Local News

Local News Business January 30, 2015

Liquidators appointed to Cyprus Airways

Liquidators appointed to Cyprus Airways

Avgoustinos Papathomas and David Dunckley, financial advisers, have been appointed as liquidators for the now defunct Cyprus Airways (CY), creditors and shareholders decided during an assembly on Friday.

The assembly was eventful, according to the Cyprus News Agency. It reported that former workers and shareholders protested the decision, claiming the whole procedure was a sham. Both the workers and the investors present at the meeting stormed out of the auditorium, shouting at the panel comprised of government officials, the report…

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Local News January 30, 2015

Study underway on shipping strategy

Study underway on shipping strategy

The transport ministry and the Cyprus Shipping Chamber (CSC), CIPA and other organisations have commissioned a study on a strategy for the island’s shipping industry.

According to President Nicos Anastasiade, who addressed a CSC event on Friday night, the study “to take Cyprus shipping into the future” was nearing completion.

Anastasiades said he was grateful to the shipping industry, which had managed to help support the economy through the crisis. The sector had managed to escape the brunt “through…

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Local News January 30, 2015

Papadopoulos: government refuses to see the realities

Papadopoulos: government refuses to see the realities

By George Psyllides

Developments in the island’s economy have proven wrong those who claim everything was going fine, DIKO chairman Nicholas Papadopoulos said on Friday, accusing the government of refusing to see reality.

“What the average Cypriot finds out every day is that two years after the 2013 (deposit) haircut and that bad solution imposed on us at the time, we are unfortunately in a much worse position,” he told a news conference.

The DIKO chairman said non performing…

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Local News January 30, 2015

European citizens award for Greek Cypriot and Turkish Cypriot

European citizens award for Greek Cypriot and Turkish Cypriot

By Evie Andreou

Two Cypriots, journalist Sevgul Uludag and poet Mihalis Hristofidis received the joint award of the European Citizen’s Prize 2014 on Friday.
The prize was awarded to the two winners, at the European Union House, in Nicosia.

Turkish Cypriot Uludag and Greek Cypriot Hristofidis were nominated by MEPs Takis Hadjigeorgiou and Neoclis Sylikiotis, while the final choice was made by the European Citizen’s Prize Chancellery chaired by the chairman of the European Parliament, Martin Schulz.

Uludag, who…

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Local News January 30, 2015

Over 40 trafficking victims identified last year

Over 40 trafficking victims identified last year

Last year, 42 trafficking victims were identified in Cyprus, according to a report released on Friday by the NGO ‘Cyprus Stop Trafficking’.

Out of the 42 official cases, 17 related to sex trafficking, 20 to labour trafficking while five people were involved in sham marriages.

At a news conference on Friday, interior ministry permanent secretary Constantinos Nicolaides said that 2014 was the first time that three convictions on trafficking had been secured.

“Putting a stop to this heinous crime…

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Local News January 30, 2015

Cyprus and Albania discuss health, energy

Cyprus and Albania discuss health, energy

By Staff Reporter

The Albanian foreign and energy ministers were in Cyprus on Friday to discuss bilateral relations and to sign an agreement on health.

Albanian Foreign Minister Ditmir Bushati and Energy Minister Damian Gjinkuri held meetings with their Cypriot counterparts Ioannis Kasoulides and Giorgos Lakkotrypis, and were also received by President Nicos Anastasiades and House President Yiannakis Omirou.

Bushati and Kasoulides signed bilateral agreement for cooperation in the area of health following a meeting by delegations of the…

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Local News Business January 30, 2015

Repossession law suspension only does harm

Repossession law suspension only does harm

By George Psyllides

Suspension of the foreclosures law only did harm to the country, the borrowers association said on Friday, adding its voice to those who suggest that opposition parties were engaging in populist antics that ultimately hindered the island’s recovery.

“There is no substantive benefit for borrowers,” said association chairman Costas Melas. “On the contrary, our country has suffered damage in the sense that it is losing is credibility, something that also hurts borrowers.”

Opposition parties on Thursday extended…

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Local News January 30, 2015

Tsipras says Barbaros must leave for talks to resume (Update)

Tsipras says Barbaros must leave for talks to resume  (Update)

By Jean Christou

Greek Prime Minister Alexia Tsipras was quoted on Friday as saying it was important that the Turkish seismic vessel Barbaros leave the sea area around Cyprus so that talks could resume.

Tsipras who is due in Cyprus on Monday on his first official visit abroad since being elected on an anti-bailout platform last Sunday, gave an interview to Turkish newspaper Sabah.

The Barbaros has been anchored off Famagusta port in the north since December 30…

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Local News January 30, 2015

Jobless rate dropped in December 2014 to 16.4 per cent

Jobless rate dropped in December 2014 to 16.4 per cent

Unemployment in Cyprus dropped in December 2014 to 16.4 per cent, compared to 16.6 per cent in November 2014.

According to Eurostat, the statistical office of the European Union, the euro area seasonally-adjusted unemployment rate was 11.4 per cent in December 2014, down from 11.5 per cent in November 2014. This was the lowest rate recorded in the euro area since August 2012.

The EU28 unemployment rate was 9.9 per cent in December 2014, down from 10 per cent in…

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Local News Business January 30, 2015

BoC could resort to ELA to replace cheaper funding

BoC could resort to ELA to replace cheaper funding

By Stelios Orphanides

Bank of Cyprus may have to replace up to 800 million euros in cheaper funding from the European Central Bank with mostly costly financing in case Cyprus fails to meet its bailout terms, a bank official said.

“We will have to apply for emergency funding should Cyprus fail to get a positive evaluation,” of the progress in implementing the economic and financial reform programme agreed with international creditors the official, who spoke on condition of anonymity, said…

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