Posts by tag: finance

Archives April 4, 2013 posted by

Banks are open but consumers only spending on basics

CONSUMERS have started using baskets in place of trolleys when they shop, and putting the minimum amount of fuel in their vehicles, businesses said yesterday.

Bakeries, supermarkets and petrol stations said they had all been feeling the effects of the current economic meltdown while the public attempts to adapt to the stranglehold banks have placed on their accounts.

Some companies have tried to attract customers by offering special deals on products in an attempt to revive the market but suppliers’ insistence on cash payments has meant some gaps have begun to appear on store shelves.

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Archives June 12, 2012 posted by

New face on the block in run for President 2013

A DEPUTY head of a Nicosia primary school became the fourth person to announce her intention to run in next February’s presidential elections. 

Makaria-Andri Stylianou, 46, hails from the group of citizens known as the ‘Indignants’, who spent months protesting against the government and state following the Mari naval base explosion which killed 13 people last July. 

Stylianou yesterday officially announced her candidacy, running on the slogan: “Our party is Cyprus, our ideology its salvation”. 

The deputy school head was born in Pano Platres, holds a doctorate from Ioannina University in Greece and lives in Nicosia with her four children.  

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Archives June 12, 2012 posted by

Our view: The bailout looms and who's really telling the 'big lie' now?

THE SO-CALLED lack of political experience and judgement that President Christofias, rather condescendingly, accused his finance minister of during his televised news conference, 10 days ago, was evident at the legislature yesterday. Vasos Shiarly must have been a bit too forthright for the president’s liking when he responded to questions about the possibility of applying to the support mechanism, in a way that undermined the government’s main message.

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Archives June 1, 2012 posted by

Father's plea for help in finding his children

OVER A month has gone by since Marios Petrou reported the abduction of his nine-year-old twins by their Ukrainian mother, yet the authorities have yet to inform him on any progress made on the case, he says.

Petrou came home from work on constructions on April 30 to find his house empty, wardrobes and drawers bare, and not a toy in sight. His 35-year-old wife and their twin girls were nowhere to be seen and Petrou was gripped by a horrible feeling of dιjΰ vu.

For the second time in five years his family was gone. In late 2007, Petrou’s wife up and left under similar circumstances and cut off contact with her husband until she was found by Interpol months later in the town where her family lived in Russia.

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Archives May 31, 2012 posted by

Smoking penalties not high enough

PENALTIES for flouting the smoking ban are not enough to deter offenders and should be increased, the acting head of health services Christos Christou said yesterday. 

“Unfortunately it has transpired that the administrative on-the-spot fine of €85 has not been considered prohibitive,” Christou told state broadcaster CyBC.

He was referring to a joint campaign of the police and health services where 708 venues were inspected between February and April. People were caught smoking in 148. 

On-the-spot fines were issued by police. Although the health services have proceeded with criminal prosecution against many of the owners, legal procedures are “very time consuming,” Christou said.

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Archives May 23, 2012 posted by

Our view: Pandering to students' sense of entitlement

POLITICIANS never miss an opportunity to pander to student organisations. With their populism they cultivate the sense of entitlement of youth who do little else but make demands of society. Over the years we have heard youth organisations demand that primary school teachers were appointed at state schools as soon as they graduated, university students demanding subsidised rents and opposing the raising of the retirement age so there would be public sector jobs available for them.

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Archives April 13, 2012 posted by

Southern euro states most at risk from high oil prices

OIL PRICES at record levels in euro terms are threatening to rock the euro zone’s economy more than might be expected, with those countries least capable of riding out a shock being the worst hit.

Standard estimates of the impact of oil prices on the euro zone economy are that a 10 per cent price hike dents annual growth by some 0.2 per cent in the ensuing three years, with disagreement over whether the hit is greater at the start or at the end.

However, these projections do not take into account the euro/dollar exchange rate and may underestimate the impact at a time of widespread austerity. Nor do they reflect potential differences across euro zone countries.

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Archives March 28, 2012 posted by

'A palace people can be proud of'

WORLD Theatre Day was commemorated yesterday during a visit President Demetris Christofias made to the new Cyprus Theatre Organisation’s (THOK) building at the old GSP stadium, which has not been quite completed yet.

“I consider this to be a palace for which every Cypriot man and woman can and should be proud,” said Christofias who made it clear his visit was not an inauguration. However it did give the media an opportunity for a sneak peek at the interior. 

All plays staged by THOK are expected to be shown at the new theatre come September.

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Archives March 14, 2012 posted by

Big homes and cars target of AKEL luxury tax bid

RULING AKEL plans to propose introduction of millionaire and luxury taxation in a bid to achieve fairer distribution of the burdens of the economic crisis, officials said yesterday.

AKEL MP Yiannos Lamaris said his party was looking into proposing the introduction of a staggered tax – between 0.5 per cent and 2.0 per cent – on people with immovable property worth over €1.2 million.

The tax will not take into consideration a person’s first house and any obligations linked to it.

AKEL is also mulling a luxury tax that will target cars with large engine capacities, jewellery and furs.

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Archives March 10, 2012 posted by

Our View: Government’s overspending begs for audit to eliminate waste

POLITICIANS and policymakers have always held the belief that the government is doing its job as long as it is spending big amounts of state money. Expenditure increase is the main argument used in election campaigns by government as proof that it has been doing a good job. A few years back, for instance, a president seeking re-election had issued a list showing the percentage increase in spending for every ministry and, although he won that election, in his second term the deficit widened significantly and the public debt hit new highs.

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