Posts by tag: EU

Archives April 6, 2013 posted by

Industry leaders gather for major gas conference

TOP oil and natural gas professionals and executives, along with companies behind the planning and development of the region’s natural gas industry will gather in Nicosia between Monday and Wednesday 

Noble Energy, is the lead sponsor for Gulf Publishing Company’s inaugural Eastern Mediterranean Gas Conference (EMGC) at the Hilton. 

Charles D. Davidson, Noble Energy chairman and CEO, will be one of the speakers. “Far more than providing tremendous business and growth opportunities for the oil and natural gas industry, the abundance of natural gas resources recently discovered offshore Cyprus and Israel have the potential to forever alter the energy-security and economic landscape of the entire Eastern Mediterranean region,” he said.

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Archives March 28, 2013 posted by

Limits now in place for re-opening of banks – text of decree included


AFTER ALMOST two weeks with no banking system and limited ATM withdrawals, banks across the country will once again open their doors to the public today, introducing temporary capital controls for the first time in the eurozone.

Finance Minister Michalis Sarris last night signed into law a temporary decree capping cash withdrawals per person per bank per day at €300, effectively banning cheques and controlling cash outflows from the country, allowing only €1,000 per person per journey abroad. 

According to sources, the decree will apply across the banking system but allows a significant amount of discretion in its application. 

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Archives March 28, 2013 posted by

Israel’s apology to Turkey was anticipated, says minister

COMMERCE Minister Giorgos Lakkotrypis said yesterday that Israel’s apology to Turkey over the raid on the Turkish ship Mavi Marmara had been anticipated.

Lakkotrypis is due to visit Israel next month, ahead of a visit by President Nicos Anastasiades in May. 

“I assure you we are monitoring the situation and we will secure our state’s sovereign rights,” Lakkotrypis said. 

The head of the Hydrocarbons State Company (KRETYK), Charles Ellinas, said that Israel has taken no decisions. 

“I was in Israel last week and over there they examine all options…  there is a chance they would sell natural gas to Turkey but at the same time they are looking into exporting to Cyprus,” Ellinas said. 

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Archives March 25, 2013 posted by

Our View: Our inept Central Bank governor must go

REGARDLESS of what was decided at last night’s Eurogroup, on his return to Cyprus President Anastasiades should give serious consideration to removing the governor of the Central Bank, Panicos Demetriades from position. He may be an independent state official who has another four years of his contract to run, but a man who has caused such large scale harm to the country, either by accident or design, cannot remain in a post he has proved emphatically unfit for, for another four years.

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Archives March 24, 2013 posted by

UPDATE: Anastasiades seeking last-minute Cyprus reprieve in Brussels


Cypriot President Nicos Anastasiades, seeking a last-minute reprieve from financial meltdown at talks in Brussels on Sunday, has a “very difficult task” ahead of him if he is to save the island’s economy, a government spokesman said.

With Cyprus facing a Monday deadline to avert a collapse of its banking system and potential exit from the euro, late night talks in Nicosia to seal a bailout from the EU and International Monetary Fund broke up without result.

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Archives March 23, 2013 posted by

Greece’s Piraeus to buy out local units of Cypriot banks

GREECE’S Piraeus Bank has been chosen to take over the Greek branches of Cypriot lenders that are being sold, Greece’s bank bailout fund confirmed yesterday.

The deal is subject to approval by European competition authorities, a statement from the Hellenic Financial Stability Fund said. It did not provide terms of the deal.

The statement confirmed a Reuters report citing banking sources saying Piraeus had beaten out Alpha Bank in the race for the Greek units of Cyprus’s two largest lenders – Bank of Cyprus and Cyprus Popular.

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Archives March 21, 2013 posted by

Deposit haircut back on the table


THE government yesterday ordered banks to stay shut until next week as it toyed with the idea of re-submitting a proposal on tax deposits – at a much lower rate than the previous scheme – as it scrambled to avert a financial meltdown.

The government was yesterday trying to find alternative solutions after parliament on Tuesday rejected the terms of a bailout from the European Union and turned instead to Russia for a lifeline.

“We don’t have days or weeks, we have only hours to save our country,” Averof  Neophytou, ruling DISY deputy chairman, told reporters as crisis talks in Nicosia dragged into the evening. 

Neophytou tried to get the message through to other parties.

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Archives March 20, 2013 posted by

Eleni Theocharous: Trying to change the world


MEP Eleni Theocharous has led life as if it was a series of battles, although THEO PANAYIDES finds she has now mellowed a bit


Eleni Theocharous sits on the edge of her living-room couch, focused, unsmiling. She has an appointment in half an hour, wall-to-wall engagements this weekend, and flies back to Brussels on Monday. “I was always a gifted child,” she says, speaking of her early years in the mining village of Amiantos.

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Archives March 20, 2013 posted by

Our view: Did deputies heroic negativity contemplate the consequences?


IN THE END, the twice-postponed debate on the bills for the levy on bank deposits was finally held yesterday evening and the House of Representatives overwhelmingly rejected it. Not even President Anastasiades’ party, DISY, supported it, its 19 deputies abstaining. The defeat of the bills was expected as all the political parties, apart from DISY had taken a stand against the idea of the haircut on deposits.

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Archives March 19, 2013 posted by

UN’s Downer among those hit by levy


UN ENVOY Alexander Downer will be among those who will lose money under the deposit levy, according to The Australian newspaper.

The paper said Downer holds a personal bank account in Cyprus. He told the paper he used the account when in the country in his capacity as the UN Secretary-General’s special adviser on Cyprus. He was in Cyprus for all of last week. Yesterday he spoke from New York where he is briefing the Security Council on the Cypriot elections.

“The economic situation is not my area of expertise — but I know all about it because I have a bank account in Cyprus,” Downer told the newspaper.

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