Posts by tag: governor

Archives April 11, 2013 posted by

Central bank issues reprieve for bounced cheques

UNTIL capital controls become more relaxed and the banking situation returns to normal, the Central Bank has decided not to blacklist anyone whose cheques may have bounced recently.

“During these difficult times, the Central Bank has informed the Central Information Archive to suspend operation,” Central Bank spokesperson, Aliki Stylianou said. She added this meant that anyone whose cheque may have bounced recently would not be blacklisted. 

Stylianou said the measure would remain in place until things returned to normal and was aimed at helping those who might have unwittingly had their cheques bounce. The problem with the cheques materialised with bank closures last month.

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Archives April 10, 2013 posted by

New: Government sacks gas company chairman

The government has decided to sack the chairman of the island’s natural gas company due to serious misconduct, the spokesman said yesterday.

Christos Stylianides said the cabinet decided to dismiss DEFA chairman Costas Ioannou after a damning report drafted by the attorney-general was submitted to President Nicos Anastasiades.

Stylianides did not disclose any details.

Media reports suggested that the decision was linked with a permit given to a private company to operate a power station when Ioannou was the chairman of the island’s energy regulator CERA in 2009.

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Archives February 27, 2013 posted by

Elderly in Cyprus at highest risk of poverty in eurozone

PERSONS aged 65 or older in Cyprus were at a higher risk of poverty or social exclusion than at any other eurozone member-state in 2011, the European Commission’s statistical services, Eurostat, said yesterday.

In the rest of the bloc, only Bulgaria, at 61.1 per cent, posed a higher risk for the elderly in 2011.

EU-wide, in Cyprus, the elderly faced a 40.4 per cent risk of poverty or social exclusion, double the EU-27 average of 20.5 per cent.

The UK was also above the average at 22.7 per cent.  Iceland posed the smallest risk to the elderly at 4.5 per cent, followed by Luxembourg at 4.7 per cent and the Netherlands at 6.9 per cent.

Romania – which followed Bulgaria and Cyprus in terms of the risk to the elderly EU-wide – was at 35.3 per cent.

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Archives January 11, 2013 posted by

Cold weather subsides somewhat

DESPITE sub-zero conditions in the mountains on Wednesday night it appeared yesterday that temperatures were slowly returning to normal as closed roads re-opened with the cold weather-front moving gradually away.
The roads between Platres and Troodos, Prodromos and Troodos, Karvouna and Troodos as well as Platres and Trooditissa which had been completely closed off since Wednesday, re-opened albeit for vehicles with chains and four-wheel drives.
Many other mountainous roads remain dangerous due to snow and ice with police urging those travelling to the mountains to be extra careful regardless of the improvement in weather conditions.

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Archives January 5, 2013 posted by

A new era for Orphanides

A GROUP of suppliers will be taking over control of a number of outlets belonging to Orphanides Supermarkets – the island’s biggest chain — in a bid to keep the beleaguered company going, it emerged yesterday.

According to an announcement, suppliers would take over management of a number of outlets for a period of 10 years with a view to securing the supermarkets’ ability to meet their obligations.

They will also employ the chain’s workers under the same conditions.

“It is certainly a positive development in the sense that everyone’s effort is to keep this supermarket alive,” said Marios Tsiakkis, deputy secretary general of the chamber of commerce and industry.

The new entity, Orphanides New Era is viewed positively by the banks, the announcement said.

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Archives June 29, 2012 posted by

Corporate tax not part of bailout negotiations


THE finance ministry said yesterday the island’s low corporate tax would not feature in the bailout negotiations with the so-called Troika — European Commission, the European Central Bank and the International Monetary Fund.

Cyprus applied for assistance on Monday, primarily over the need to recapitalise its banking sector to meet European regulatory requirements.

Although still unclear as regards the total, the bailout amount will also include funds to help the state meet its own financing needs.

Any financial assistance to a country in need is linked to strict policy conditions, something that raised concerns on the island over its coveted corporate tax.

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Archives June 29, 2012 posted by

Our view: Island's banks need to rebuild their image

WEDNESDAY’S announcement by the Bank of Cyprus about the amount of financial support it required from the state to meet its recapitalisation target, took everyone by surprise. For several weeks before this announcement the bank had let it be known that all it needed was €200 million, an amount repeated at its AGM last week. 

But on Wednesday the public was informed that more than double this amount was needed by the bank – €500 million – because plans to raise capital by selling its insurance companies had fallen through. It also had to adjust to further impairment of the Greek bonds and include “significantly higher provisions for its loan portfolio in Greece and in Cyprus, due to the negative economic conditions in these countries.”

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Archives June 22, 2012 posted by

EU presidency makeover for palace roundabout

IN AN effort to ready the main roads of the capital for the EU presidency in just over a week Nicosia Municipality has given the roundabout near the presidential palace a makeover, along with several other ‘green touches’ to the city.

The ancient Cypriot olive tree in the centre of the roundabout is now being surrounded by grass, which will be complemented with bushes and bright flowers.

“We’re making sure that there are lots of plants and lots of colour,” said Pavlos Christodoulou, an official at Nicosia municipality. 

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Archives June 12, 2012 posted by

Plaque unveiled for Mari dead

A LARGE marble plaque honouring the six firefighters who died in the Mari naval base explosion last July was unveiled yesterday at Fire Station 1 in Larnaca.

“It is our duty to honour these firefighters and with them the other seven (sailors) who lost their lives,” said head of the Retired Firefighters’ Association , Stavros Kyprianou.

The plaque includes the names of the six firefighters who were killed: Vassilis Krokos, Andreas Papadopoulos, Giorgos Yiakoumi, Spyros Ttantis, Adamos Adamou and Panayiotis Theofilou.

Larnaca mayor Andreas Louroudjiatis described the day as one of ‘honour and emotion’.

“With bravery, courage and self-sacrifice on July 11 they responded to the call of duty and gave their lives to protect the lives of others,” he said.

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Archives May 26, 2012 posted by

Missing identification process leaving Cyprus

THE PROCESS for identifying the remains of missing persons is leaving Cyprus once and for all after the Cyprus Institute of Neurology and Genetics (CING) refused to accept the terms on the table for a contract renewal. 

Government spokesman Stefanos Stefanou yesterday accused CING of not showing enough flexibility and not making the necessary sacrifices to keep the humanitarian project for the identification of the remains in Cyprus.  

“Failure to sign the contract on behalf of CING leads the programme away from Cyprus,” said Stefanou, adding, “We deeply regret the negative development on the issue”.

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