Local News

Local News Business October 25, 2014

Reforms bringing results, Cyprus says after ratings upgrade

Economic reforms in Cyprus are starting to yield results, the government said on Saturday after one credit-rating agency upgraded its rating and a second its outlook for the bailed-out country.

Standard and Poor’s on Friday raised Cyprus’s credit rating a notch to B+, reflecting what it said was the island’s strong commitment to a reform programme and a budgetary performance exceeding its expectations. Fitch, which rates Cyprus B-, revised its outlook to positive. The other major agency, Moody’s, rates it…

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Reforms bringing results, Cyprus says after ratings upgrade
Local News October 25, 2014

Air crash investigators find task difficult

By Evie Andreou

THE absence of a black box and a cockpit voice recorder (CVR) from the aircraft that crashed into the sea between Cyprus and Lebanon on Wednesday killing both people on board, makes the investigation into the accident more difficult, the senior investigator into the case said yesterday.

Yiannakis Loizou, head of the Air Accident Incident Investigation Board (AAIIB) said his team is searching the causes of the crash of the twin-prop Diamond DA42 on Wednesday night en…

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Air crash investigators find task difficult
Local News Comment October 25, 2014

Our View: Attorney-General in a tight spot over ethical dilemma

DEPUTIES felt snubbed by the Attorney-General, Kostas Clerides, after he decided not to attend a meeting of the House ethics committee that was discussing an issue of conflict of interest, involving the Governor of the Central Bank, Chrystalla Georghadji. Clerides had sent the committee a letter in which he said that the issue “does not fall within the remit of the attorney-general nor did it necessitate the attorney-general to express an opinion or intervene in any way.”

It is difficult…

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Our View: Attorney-General in a tight spot over ethical dilemma
Local News Business October 25, 2014

CTO must adapt and become more modern

By Angelos Anastasiou

THE Cyprus Tourism Organisation (CTO) must change its structures and processes in order to meet modern standards and requirements, according to a KPMG report on restructuring and reorganising the organisation presented to staff yesterday.

Speaking after the event, CTO head Marios Hannides said the organisation needs to modernise its decision-making processes and their implementation, as well as improve efficiency in terms of public service.

Hannides said the Auditor General’s recommendations concerning the organisation have been considered and…

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CTO must adapt and become more modern
Local News Business October 25, 2014

First drafts of insolvency package ready

By George Psyllides

THE finance ministry yesterday handed parties the drafts of three bills concerning the insolvency framework, seen as providing an extra ‘safety net’ to debtors who have fallen on hard times.

The framework will be made up of six bills.

The ministry has asked party experts to a meeting on October 31 to discuss the drafts, just as the Supreme Court is expected to hand down a verdict on the validity of the foreclosures bill demanded by the…

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First drafts of insolvency package ready
Local News October 25, 2014

Petrol prices going down

By Evie Andreou

FUEL companies have announced the second price reduction in a month, following a furore last week over high prices.

The companies announced this week that they were able to further cut prices at the pump as they had received new shipments bought at lower prices.

The retail price of 95-octane was lowered by 2.4 cents a litre dropping to €1.36, 98-octane by 2 cents to €1.39 and heating fuel was reduced by 3.2 cents a litre…

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Petrol prices going down
Local News October 25, 2014

Surgeons succeed in heart valve procedure

By Evie Andreou

A NEW non-surgical method, which is considered to be the only effective treatment for mitral regurgitation, a condition where the heart’s mitral valve doesn’t close tightly, allowing blood to flow backward in the heart, has been successfully applied for the first time in Cyprus, by a group of cardiac surgeons of the American Medical Centre/American Heart Institute.

The MitraClip Percutaneous Mitral Valve Repair procedure brings good news to high risk patients who can now avoid open…

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Surgeons succeed in heart valve procedure
Local News October 25, 2014

Big brother helps cut crime levels – 33,000 in neighbourhood watches

By George Psyllides

CYPRUS boasts 33,000 neighbourhood watchers, Justice Minister Ionas Nicolaou said yesterday, which contributed in curbing crime by up to 40 per cent.

Speaking before an assembly of representatives of Limassol’s 108 communities, Nicolaou emphasised the government’s determination to invest in community policing as a means of bolstering the sense of security of all people without exception.

“Today we have around 33,000 neighbourhood watchers and we cover areas inhabited by 630,000 people,” the minister said, adding that the…

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Big brother helps cut crime levels – 33,000 in neighbourhood watches
Local News Business October 25, 2014

Vasiliko oil terminal ‘almost ready’, first shipments ‘soon’

By Staff Reporter

THE ambitious oil storage terminal project at Vasiliko should be completed very soon, with the first shipments expected soon after, company officials told a visiting delegation of the ruling Democratic Rally (DISY) party, headed by its president Averof Neophytou yesterday.

The party leader said the oil storage terminal facilities of VTT Vasiliko Ltd (VTTV) “is one of the largest investment in Cyprus today and a good solution for the transfer of oil stocks currently stored in Larnaca.”

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Vasiliko oil terminal ‘almost ready’, first shipments ‘soon’
Local News October 25, 2014

Dashin donation boost for autistics in Paphos

By Bejay Browne

THE CYPRUS autism association has received a boost following the delivery of a new mini bus made possible by a substantial donation from the Limassol-based Dashin foundation.

Andrey and Julia Dashin’s Foundation granted a cheque for €15,000, which meant the association could purchase a new 8-seater Nissan NV200. After recently taking delivery, the association was then able to relocate their old, smaller bus to the autistic centre in Paphos, which had been without transport for more than…

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Dashin donation boost for autistics in Paphos

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