Posts by tag: nicosia municipality

Archives March 27, 2013 posted by

Russians consider lawsuits over Cyprus losses

RUSSIAN businesses and banks that face losses from the European Union’s bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties to find strategies to recover funds.
Big depositors – many of them Russian – face losses of up to 40 per cent as the result of a so-called ‘bail-in’ to back €10 billion in EU financial aid to stabilise the Cypriot banking system.
“It’s worth trying, it’s not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself sounds like expropriation,” said Andrey Goltsblat, managing partner at Moscow-based law firm Goltsblat BLP.

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Archives February 14, 2013 posted by

Landfill waste down in 2011

SOME 560,000 tonnes of urban solid waste was produced in Cyprus in 2011, down by 12,000 tonnes from the previous year, the statistical service said yesterday.

Around 80 per cent of the waste ended up in landfills, the service said, with 11.2 per cent collected for recycling and 8.6 per cent used in composting.

European Union citizens produced an average 502 kilograms of urban waste.

Per capita production in Cyprus reached 691 kilos in 2010, the highest among the 27 European Union member-states.

Luxembourg was in second place with 678 kilos, followed by Denmark with 673 and Ireland 636. The average per EU citizen in 2010 was 502 kilos, the service said.

Figures for 2011 were not yet available.

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Archives January 30, 2013 posted by

Government has next three months financing covered

THE government said yesterday it was on track to cover the state’s financing needs for the next three months, pending finalisation of a bailout that was not expected before March, when the new administration takes over.

At the end of each month we can evaluate our needs again, depending on how the previous month went, government spokesman Stefanos Stefanou said.

“And as the finance minister said, we are on track regarding the obligations we have and our financing needs for April,” Stefanou added.

Speaking on state radio earlier yesterday, Finance Minister Vassos Shiarly said the state will need €2.8 billion in the next three months – one billion being maturing debt that it hopes to roll over.

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Archives January 25, 2013 posted by

Teachers say they’re paying for the crisis

PRIMARY SCHOOL teachers yesterday protested outside the Presidential Palace, briefly closing the road in front, against austerity measures being taken as a result of the draft memorandum agreed with international lenders. 

Members of the primary teachers union (POED) held banners protesting against the parallel increase in teaching hours and unemployment among the youth. 

One banner read: “Teachers are paying for the crisis”, while another: “Keep your hands off Education”. 

POED deputy leader Christoforos Theophanous said the demonstration was called to express teachers’ opposition to the provisions in the draft memorandum which “undermine education” and will reportedly make around 400 new teachers unemployed next September. 

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Archives December 13, 2012 posted by

Election campaign gets down and dirty

PRESIDENTIAL CONTENDER Giorgos Lillikas and the party he backed in the last elections, DIKO, have locked horns this week, trading barbs over allegations of corruption, mudslinging, libel threats and press leaks. 

A press report last week suggested DIKO leader Marios Garoyian engaged in nepotism. Daily Phileleftheros published copies of faxes sent from Garoyian’s office, when he was House President, with the personal details of people and the service the party allegedly did for them.

The lists were sent to DIKO MPs ahead of the May 2011 general elections and their task was to secure the vote of the people named on the list.

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Archives November 23, 2012 posted by

Popular Bank seeks equal treatment in Greece

THE Popular Bank yesterday filed a notice of dispute to the Greek government, seeking equal treatment with other lenders operating in Greece.

In a filing to the stock market, the troubled lender said the law office of Skadden, Arps, Slate, Meagher, & Flom (UK) LLP, acting on its behalf, has filed a notice of dispute based on the provisions of a 1992 bilateral agreement between Cyprus and Greece concerning the mutual promotion and protection of investment.

“Based on the provisions of the bilateral agreement, the bank seeks equal treatment and similar remedies as other lenders operating in Greece,” the announcement said.

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Archives November 14, 2012 posted by

Water cuts

WATER supply will be cut in Limassol tomorrow between 8am and 1pm, the Water Board said yesterday in an announcement.

The following streets are due to be affected: Nicos Pattichis avenue, Spyros Kyprianos avenues, Vasileos Constantinou street, Stelios Kyriakides street and Ayia Fylaxeos street.

The board said they need to interrupt the supply to proceed with works and apologised for the inconvenience.

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Archives September 29, 2012 posted by

Third fastest jobless rise in EU

UNEMPLOYMENT in Cyprus is recording the third fastest rise in the EU after Greece and Spain, according to the EU Employment and Social Situation Review.

The review notes that unemployment in Cyprus has been on the rise since the start of the crisis, with the seasonally adjusted rate reaching 10.9 per cent in July 2012 — 10.4 per cent for women and 11.4 per cent for men — up by 3.2 percentage points on July 2011.

 “The outlook for Cyprus remains bleak as the consumer confidence indicator continues to deteriorate, unemployment expectations are on the increase and expectations about the general economic situation are again worsening”, the review concludes.

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Archives July 28, 2012 posted by

Airport deal moves closer

CHINESE firm Far Eastern Phoenix Ltd (FEP) will take over constructing the showroom at Larnaca’s old airport, Communications Minister Efthymios Flourentzos said yesterday.

Commenting on a meeting he had with the firm on Thursday, Flourentzos said the investor had assured him verbally that he was prepared to satisfy the Republic’s demands, which were posed as a precondition for the deal to go ahead.

Flourentzos said these demands secured the state’s best interests.

“We hope things will develop in a positive manner, with mutual understanding on the matters we discussed,” said the minister, adding that he hoped there would be some final decisions to announce soon.

He said the fact that FEP agreed to take on the showroom’s constructions made things easier.

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Archives July 22, 2012 posted by

Women killed in car accidents

A PENSIONER was killed on Friday and a 53-year-old Russian woman succumbed to her injuries yesterday, after being run over in two separate car accidents on Friday night.

The 87-year-old woman had been crossing the road near Larnaca’s town centre at around 7 pm on Friday when she was hit by a car, driven by an 86-year-old man.

The pensioner sustained leg injuries and was taken to Larnaca General Hospital’s orthopaedic unit where she suffered a heart attack. She was rushed to intensive care, where she died around 45 minutes later.

On the same night, a 53-year-old Russian woman was crossing the Larnaca-Dekelia road when she was hit by an oncoming car. 

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