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Local News December 11, 2013

Bracing for bad weather (updated)

By Poly Pantelides

AUTHORITIES were bracing islandwide yesterday for the double whammy of strong winds and plunging temperatures, preparing shelters to aid society’s vulnerable and taking practical measures to minimise any impact from possible flooding, and to prevent accidents.

The meteorological office’s forecast also prompted police to issue a series of instructions to the public while police Chief Michalis Papageorgiou has told fire services and police to be on standby to respond to emergencies.

The met office has said it…

Comment December 11, 2013

Our View: The state cannot afford to be so generous to its officials

WE DO NOT know whether we should laugh or cry about the legislature’s inability to decide which state officials should be given a car and chauffeurs by the state. The issue was raised five months ago, but the deputies who undertook to tackle matter and place car eligibility on a rational basis have still not finalised their proposal. This would reportedly be ready by tomorrow when the House plenum is expected to vote on it.

Why has it been so…

Comment December 11, 2013

Cut interest rates, write debt off

By George Mountis

VARIOUS bankers have come out against cutting lending interest rates and in favour of extending the loan repayment period.

The reason is simple: an interest rate reduction of around 3 percent on the overall loan portfolio of Cypriot banks would entail an annual drop in interest payments by borrowers of some €1.74bn (or 3 percent of €58bn).

Falling revenues from interest (including interest on late payments) would seriously deplete banks’ profits as well as their capital…

Local News December 11, 2013

AG: individuals firms and organisations had a hand in banking collapse

By George Psyllides

A NUMBER of individuals, companies, and organisations contributed to the collapse of the banking system and the economy in general, the attorney-general said yesterday, as an ongoing probe is looking into whether certain actions constituted criminal offences.

The investigation, launched in July this year, goes as far back as 2006, when HSBC sold its stake in the now defunct Laiki Bank.

The investigation has “uncovered a complex network of companies, parent companies, subsidiaries, and affiliates,…

Football Sport December 11, 2013

Ronaldo sets record, Leverkusen, Olympiakos into last 16

Real Madrid’s Cristiano Ronaldo set a Champions League group phase scoring record on Tuesday as Bayer Leverkusen and Olympiakos Piraeus reached the last 16 and snow forced Galatasaray’s match with Juventus to be abandoned.

Holders Bayern Munich’s record-breaking run of 10 consecutive Champions League wins came to an unceremonious end after Manchester City staged a memorable fightback after conceding two early goals to win 3-2 at the Allianz Arena.

However, Bayern still won Group D with City finishing in second…

Local News December 11, 2013

CBC board member suing the governor

By George Psyllides

A CENTRAL Bank (CBC) board-member is suing the governor over comments he made following publication of the damning findings of an internal investigation into his relationship with consultants Alvarez & Marsal (A&M)

Nicos Constantinou, who headed the audit committee’s probe, said he has filed a libel suit against Panicos Demetriades over his suggestion that his recent reappointment to the board was linked with the report.

The report said A&M, with Demetriades’ approval, and apparently without prior…

Business December 11, 2013

‘No employee should be left unpaid’

By Poly Pantelides

THE labour minister yesterday called private sector employers to pay their staff’s Christmas bonus, a long-standing practice that has been losing favour in the private sector as employers have been cutting down wages to reduce their costs.

Known as the 13th salary because it matches an employee’s normal monthly wage, the Christmas bonus is – in theory – a right protected by law. Labour minister Zeta Emilianidou has previously warned employers that not paying the 13th…

Business Local News December 11, 2013

AKEL asks German watchdog to probe Marfin

By Elias Hazou

Opposition AKEL has asked Germany’s banking watchdog to look into suspicions that former Marfin Popular Bank may have used a German lender as a go-between in a share buyback scheme whose alleged purpose was to artificially inflate the Cypriot bank’s share price.

The move is being spearheaded by AKEL deputy Irini Charalambidou, alleging a three-way tie-up between Greece’s Marfin Investment Group (MIG) – formerly the largest shareholder in Marfin (later Laiki) – Marfin Popular and the German…

Local News December 11, 2013

Taking chemical weapons out of Syria

By Stefanos Evripidou

A DANISH naval frigate has docked at Limassol port as part of a proposed Danish/Norwegian joint mission to transport chemical warfare agents out of Syria.

The naval frigate, named Esbern Snare, arrived in Limassol on Monday, after having patrolled the Gulf of Aden and Indian Ocean as part of NATO’s anti-piracy mission, Operation Ocean Shield.

The frigate, holding around 140-150 people, is the first of two frigates due on the island. The second, coming from…

Local News December 11, 2013

Property prices fall at higher rate in third quarter

Purchase prices and rents for residential and commercial properties are continuing to drop, according to the latest index from the Royal Institute of Chartered Surveyors (RICS).

The property market has been adjusting downwards for years, following unsustainable activity between 2004 and 2008. The market’s overheating revealed serious problems in legislation as well as with banks’ risk management that will take years to fix.

During the third quarter of 2013, prices in Nicosia and Limassol continued falling at a…

Local News December 11, 2013

Whistleblowers to be protected

By Constantinos Psillides

The Cyprus branch of Transparency International announced yesterday the creation of a whistleblower protection service.

The service is to be made available mid 2014.

According to the organization, the service will provide people who want to testify against corruption with guidance, support and anonymity.

“Our goal is to record and at the same time fight corruption at its core with the participation and aid of the public. Our service is available to all to who want…

Local News December 11, 2013

Still no human rights for LGBT people

By Stefanos Evripidou

AS THE world marked Human Rights Day yesterday, civil rights group ACCEPT-LGBT lamented the “sad and paradoxical” fact that discussions were still ongoing in Cyprus as to whether two gay people are entitled to any rights under the proposed Civil Partnership Act.

ACCEPT President Costas Gavrielides yesterday highlighted that the Universal Declaration of Human Rights signed by Cyprus affirms that all human beings are born free and equal in dignity and rights and are entitled…

Football Sport December 10, 2013

City stage stunning comeback to beat Bayern 3-2, United down Shakhtar

Manchester City, seemingly down and out as they trailed Bayern Munich 2-0 after 12 minutes, hit back for a stunning 3-2 away win to end the German team’s run of 10 consecutive Champions League wins on Tuesday.
Bayern appeared to be strolling to another win as Thomas Mueller and Mario Goetze, helped by poor defending, put the defending champions quickly in control.
City, missing several regulars, composed themselves and David Silva began the fight back with a goal…

Local News December 10, 2013

Talks on joint communiqué ‘at sensitive stage’

By Stefanos Evripidou

NEGOTIATIONS on a joint communiqué are at a “very sensitive stage”, UN Special Adviser Alexander Downer said yesterday, remaining tight-lipped on how close or far the two sides were from an agreement.

Downer met for an hour first with President Nicos Anastasiades and then Turkish Cypriot leader Dervis Eroglu, discussing “this joint declaration” that the two sides are working on.

Speaking after his meeting with Anastasiades, Downer said negotiations were “obviously at a very sensitive stage”. He…

Local News December 10, 2013

Local authorities must adjust if they want to survive

The model followed by local authorities in Cyprus needs to adjust to the new conditions in order to survive, President Nicos Anastasiades said on Tuesday.

Addressing the 30th annual general meeting of the Union of Cyprus Municipalities in Nicosia, the president said the government’s aim was to modernise local authorities and make them more efficient, bearing in mind the impact of the financial crisis.

But the crisis could not be used as an excuse to avoid transferring powers to local…

Local News December 10, 2013

Galanos and Kayalp issue joint statement on Famagusta

Famagusta Mayor Alexis Galanos and the Turkish Cypriot ‘mayor’ of the occupied town Oktay Kayalp have issued a joint statement expressing their strong support to the immediate commencement of the process of returning the fenced off area of Varosha to its lawful owners and inhabitants, under the supervision and control of the UN.

The statement was read out and signed by Galanos and Kayalp during joint press conference they gave on Tuesday for Greek Cypriot and Turkish Cypriot media.

Famagusta…

Local News December 10, 2013

AKEL appeals to EAC to not to cut power to anyone over Christmas

AKEL Secretary General Andros Kyprianou has asked the Electricity Authority of Cyprus (EAC) to ensure that no power cuts to homes in Cyprus are made during the holiday season, and that any cuts already made were reinstated for the period.

In a letter to the Chairman and members of the EAC board, Kyprianou commended the organisation on its consistent record of social sensitivity and expressed the hope the EAC would contribute to supporting people during the financial hardships they are…

Business Local News December 10, 2013

Foreign workers wired over €100m back home in 2012

ACCORDING to a report issued by Eurostat, foreign citizens working in Cyprus in 2012 have wired a total of €107 million to their home countries, of which €17 million relate to EU-member states and €90 million to non-EU countries. The respective figure for 2011 was a total of €105 million.

With regard to Greece, a dramatic drop may be owed to the financial crisis and the rampant unemployment devastating the country. Funds transferred in 2011 abroad by foreigners working in…

Local News December 10, 2013

Public urged to brace for stormy weather

Cypriots have been told to brace themselves for stormy weather, and boat owners have been forewarned to check their vessels are properly moored in Larnaca marina where strong winds are expected on Wednesday.

Authorities inspected the Larnaca marina vessels on Tuesday morning, moving two large vessels in the port to ensure safety, and securing several yachts. The marina’s director, Christos Petrides, said the sea should get choppy with northeasterly winds expected to reach speeds of up to 80 kilometres per…

International News December 10, 2013

Boos, jeers humiliate South Africa’s Zuma at Mandela memorial

By David Dolan
South African President Jacob Zuma was booed and jeered at a memorial to anti-apartheid legend Nelson Mandela on Tuesday, a major public humiliation in front of other world leaders six months before national elections.
The hostile reaction from the thousands-strong unruly crowd erupted as Zuma prepared to address the high-profile ceremony in Johannesburg’s Soccer City stadium bringing together leaders from around 90 countries.
Zuma, who has ruled Africa’s biggest economy since 2009, had been…