Posts by tag: labour

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 November 4, 2012 posted by

Our View: Time to pressure Christofias into signing bailout


WHILE IN JAPAN for the IMF’s annual meeting, last month, Cyprus’ finance minister Vassos Shiarly was told by a top European Commission official that Cyprus was closer to the pound than Greece was to the drachma (a view that may have been somewhat modified after the latest goings-on in Athens). 

A week or so later, in newspaper article, the former Vice Chairman of Moody’s ratings agency, Christopher T Mahoney, wrote Cyprus was “an economic, financial and political mess, worse than Greece, and it may not be too big to fail.” He added: “I think that the first country to exit the euro-zone may be Cyprus and soon.”

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Archives September 25, 2012 posted by

Huge thumbs down for the Christofias administration

VOTERS are split over whether Cyprus’ request for an EU bailout is to the benefit or detriment of the country, while over a third blame the government exclusively for the state of the economy, a poll has shown.

The survey by Noverna, commissioned by Politis newspaper, used a sample of 614 people aged 18 and over, and was carried out between 13 and 18 September.

Forty-two per cent of respondents said the advent of the troika – Cyprus’ potential international lenders – was ‘good’, and 39 per cent it was ‘bad.’

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Archives June 12, 2012 posted by

Tougher penalties and even stricter rules for smoking

FINES of up to €800 are some of the provisions of a new stricter bill drafted by the Health Services in an effort to deter smokers who flout the ban.

Acting head of Health Services Christos Christou said: “We’re working on a bill at the moment that among others would provide for stricter provisions for those who (illegally) smoke indoors and those who allow these people to smoke in areas where it’s not permitted,” said Christou.

Although the smoking ban has been in force on the island since January 2010 it has long been flouted by not only customers but bar/club owners. 

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Archives June 1, 2012 posted by

New economic measures are not ready yet


THE government said yesterday that if Cyprus sought an EU bailout it would be because of the need to recapitalise the banks and not because of the economy, as it reiterated that the main problem currently faced by the island is its banks’ exposure to Greece.

“The problem we are facing at this time is the recapitalisation of the banks,” government spokesman Stefanos Stefanou told reporters. “If we resort to the (support) mechanism it would be to recapitalise the bank and not because the Cypriot economy needs financing.” 

The government has said it will prop up the Popular Bank, which needs €1.8 billion to bring its core tier 1 capital to EU standards.

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Archives May 26, 2012 posted by

Our view: The UN could be preserving the talks procedure for nothing

THE ONLY people on the island who appear to show an interest in the future of the Cyprus peace procedure are the UN Secretary-General’s Special Envoy Alexander Downer and his team. Nobody else seems remotely interested in the procedure, even though some newspapers still publish the odd opinion pieces slamming Downer’s actions abroad and his failure to blame Turkey for the collapse of the talks. At least some things remain the same.

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Archives May 23, 2012 posted by

Demand for top homes strong

DEMAND FOR top-end residential developments remains strong in Cyprus, bucking the trend for the rest of the property market, a 2012 prime market report by London’s property consultants Knight Frank said. 

The report, presented by Cybarco Development Ltd yesterday, says: “Unlike the domestic housing market and the core second-home market, demand for the very top-end of the market has remained strong over the past couple of years.” 

According to the report, against a backdrop of falling prices across the country, values across prime markets have generally remained flat over the past two years while for some of the very top luxury developments, unit prices have risen by around ten per cent on average. 

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Archives March 21, 2012 posted by

Pep: record ace Messi deserves his throne

PEP Guardiola hailed Lionel Messi as the king of world football after the Argentinian became Barcelona’s all-time record goal-scorer thanks to his eighth hat-trick of the season.

Messi, 24, struck his latest treble in Tuesday night’s 5-3 Primera Division win over Granada at the Camp Nou.

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Archives February 16, 2012 posted by

Cypriot Nobel prize winner optimistic about economic recovery

THE CYPRIOT economy has good prospects of recovering, particularly in the wake of the island’s hydrocarbons’ find, Nobel Prize winner, Christophoros Pissarides said yesterday.

Addressing an event organised by the House in his honour, Pissarides said Cyprus had every reason to hope for recovery. With the natural gas find, this could be accomplished in the next two to three years, he said.

Referring to the high percentage of unemployment globally, he said the world economy must first recover before dealing with the issue of unemployment. 

Unfortunately, he said, Europe’s economy was facing the worst issues in this year, adding that until now, no concrete solution had been found to deal with it.

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Archives February 11, 2012 posted by

‘CY must cut costs and staff numbers’

CYPRUS Airways (CY) must cut labour costs to become more competitive, its boss said yesterday, as he asked politicians to stop hurting the airline by bickering over its future.

“What we can do is cut labour costs, as painful as that is,” CY’s executive chairman Giorgos Mavrocostas said during an interview on state radio. “No company, no matter how much money you put in, will not survive if it’s not competitive.”

He said the company is currently negotiating with unions and the “effort is to cut labour costs, either through redundancies or cutting benefits. There is no other way.”

Mavrocostas said the airline was still overstaffed, despite shedding over half of the personnel it had in 2003 – 2,166 compared with the current 1,040.

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