mechanism EFSF/ESM.

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Archives August 10, 2012 posted by

Sarris resigns after central bank pressure

MICHALIS Sarris, chairman of troubled state-controlled Popular Bank resigned from his post yesterday following pressure from the Central Bank.

Sarris was replaced by board member Andreas Phillipou, who had spent years in banking supervision at the Central Bank.

In a written statement issued after the board meeting, Sarris said he resigned at the behest of the Central Bank but did not wish to comment further.

“Recently, the Central Bank Governor verbally expressed his desire that I depart, noting that this was also the position of the government,” Sarris said. “Since this is the wish of the regulator and main shareholder of the bank … then certainly I will respect it. I believe that this is not the right moment for further comments.”

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Archives July 26, 2012 posted by

Sylikiotis: we won’t mortgage our gas reserves

THE GOVERNMENT yesterday denied reports that it was considering ‘mortgaging’ potential gas reserves to prop up state finances. 

Phileleftheros yesterday reported that the Finance Ministry was looking into a proposal by Canadian conglomerate Triple Five for a €3 billion loan through the purchase of state bonds.  

The paper cited sources saying Triple Five made the proposal last week. In return for the substantial purchase of government bonds, the Canadian conglomerate reportedly wants the state to provide guarantees for the loan’s repayment in the form of hydrocarbon deposits recently located in Cyprus’ exclusive economic zone (EEZ). 

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Archives May 29, 2012 posted by

Milk price probe turns to farmers

THE COMMISSION for the Protection of Competition (CPC) has launched a probe into possible violations of anti-trust laws by the Pancyprian Cattle Farmers’ Organisation.

In a short press release posted on the CPC’s website yesterday, the watchdog said it is investigating possible infringements of articles 3 and 6 of the relevant competition law, for the period January 1 2009 to the present day.

The possible violations relate to any acts that have as an object or result the restriction, distortion or elimination of competition in the relevant marker of the production of milk, through the fixing of prices, the imposition of unfair trading conditions, or the limitation of production and distribution. Article 6 pertains to abuse of dominant market position.

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