Local News

Local News August 20, 2014

Cabinet approves additional measures to protect borrowers

By George Psyllides

The cabinet on Wednesday approved additional measures to protect borrowers and primary residences as the government seeks to allay party concerns over a foreclosures bill that must be approved for the island’s next bailout tranche to be released.

“We are talking about three bills, the insolvency framework, and two schemes for additional protection of primary residencies,” government spokesman Nicos Christodoulides said after the meeting, held in the presidential residence in Troodos.

The measures include abolition of bank…

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Cabinet approves additional measures to protect borrowers
Local News August 20, 2014

No record of pool licence application from Napa complex

By George Psyllides

AN Ayia Napa apartment complex where a teenager drowned earlier this week had never applied for a swimming pool licence in the past three years, the state’s electromechanical services said on Wednesday, responding to criticism they were late in inspecting the place as part of a permit application.

British Cypriot Savvakis Alexandrou was found at the bottom of the pool on Monday morning. A post mortem showed that he had drowned.

It later transpired that the establishment…

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No record of pool licence application from Napa complex
Local News August 20, 2014

Mother and son remanded after shooting (Updated with third arrest)

By Evie Andreou

A MOTHER and son, aged 45 and 23 respectively, were remanded on Wednesday in connection with shooting an 18-year-old on Tuesday night in Limassol.

The 22-year-old brother of the male suspect who it was believed fired the shots, was arrested later on Wednesday hiding out in the port area of Limassol after police received a tip off.

The 18-year-old victim from Limassol is in hospital, after being shot with a hunting rifle during an argument with the…

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Mother and son remanded after shooting (Updated with third arrest)
Local News August 20, 2014

Civil Aviation upgrade will meet current challenges

The current challenges Civil Aviation is facing will successfully be met only through the upgrading of the Department, a decision which has already been announced, the President’s Adviser on Civil Aviation matters and Executive Director of the Mediterranean Institute of Flight Safety Christos Petrou has told CNA in an interview.

Petrou said that in order for all challenges to be met on both a national and international level, there must be a great level of cooperation between all competent services…

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Civil Aviation upgrade will meet current challenges
Local News News in Brief August 20, 2014

House President discusses Gaza developments with Palestine Ambassador

House President Yiannakis Omirou on Wednesday met with the Ambassador of Palestine Walid Hasan with whom he discussed the latest developments in the Gaza Strip and the consequences of the bloodshed on a humanitarian level.

A press release issued by the Cyprus House says that Omirou expressed the hope that soon there will be a peaceful solution to the conflict, based on UN resolutions.

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House President discusses Gaza developments with Palestine Ambassador
Local News August 20, 2014

Kouyialis optimistic over products affected by Russian ban

Agriculture Minister Nicos Kouyialis expressed optimism on Wednesday that some products affected by the Russian embargo on the EU would be sold to other markets.

Traders from the United Arab Emirates interested in importing agricultural products were expected on the island next week and they will be put in touch with Cypriot exporters, the minister told the Cyprus News Agency.

Kouyialis said the aim was to establish a broader co-operation, beyond the products affected by the Russian embargo.

The quantities…

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Kouyialis optimistic over products affected by Russian ban
Local News Business August 20, 2014

BoC agrees to sell hotel in Romania

Bank of Cyprus (BoC) announced on Wednesday it has signed an agreement to sell its assets related to Societatea Companiilor Hoteliere Grand (GHES), a company incorporated in Romania and owner of the JW Marriott Bucharest Grand Hotel to Austrias STRABAG SE.

The sale consideration is €95 million, subject to adjustments to be made upon completion of the agreement, expected by the end of September and in any case no later than the end of October 2014.

The sale is subject…

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BoC agrees to sell hotel in Romania
Local News August 20, 2014

Foreign Minister concerned over Islamic State threat for the wider region

The Cypriot Foreign Minister Ioannis Kassoulides has told British TV network Sky News that Britain would have to consult with him ahead of any airstrike in Iraq through the RAF base in Akrotiri, on Cyprus` southern coast.

The Minister appeared certain that Nicosia would “not object to the use of the British Bases for any military operation against a terrorist organisation like this one which is the worst kind that we have ever met.”

Elaborating on how he sees the…

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Foreign Minister concerned over Islamic State threat for the wider region
Local News August 20, 2014

Binding resolution sought for insolvency

By Elias Hazou

The Cabinet will this week likely ask parliament to issue a binding resolution stating that an insolvency framework will be passed and take effect as of January 1.

The resolution will be binding on both the government and the legislature, sources said.

Opposition parties want, in writing, additional and concurrent safeguards for homeowners who have trouble servicing their mortgage, otherwise threatening to vote down the government’s foreclosures bill.

That ‘safety net’ is an updated insolvency law, which…

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Binding resolution sought for insolvency

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YOUR CALL

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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