Local News

Local News July 22, 2014

Two men jailed after village shoot out

TWO MEN were on Tuesday convicted to seven and four years in jail in connection with a shoot-out that took place in Peristerona village, Nicosia district, on February 28.
The Nicosia District court sentenced George Zavrantonas to seven years for the illegal possession of ammunition, illegal transportation of a firearm and inflicting heavy bodily damage.
Koullis Koshiaris was convicted for illegal possession of stolen antiquities, illegal possession of ammunition and transporting a firearm.
The shoot-out took place…

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Two men jailed after village shoot out
Local News July 22, 2014

Drug smuggler found dead in police cell

A 50-year old Polish man under arrest for smuggling cocaine was found dead in his cell on Tuesday morning, police said.
According to the police report, the man was found by Drug Squad officers at around 9am.
Following an autopsy, medical examiner Eleni Antoniou concluded that the cause of death was pulmonary oedema.
The man was arrested on Friday, on suspicion of smuggling drugs.
He was taken to Paphos General Hospital where an x-ray showed foreign…

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Drug smuggler found dead in police cell
Local News July 22, 2014

Setback to be discussed with Greek PM

PRESIDENT Nicos Anastasiades and Greek Prime Minister Antonis Samaras will on Monday discuss the setback in the Cyprus peace talks arising from statements made by Turkish Prime Minister Abdulah Gul.
Greek Government Spokesman Sofia Voultepsi said “the setback in the talks on Cyprus seems to arise from the recent statements by Gul (concerning the form that a possible solution will take) and Turkey’s general stance and not because this is ascertained by the Greek government”.
During his visit…

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Setback to be discussed with Greek PM
Local News July 22, 2014

Large family benefits not to be impacted by GMI

President Nicos Anastasiades assured large families on Tuesday that allowances will not be cut because of the introduction of the Guaranteed Minimum Income.
“The president showed a lot of understanding … there was a will to solve problems – at later stage for the most important ones that have a financial cost – but some matters have been put on the agenda for implementation,” Paraskevas Samaras, chairman of the large families organisation said after a meeting with the president. Read More

Large family benefits not to be impacted by GMI
Local News July 22, 2014

CY gets involved in oil and gas operations

CYPRUS Airways (CY) has signed a strategic agreement with PHI Air Europe, a leading company in the provision of helicopter support to offshore oil and gas operations.

The deal includes use of CY’s engineering and maintenance department, and also contains provisions for expanding cooperation to other areas such as personnel training, provision of continuous airworthiness management, and cargo services.
PHI Air Europe is part of US-based PHI Helicopters INC, which will base its European HQ in Cyprus.
CY…

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CY gets involved in oil and gas operations
Local News Business July 22, 2014

Ryanair boss says company may show interest in Cyprus Airways

Ryanair will probably submit an expression of interest in troubled Cyprus Airways which is up for sale, Chief Executive Michael O’Leary said on Tuesday.

The Cypriot government in mid-July invited non-binding expressions of interest in its shares or assets in Cyprus Airways, the state-controlled airline which has posted heavy losses for years.

The deadline for submissions is July 23, and requires a non-binding expression of interest to consider a potential binding offer.

“We probably will make some expression of interest…

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Ryanair boss says company may show interest in Cyprus Airways
Local News Business July 22, 2014

Sale price a thorn in foreclosure bill discussions

While the final touches are yet unspecified, the foreclosures bill was expected to make its way to the government’s legal services for review on Tuesday, ahead of its submission to the cabinet for approval.

According to sources cited by the Cyprus News Agency, the bill had not yet been finalised as of Tuesday morning, despite a Monday marathon session attended by Finance minister Harris Georgiades, Interior minister Sokratis Hasikos and the Troika mission heads that yielded some consensus.

The bone…

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Sale price a thorn in foreclosure bill discussions
Local News Business July 22, 2014

Authorities committed to protecting financial stability

The decision to place FBME Bank under administration showed the authorities’ commitment to protect financial stability, the government said on Tuesday.

The Central Bank (CBC) announced late on Monday that it was placing FBME Bank in resolution to protect depositors after a US Treasury implicated the lender in money laundering activities.

The announcement came out after the Resolution Authority – including the finance minister and the Central Bank governor – issued a decree on the sale of FBME Bank’s operations…

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Authorities committed to protecting financial stability
Local News Business July 22, 2014

FBME placed under resolution

By Elias Hazou

THE CENTRAL Bank of Cyprus (CBC) announced late on Monday that it was placing FBME Bank – rocked by money laundering allegations – under resolution.

In a short statement, the regulator said the move was intended to protect depositors. The announcement came out after the Resolution Authority – including the finance minister and the Central Bank governor – issued a decree on the sale of FBME Bank’s operations in Cyprus.

The decree, which has immediate effect, notes…

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FBME placed under resolution
Local News Comment July 22, 2014

Our View: Public sector cuts could finance better welfare system

THE GOVERNMENT’S legislation for the guaranteed minimum income (GMI), which in effect reformed the state welfare system, has come under considerable criticism both from affected social groups and some political parties. For instance, AKEL’s deputies have been arguing that the government’s welfare reform was a case of taking from the poor to help the poorer.

This is a smart slogan with an element of truth in it as the government has indeed redistributed the money paid out in welfare…

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Our View: Public sector cuts could finance better welfare system

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Who do you think will win the World Cup?

  • Argentina (17%, 107 Votes)
  • Brazil (22%, 141 Votes)
  • England (9%, 57 Votes)
  • Germany (23%, 151 Votes)
  • Other (25%, 160 Votes)
  • Spain (4%, 27 Votes)

Total Voters: 643

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