Posts by tag: Nicos Anastasiades

Archives April 24, 2013 posted by

New IPT will include all homes

A REVISED tax bill on immovable property, to be finalised in the coming days, will also apply to first domiciles, the interior minister said yesterday.

Socrates Hasikos said that through the new IPT the state intends to collect some €75m in addition to the current projected amount of €29m, to meet fiscal targets.

The minister reiterated that approval of this legislation is one of the conditions that must be met for the first tranche of aid from Cyprus’ international lenders – the troika – to be disbursed.

That first residences are not exempted should be taken for granted, he said.

Hasikos hastened to add that the new tax scheme would not unduly burden homeowners.

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Archives April 17, 2013 posted by

London marathon still on despite Boston bombs

The London Marathon will go ahead as planned on Sunday despite the bomb attack on the Boston race which killed three people and wounded more than 100, police and officials said on Tuesday.

Sports Minister Hugh Roberston said he was confident of security arrangements for the London event and encouraged people to attend as a show of solidarity with the U.S. city that was rocked by two blasts near the finish line on Monday.

“In security terms we are as confident as we possibly can be that we can deliver a safe and secure marathon,” Robertson told the BBC.

The 26-mile (42-km) London Marathon will attract 36,000 runners, among them Britain’s double Olympic champion Mo Farah, starting at Greenwich Park and winding through city landmarks before finishing at the Mall.

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Archives April 16, 2013 posted by

Inquiry panel starts Friday

THE COMMITTEE of Inquiry appointed to probe into possible civil, criminal or political liabilities concerning developments in Cyprus’ banking sector and economy will hold its first public hearing on Friday.

According to an announcement, the three-member committee met yesterday at the Filoxenia Conference Centre, where the decision was taken to request the Finance Ministry’s permanent secretary Christos Patsalides to appear before the committee on Friday morning. 

Patsalides will be the first to do so.  The committee is made up of former and present Supreme Court judges, Giorgos Pikis, Panayiotis Kallis and Andreas Kramvis.

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Archives April 16, 2013 posted by

SGOs: spare us the sell-off and we’ll find money for troika

SEMI-GOVERNMENT organisations (SGOs) have offered to come up with the money demanded by the troika in exchange for sparing them from privatisation. 

The Cyprus Telecommunications Authority (Cyta) and Cyprus Ports Authority (CPA) yesterday criticised the troika’s demands to come up with €1.4 billion through privatisations of SGOs, saying they believe they can use their own resources to cover the amount demanded by the troika as part of Cyprus’ bailout agreement.

Speaking after a meeting of the House Finance Committee, Cyta chairman Stathis Kittis said privatisations were not necessary, especially those that contribute to state coffers. 

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Archives April 10, 2013 posted by

Noble firms up drilling date

NOBLE Energy will begin appraisal drilling in its Block 12 offshore licence most likely in June, its CEO Charles Davidson said yesterday.

It was the first time the Houston-based company committed to anything close to a firm date for follow-up prospecting after initial drilling back in late 2011.

“Cyprus is very important to Noble Energy…we are committed to move forward with our Cyprus discovery,” the Noble boss said during a press briefing on the sidelines of the Eastern Mediterranean Gas Conference held in Nicosia.

In the eastern Mediterranean, Noble’s priorities in the region lie in Cyprus and the Tamar and Leviathan prospects in Israel, Davidson said, driving the point home.

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Archives April 7, 2013 posted by

In Brief


Antiquities theft  

TWO MEN, aged 26 and 65 were arrested late Friday in connection with a case of antiquities theft. According to a police spokesman a 26-year Syrian man had three amphorae  in his possession which he was planning to sell for €900. He told police he had stolen them from a house in Limassol which belongs to the 65-year Greek-Cypriot who was also arrested on suspicion of possessing them illegally. 

Police found two more amphorae at the man’s house. All five items were taken to an archaeologist who determined they dated from the early and mid Bronze Age and fell under the Antiquities Act. The 26-year-old was held for questioning while the 65-year-old was written up and released until a later date.



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Archives April 4, 2013 posted by

Central Bank could face slew of lawsuits from depositors


LARGE depositors in Laiki Bank who face losing most if not all their money have warned they will take the Central Bank’s top brass to court if even one cent is taken out of their accounts. 

The threat of legal action raises the spectre of the bailout programme unravelling in the courts, and slapping the state with massive sums in penalties.  

A lawyer representing a number of large depositors sent a letter to Central Bank Governor Panicos Demetriades last Thursday warning that if a haircut of any size was imposed on their deposits held at Laiki Bank, depositors will file a private criminal case against the governor, board members, and certain CB officials for allegedly committing “a number of criminal acts and omissions”. 

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Archives April 2, 2013 posted by

OUR VIEW: What do we really have to lose by keeping capital controls in place?

IF THERE is one thing we can say with a large degree of certainty, given how bailout terms and conditions are changing every day, is that the Cyprus we knew has been annihilated.
The two big banks that financed our affluent lifestyle have collapsed, and the Bank of Cyprus, which will be allowed to survive, will be operating under so many restrictions and debilitating debts that it will be unable to fund business activity, let alone growth.

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Archives April 2, 2013 posted by

Former Laiki boss demands publication of bank probes

FORMER LAIKI (Popular) Bank chairman Andreas Vgenopoulos yesterday called on the Cypriot authorities to clear his name by making public all investigative reports into the banking fiasco which has brought the island to its knees.
In a released statement, Vgenopoulos called for the immediate release of reports by Alvarez & Marsal, PIMCO and the House Institutions (Watchdog) Committee into the banking crisis, to put an end to the last 17 months of “mud-slinging” and “slander” against him.
Last year, the Central Bank board appointed consultants Alvarez and Marsal to carry out an investigation into what really went wrong in the banking sector.

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Archives April 2, 2013 posted by

New era for Bank of Cyprus

THE measures to restructure and recapitalise the Bank of Cyprus (BoC) have solidified its position as the island’s biggest lender, marking a new era, it said yesterday.
“The restructuring and recapitalisation of BoC follows the decisions of the Eurogroup and aims at creating a well-capitalised, healthy and resilient bank, able to serve the needs of its customers and support the Cypriot economy,” BoC said in a statement.
The lender has significantly strengthened its capital position, minimised its exposure to the Greek economy and has access to European Central Bank liquidity, it said.
The bank was recapitalised by bailing-in depositors – a deposit-to-equity conversion – that ensured BoC now has a core tier 1 ratio of 9.0 per cent, the statement said.

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