Posts by tag: court

Archives April 19, 2013 posted by

Viability of BoC ‘a national priority’


THE viability of the Bank of Cyprus (BoC), the island’s biggest, is a national priority, new ruling DISY leader Averof Neophytou said yesterday, as he called for the immediate appointment of a board to oversee the lender’s restructuring following a Eurogroup decision to impose hefty losses on its uninsured depositors.

The Cypriot economy’s salvation goes through the rescue of BoC, Neophytou said.

“Everyone must understand this. The new BoC, after the merger with Laiki, has a local share that exceeds 60 per cent,” Neophytou said.

The majority of businesses were BoC customers, he said, adding that the absence of a leadership at the lender had cost the economy a lot.

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Archives April 16, 2013 posted by

In olden days at least highway men wore masks

IN THE past, highwaymen used to rob the rich but made sure that their faces were covered.  In the case of Cyprus, Germany and the troika, presided over a robbery of billions of euros from private savers in order to save the euro for the umpteenth time.  

The deal offered to Cyprus is in fact a nasty and immoral political act, and the only thing it has achieved, besides bankrupting Cyprus, was to strike fear into the rest of the European countries because it established a precedent.  

After all if European Common Market Nations are willing to save their currency by committing such acts, why not repeat it next time, and for the same reason, in Spain, Italy and Greece? 

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Archives April 4, 2013 posted by

Bank workers union calls two-hour strike

BANK workers union ETYK yesterday urged its members to participate in a two-hour warning strike at 12.30 today to demand protection of provident funds and their jobs.

The banks will open their doors to the public at 8.30am and close at 11.45am.

In a written statement, the union said it was concerned because despite the government’s promises “issues that regard our future and the future of our children are still pending.”

The risk to the provident funds belonging to the workers of Laiki and Bank of Cyprus and other people was still present, despite their efforts, ETYK said.

“We also see that no agreement has been made nor any actions are underway, like a decision on voluntary exit, which would prevent the need for personnel dismissals,” ETYK said.

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Archives March 30, 2013 posted by

Free CyTA calls and other concessions during April

TELECOMMUNICATIONS authority, CyTA, will not charge its customers for internal phone calls within its own network during April, nor cut off phone lines or other services, and has extended the payment deadline for standing orders, it said yesterday.
“CyTA has decided on emergency measures to help our customers cope better with the difficulties they are facing and the problems caused by the economic crisis,” a news release said.
As part of the measures, CyTA will not disconnect any services before April 15, when it plans to re-examine the situation, and  has extended the payment deadline for customers who pay CyTA via standing orders with banks to April 3.

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Archives March 13, 2013 posted by

Bailout may turn out smaller thanks to deposit tax

THE island may require a smaller bailout than previously thought because of money raised from a levy on deposits and other taxes, eurozone officials said yesterday.

Initial estimates of the amount of money needed to recapitalise banks, service debt and cover government spending were around €17 billion euros.

“The number has come down, the numbers now are between 10 and 13 billion euros rather than 15 and 17 as it was before,” one eurozone official said.

“It is thanks to a bit of a different scenario and some different assumptions on how much money can be generated in Cyprus itself through extraordinary taxes,” the official said.

A second official confirmed the option was under discussion.

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Archives February 1, 2013 posted by

Fuel workers to strike

FUEL company workers will go on strike because their employers decided not to give them a pay rise and cost of living allowance.

Members of three unions – PEO, SEK, and POAS – said they intended to go on strike soon but did not specify a date.

That is expected to be decided on Tuesday afternoon.

The unions warned the fuel companies and employers organisation OEV, that they would defend their rights, which had been gained with sweat.

“We will not tolerate, and will not allow OEV and its members to think time helps them deregulate a system which admittedly helped raise the workers’ living standard and contributed to the growth of the Cypriot economy in general,” the unions said.

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Archives January 30, 2013 posted by

Budget cut means Nicosia will have to tighten belt

NICOSIA municipality will get €400,000 less from the government than expected in 2013, which may overthrow plans for a balanced budget, Nicosia mayor Constantinos Yiorkadjis said yesterday.

The state and parliament had already reduced Nicosia municipality’s budget by €4.0 million, but the budget was further reduced by €400,000 for 2013, Yiorkadjis said during a news conference.

As it stands, the budget allows for a surplus of €2,360, the difference between the (originally) expected income of €32,159,981 and the anticipated expenses of €32,157,621. Last year closed with an estimated deficit of €3.3 million.

“The budget serves the need to render the municipality viable at a time when the government is unable to support local government,” Yiorkadjis said. 

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Archives December 11, 2012 posted by

Schools row over land lease

A ROW over government land that houses the English School alumni association (ESOBGA) has erupted between the English School and Junior School.

The Junior School has leased the land from the government for 99 years and wants ESOBGA to vacate their clubhouse, which was only built a few years ago.

The disputed land, which is technically forest area, is 23,000 square metres in size and situated right next to the Junior School in a densely populated neighbourhood. The English School claims that the land was illegally leased to the Junior School.

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Archives November 6, 2012 posted by

Latest poll shows Anastasiades still ahead

DISY leader Nicos Anastasiades maintains an as yet unassailable lead ahead of next year’s presidential elections, the latest survey has shown.

The results of the poll, published by Phileleftheros on Sunday, indicated what might happen in a runoff ballot between the two finalists.

It gave Anastasiades a 20 per cent advantage over AKEL-backed candidate Stavros Malas, and a 10 per cent edge over independent Giorgos Lillikas.

Should a second round of voting be necessary, the DISY boss would garner 49 per cent of the popular vote,  with Malas left trailing far behind at just 28.2 per cent. 

Lillikas would fare better than Malas, grabbing 32.5 per cent, compared to Anastasiades’ 43.3 per cent, the poll showed.

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Archives September 21, 2012 posted by

Quad bikes discussed but no decisions taken until EU resolves issue

LAWMAKERS yesterday said there was a complete lack of a legal framework for quad bikes, but said the EU was in the process of preparing new regulations to resolve the problem.

The head of the House Communications Committee, DIKO’s Antonis Antoniou, said MPs decided to look into the issue after two people were recently killed in quad bike crashes a day apart.

He said there were no laws relating to the importation, sale and circulation of the bikes, while their numbers had increased dramatically over the past few years.

“We often hear about how dangerous these bikes are,” said Antoniou. “We even had two fatal accidents recently.”

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