Posts by tag: our view

Archives October 19, 2012 posted by

Shiarly: ‘troika not trying to harm Cyprus’

FINANCE Minister Vassos Shiarly yesterday sought to put to rest talk that international lenders wanted to harm Cyprus, reminding that they would be providing the island with much-needed funds it could not get anywhere else.

“I do not believe the troika is coming here to harm the economy if this is the message some people want to give. It is not the case,” Shiarly told the state broadcaster.

To secure the cash, Cyprus must agree to certain conditions – an adjustment programme which includes measures, especially concerning the public sector, that have prompted the reaction of unions.

They are coming to finance Cyprus at a rate of 2.0 to 3.0 per cent “which we could not find any other way,” Shiarly said.

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Archives October 13, 2012 posted by

‘No way to fine petrol cheats’


AN INVESTIGATION into petrol cheats yesterday revealed that oil companies delay reducing prices by two or three days on average, and often fail to pass on the full reduction to consumers.

Announcing the results of the probe, Commerce Minister Neoclis Sylikiotis said that 

between March and September this year, certain oil companies significantly delayed reducing fuel prices when new loads were received.

One in particular delayed reducing prices twice over a three-week period, instead  pocketing between 2.2 cents and 5.2 cents for every litre sold.

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Archives September 1, 2012 posted by

Hellenic Bank in the black

HELLENIC Bank, the island’s third-biggest lender, said yesterday it recorded a €14.9 million profit for the first half of the year despite the rise in provisions for non-performing loans.

The lender said provisions in the first six months rose to €78 million – €16.9 million more than the same period last year.

But at the same time the bank showed a 25 per cent rise in revenues – excluding a write-down of its Greek debt holdings – and a 9.0 per cent drop in operating costs to €79.4 per cent.

Hellenic said that based on the prevailing conditions, the group continues to focus on effective management of credit risk, safeguarding and enhancement of the capital adequacy ratios, and safeguarding its sound liquidity.

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Archives July 4, 2012 posted by

SEC looking into BoC's bailout request after shareholders were left in the dark

THE Securities and Exchange commission (SEC) has launched an investigation into the Bank of Cyprus (BoC) after the lender requested temporary state assistance apparently without informing its shareholders.

The SEC wants to know if the lender deliberately misled shareholders by withholding information it was obliged to disclose.

On June 27, BoC requested state assistance to the tune of €500 million after it failed to raise the necessary capital to meet a regulatory shortfall due to increased provisions and a further impairment of its Greek bond holdings.

The request came as a surprise since the bank had previously said it needed €200 million to cover the shortfall and that it would raise it through private funds.

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Archives May 10, 2012 posted by

It all began with two men and a moped…

POLICE WERE allegedly attacked and threatened with an unloaded gun by a family of five in the early hours of yesterday morning during an attempted search for stolen goods in their house in Leivadia. 

The investigation which led to the house in Larnaca district at 4.45am and three injured officers began much earlier in the night with two men and a moped. 

At around 11pm, a member of the public called the police to report two people acting suspiciously, pushing a moped along a road in Larnaca. On arrival, police saw a 32-year-old from Leivadia and a 37-year-old from Ayia Napa trying to start the moped. 

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Archives April 22, 2012 posted by

Tales from the Coffeeshop: Kyproulla without our comrade

MANY foreign heads of government were bitterly disappointed this week on hearing reports (not denied) that their favourite Cypriot politician would not be seeking re-election next year. 

What they could not imagine a few months ago – Kyproulla without the comrade statesman as president – has suddenly become a very likely possibility. They are now faced with the prospect of going into 2013 without his shining presence at European summits and, worst still, without him handling the Cyprob.

Some foreign leaders were not just disappointed but felt hurt and betrayed because he ignored their pleas to seek re-election for the good of the Cyprob and the Union. But they will have to cope with the sense of loss, just as we will have to, come March 2013.

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Archives April 18, 2012 posted by

Church wants to build power plant


THE Church of Cyprus has concluded a preliminary agreement with the Israelis for the construction of a power plant here, Archbishop Chrysostomos has said.

The power station would be built on Church-owned land, and would generate around 2,000 megawatts (MW).

“A preliminary agreement has been signed, and the signing of a final agreement is pending,” Chrysostomos told newsmen.

Initially the station – the first private-sector plant here – would work on heavy fuel oil, later to shift to natural gas. It would be located on Church land at Moni, near Limassol.

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Archives April 12, 2012 posted by

‘Follow halloumi standard or be fined’

THE CABINET has approved a bill that provides for fines of up to €150,000 if regulations surrounding the halloumi standard are not followed.

The bill also places responsibilities on the Commerce Minister, who from now on will be able to issue orders, stating the minimum amount of sheep and / or goat milk that should be used in preparing the local cheese.

Anyone violating these orders will be subject to hefty fines.

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Archives April 5, 2012 posted by

Top Turkish Cypriot aide dangles Varosha return

TOP AIDE to the Turkish Cypriot leadership Kudret Ozersay yesterday emphatically added to speculation that the ‘ghost town’ of Varosha will be opened to Greek Cypriot residents under Turkish Cypriot rule if the peace talks fail.

In an interview with English-language Turkish Cypriot paper Cyprus Today, Ozersay was quoted saying that if the talks fail, the authorities in the north will push forward with plans for the fenced off area of Famagusta. 

“We will be taking action in parallel with UN parameters and the expectations of the international community. These actions will not hamper peace and stability in the region. 

“However, we do not need to get the approval of the Greek Cypriot side to put these plans into practice,” he said. 

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Archives March 29, 2012 posted by

Armou family must leave unsafe home within seven days


A FAMILY who bought a home on a stricken development in Armou in Paphos were told by authorities yesterday they must move out within seven days as the house was no longer safe.

Resident Geoff Higgs told the Cyprus Mail yesterday that two men from the district office came in the morning and examined the entire development in order to compile a full report. 

“My daughter, her husband and two children, who live in house number two opposite us, have been told they have to vacate the premises within seven days, as it is not safe to stay,” said Higgs.

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