Quantcast
Channel: Cyprus Mail
Viewing all 6907 articles
Browse latest View live

Bundesbank calls for capital levy to avert government bankruptcies

0
0
bundesbank

Germany’s Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.

The Bundesbank’s tough stance comes after years of euro zone crisis that saw five government bailouts. There have also bond market interventions by the European Central Bank in, for example, Italy where households’ average net wealth is higher than in Germany.

“(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required,” the Bundesbank said in its monthly report.

It warned that such a levy carried significant risks and its implementation would not be easy, adding it should only be considered in absolute exceptional cases, for example to avert a looming sovereign insolvency.

The International Monetary Fund discussed the option in a report in October and said that reducing debt ratios to end-2007 levels for a sample of 15 euro area countries, a tax rate of about 10 percent on households with positive net wealth would be required.

The German Institute for Economic Research calculated in 2012 that in Germany a 10-percent levy on a tax base derived from a personal allowance of 250,000 euros would add up to around 230 billion euros. It did not give a figure for crisis countries due to lack of sufficient data.

Greece has been granted bailout funds of 240 billion euros from the euro area, its national central banks and IMF to protect it from a chaotic default and possible exit from the euro zone. Not all funds have been paid out yet.

In Germany, however, the Bundesbank said it would not support an implementation of a recurrent wealth tax, saying it would harm growth.

Recent reforms and adjustments in the euro zone’s struggling countries – Ireland, Greece, Spain, Italy, Cyprus and Portugal – have improved conditions for sustainable growth, the Bundesbank said, but remained concerned about high debt levels.

It was still a key challenge to drive down public as well as private debt and the ECB’s upcoming bank health checks could help to address current problems in the banking sector.

A successful test could also help to wean banks in the euro zone periphery countries off ECB funding, the Bundesbank said.

“It is not the purpose of European monetary policy to ensure solvency of national banking systems or governments and it cannot replace necessary economic adjustments or bank balance sheet clean ups,” the Bundesbank said.

Send to Kindle

Syria peace talks hit more trouble as Homs starves

0
0
Syrian Peace Talks in Geneva

THE United States demanded on Monday that Syria allow aid into the “starving” city of Homs, as talks aimed at ending three years of civil war hit more trouble over the future of President Bashar al-Assad.

The Syrian government said women and children could leave the besieged city and that rebels should hand over the names of the men who would remain. A U.S. State Department spokesman said an evacuation was not an alternative to immediate aid.

“We firmly believe that the Syrian regime must approve the convoys to deliver badly needed humanitarian assistance into the Old City of Homs now,” said spokesman Edgar Vasquez. “The situation is desperate and the people are starving.”

He said the people of Homs must not be forced to leave their homes and split up their families before receiving aid.

After long months of fighting, much of Syria’s third biggest city has been reduced to rubble and people inside are under siege, cut off from supplies.

The city’s fate has turned into a test of whether the first peace talks attended by both sides in the three-year war can achieve practical measures on the ground, while a broader political settlement seems as remote as ever.

U.N. mediator Lakhdar Brahimi said he hoped the talks in Geneva would cover the central issue that divides the two sides - Syria’s political future and that of Assad – but both sides immediately adopted entrenched positions.

Syria’s government delegation presented a document for negotiation which did not mention a transition of power, Syrian television said.

The government’s “declaration of basic principles” said Syrians would choose a political system without “imposed formulas” from abroad, an apparent reference to Western and regional demands that Assad step down.

The opposition, which wants Assad to quit as part of arrangements for a transitional government, immediately rejected the proposal.

Homs, occupying a strategic location in the centre of the country, has been a key battleground. Assad’s forces retook many of the surrounding areas last year, leaving rebels under siege in the city centre, along with thousands of civilians.

Children play in the rubble that litters the streets. The city’s buildings are smashed and its mosques are holed by shell fire. A photo recently posted on Facebook shows a frail boy in Homs holding a poster that reads: “Breaking the siege is a non-negotiable demand.”

Western diplomats said the Syrian government should move quickly to allow aid in or face a possible U.N. Security Council resolution, with Russia and China being urged to reverse their opposition to such a move.

“The ball is still in the regime’s court. We understand that a report has gone back to Damascus seeking instructions,” one diplomat said.

Brahimi acknowledged the slow start to proceedings which began with a formal international conference on Wednesday. He said opposition delegates, who have asked for the release of nearly 50,000 detainees, had agreed to a government request to try to provide a list of those held by armed rebel groups – though many of these groups, fighting among themselves, do not recognise the negotiators’ authority.

Send to Kindle

Widows lose tax exemption

0
0
news-briefs-rect42

WIDOWS’ pensions will no longer be exempted from taxation, according to a bill tabled by the government.

Lawmakers heard that the bill was part of a general effort to rationalise benefits and was not part of the terms of the island’s bailout.

The bill provides that widows’ allowances will constitute taxable income, ending the exemption.

AKEL MP Yiannos Lamaris said the bill essentially fixed the inconsistency of having a pension taxed while the recipient was alive but exempted when they died.

Send to Kindle

Police delve into dead mother’s past in search for clues

0
0
The dead woman's son looked well cared for despite his terrible living conditions, his school has said

By Peter Stevenson

INVESTIGATIONS continued on Monday into the death of a 40-year-old Romanian woman whose body was found in her flat last week with authorities following a number of leads as they search for the father of her five-year-old son.

Ildiko Gergely Tunde, 40, was found dead in squalid conditions in her apartment after her young son had been seen calling for help in the building’s hallway early on Thursday.

“Police investigations are continuing as far as the circumstances of the woman’s death are concerned and we have taken a number of statements. Once our investigations are complete, the file will be sent to the coroner who will release the findings,” police spokesman Andreas Angelides said.

It was revealed on Monday that Tunde’s relatives had been located in Romania by consular services of the foreign ministry. Discussions are taking place to decide whether Tunde’s body will be flown to Romania for burial or whether it will be buried in Cyprus.

Her son is currently under the supervision of welfare services, where he was placed last Thursday.

Asked to comment on the child’s biological father, Angelides said it is a very sensitive subject which is being handled by welfare services.

Angelides said police were expecting to receive the woman’s file from the interior ministry later on Monday and they would look into claims she was going to be deported for entering into a marriage of convenience.

“If that is the case, any orders to remand or deport her would be issued by the migration officer. We need to see what is in her file and what actions had been taken by the relevant departments,” Angelides said.

News reports said a 65-year-old businessman from Larnaca made a statement to police that Tunde had worked for him and had been intimate with him but that she had also been intimate with other men. But according to daily Phileleftheros the five-year-old’s father is Romanian and his name was included in a statement Tunde had previously made to police.

Sources said that a 22-year-old Romanian man who is currently serving time at the central prisons for burglary and claims to be her son from a previous marriage in Romania told police that his mother had left their homeland when he was three years old.

He told police that he had come to Cyprus in 2010 and through his father had located his mother. Tunde had told him that she’d had a baby boy following a relationship with a local businessman who had denied being the father of the child.

Meanwhile the headmistress of the kindergarten the young boy had been attending since September said that the boy’s appearance did not indicate that he and his mother were living in squalid conditions. Firemen had to wear masks and climb through piles of rubbish in a filthy flat to reach Tunde’s body.

“He was a happy child, clean, who behaved normally and came to school every day with a packed lunch and had no problems,” said the headmistress.

His mother would bring him to school every morning and pick him up in the afternoon and the headmistress said that if she had spotted anything untoward the school would have taken the necessary measures to report it.

“We did not notice anything and nothing made us suspicious that there were problems.”

State pathologists Nicholas Charalambous and Sophocles Sophocleous confirmed the cause of death to be an infection of the gastrointestinal tract caused by duodenal perforation for which the woman had refused treatment last week at Larnaca GeneralHospital.

Send to Kindle

Restaurant review: The Panda, Ayia Napa

0
0
rest

By Nathan Morley

The Panda in Ayia Napa produces classic Peking, sushi and Szechuan food for a busy takeaway and for eat-in customers all year round.

Unlike the many other oriental restaurants decked out with cheap and cheerful hanging lanterns and dragon’s statues, the Panda offers a much more spick and span setting.
It’s stylishly decorated with modern sleek tables, thick white leather chairs and large windows covering the entire frontage of the restaurant.

There’s outside seating too – but, at this time of the year only the truly daring choose to eat there. During the winter months Panda cooks to an appreciative crowd of locals, including plenty of expats.

A long, stylish bar along the side wall is stacked with wines, local beers and spirits.

The menu not only offers plenty of opportunities to splash out but also has very reasonably priced contemporary and traditional sushi. For meat lovers, there are choices of dishes with duck, beef, lamb and pork – ranging from Chop Suey to Kung-Pao chicken.

Appetizers on offer include all the old popular fare – tiger prawns, satay chicken, prawn crackers and spring rolls. I went for old but vibrant starter of eight steamed Chinese dumplings followed by the speciality of the house – the beautifully presented Peking duck, which is outstanding.

The perfectly crisped skin is marinated in soya, spices and honey and served with pancakes, spring onions and cucumber and a light sweet sauce. You can order either a quarter duck at €15, half at €27 or have a whole duck ceremoniously carved at your table for €45.

For those that prefer something with a little more spice, the Sichuan duck fillet is €13.50.

My dining partner went for the simply billed Beef Curry at €9.95, which turned out to be a real winner. Other than ‘beef curry’ I can’t tell you much about it other than the few mouthfuls I had were a party of changing flavours and textures. The melt-in-your-mouth beef was cooked in a light textured sauce with green peppers and onions.
All our dishes were faultless. There’s a well-chosen wine list and some decent cocktails.

Waiting staff are elegantly dressed and helpful. But overall, a big thumbs-up for good food and fair pricing. The Panda also does a brisk trade as a takeaway joint.
If you are thinking of spending Valentines evening out – with so few restaurants open in Ayia Napa, the Panda is always busy, so be sure to book ahead. Other than that, most nights there is no need to book.

VITAL STATISTICS
SPECIALTY Chinese and sushi
WHERE Panda, 37 Nissi Avenue, Ayia Napa
CONTACT 23 724646
PRICE Mains from around €10

 

Send to Kindle

Forest department warns over illegal logging

0
0
3Β. Δάση Τραχείας Πεύκης

By Peter Stevenson

There has been an increase in illegal logging recently by people illegally selling firewood, and others who are looking for a way to stay warm, according to the forestry department.

Forestry official, Antonis Horattas, is calling on conscientious citizens and local authorities to report anyone who may be illegally cutting down trees or selling wood and fire wood without a permit.

He said he believes this increase is due to the financial crisis in combination with an increase in fuel and electricity prices which have pushed people to look for alternative methods of heating.

The forestry department, in its efforts to meet the increased demand, has made quantities of firewood available to the public.

Horattas said a law passed by parliament last November which is in line with EU legislation now requires anyone who wants to sell wood and firewood to renew their permit every year.

Anyone found guilty of selling legally-obtained wood or firewood without a permit may serve up to a year in jail or be forced to pay a €5,000 fine or both.

The law also states that any company or person who attempts to sell illegally-obtained wood is committing a criminal offence which is punishable with a jail term no longer than two years or a €40,000 fine.

As well as requiring an annual permit to sell fire wood, traders will also need to keep up-to-date accounts and also a licence to transport the wood, which they need to have with them at all times.

If traders wish to advertise then they must state they are a licensed fire wood seller and have their permit number clearly written on any advertising.

Horattas said that fruit trees are also included in the fire wood category.

He added that those who burn the wood are just as responsible for adhering to the law and anyone who may have fire wood at home will need to prove the wood’s legality.

Failing to do so may result in a fine of up to €1,000, he said.

He called on all those who may buy firewood from traders to demand a receipt upon purchase.

Anyone wishing to learn more information can visit the forestry department website or call 22805514.

 

Send to Kindle

Mladic refuses to testify for old ally Karadzic at UN tribunal

0
0
Picture combo of Karadzic and Mladic

Former Bosnian Serb military chief Ratko Mladic refused on Tuesday to give evidence in support of one-time ally Radovan Karadzic, denouncing the UN war crimes tribunal as “satanic” and saying he did not want to incriminate himself.

Mladic, the former general who headed separatist Bosnian Serb forces, and Karadzic, the political leader, are both accused of responsibility for the massacre of 8,000 Muslim men and boys in Srebrenica near the end of Bosnia’s 1992-95 war.

The two men are on trial separately, each accused of taking part in a conspiracy to use murder and terror to “ethnically cleanse” Bosnia of its Muslims and Croats in order to create a pure Serb state following the republic’s secession from the then-Serbian-led federal Yugoslavia.

If it could be shown that the two men had not shared their alleged knowledge of events on the ground during the war, it would strengthen Karadzic’s claim that he and Mladic had no common plan to drive out Muslims and Croats, which could help exonerate the former Bosnian Serb political leader.

Looking frail, Mladic, now 71, told judges he did not recognise the court where he had been called to testify on Karadzic’s behalf.

“I do not recognise your court,” he told presiding judge O-Gon Kwon. “It is a NATO creation. It is a satanic court.”

But after being told he risked being charged with contempt of court, he asked court security officials, slurring his words, to fetch his false teeth “so I can speak better”, and the cross-examination then began after a brief recess.

Bosnia’s war, which was part of the bloody disintegration of Yugoslavia, ended in a peace deal hammered out at a US air base in Dayton, Ohio, in 1995 after NATO air strikes that forced Bosnian Serbs to the negotiating table.

Mladic had at first refused to appear before the court when, last year, Karadzic, 68, sought to summon him as a defence witness. Karadzic, seeking to distance himself from crimes investigators attribute toMladic, then obtained a subpoena from judges, compelling the ex-general to appear.

MLADIC CITES HEALTH, LEGAL ISSUES

Karadzic had a list of six questions he wanted to ask of Mladic, focusing on the general’s knowledge of the Srebrenica massacre and the Serb siege of the capital Sarajevo, and how much of that information he had passed to Karadzic.

Karadzic was expected to argue that he was unaware of his most senior general’s activities, and so could not be held personally responsible for the worst bloodshed in Europe since World War Two.

Mladic gave the same response in answer to each question: “I cannot and do not wish to testify … because it would impair my health and prejudice my own case,” he said, offering instead to read a seven-page statement he said he had written the previous evening – an offer judges refused.

Proceedings were complete after less than two hours and Mladic was led out, exchanging nods with Karadzic.

“Thanks a lot, Radovan. I’m sorry, these idiots wouldn’t let me speak. They defend NATO,” he said as he passed, referring to the court. As he came down from the witness stand, Mladic smiled at the public gallery, which is separated from the high-security courtroom by a pane of bullet-proof glass.

Beforehand, his lawyer Branko Lukic had told judges that Mladic’s poor health, the result of a series of strokes that left him partially paralysed, had caused gaps in his memory so that he was unable to distinguish fact from fiction.

Karadzic and Mladic were indicted shortly before the end of Bosnia’s war, which cost up to 100,000 lives, but spent more than a decade living on the run in Serbia before their arrest.

They face sentences of up to life imprisonment if convicted of charges that include crimes against humanity and genocide.

Send to Kindle

Mourinho says ‘no champagne’ this season

0
0
Chelsea vs Crystal Palace

By Martyn Herman
Chelsea will be more equipped to challenge for the Premier League title next season but will push Arsenal and Manchester City all the way in this campaign, manager Jose Mourinho said on Tuesday.

Mourinho’s side should maintain the pressure on the top two when they host struggling West Ham United on Wednesday although the Portuguese is playing down his side’s hopes of finishing above them in May.

“The chance of champagne in the future is good but not this season,” he told a news conference on Tuesday while marking his 51st birthday two days late by sharing some bubbly with reporters.
“We have to try to keep our good form going and let things happen naturally. Our main objective this season is to build a team.
“I can imagine next season we are going to be really strong. This season we are in the competitions and we always want to win.”

Third-placed Chelsea, who have sold Spain midfielder Juan Mata to Manchester United and brought in Egyptian youngster Mohamed Salah from Swiss team Basel in the last week, are one point behind City and two adrift of Arsenal.

Chelsea travel to City on Monday and Mourinho says it is vital the Blues stay in touch by beating a West Ham side desperately trying to avoid relegation.
“We need to play against City with something to play for, not 10 points behind, and we should be one or two points from them,” Mourinho said.
“I see a difficult match against West Ham. New players, fewer injuries, time to work and rest after a difficult Christmas period.”
Chelsea will again be without injured striker Fernando Torres but Mourinho believes Samuel Eto’o is hitting top form after his recent hat-trick in the 3-1 victory over Manchester United.
“Samuel’s contribution to the quality of the team is very high and he is playing very well,” the manager said before adding that he would not rule out a new deal for the Cameroonian next season.

Salah will not feature against West Ham but fellow new recruit Nemanja Matic could occupy one of the two holding roles in midfield.
Neither can play in the Champions League this season and Mourinho said they are ones for the future.

“At the moment we have a 21-player squad which is exactly the number we want to have,” he explained.
“With the natural improvement every big club has of bringing in one or two players, we are signing players for the future so I think we are doing well.”

Send to Kindle

Minister was pushed around by protesting patients

0
0
Health Minister Petros Petrides (second left) outside Limassol hospital on Tuesday

By Angelos Anastasiou

TENSIONS rose at the Limassol general during a visit by Health Minister Petros Petrides on Tuesday.

Petrides was visiting the hospital to address a situation which arose when the hospital’s administration, facing space pressures, decided to accommodate thalassaemic and chemotherapy treatments in a common area.

The decision was heavily protested by the Pancyprian Thalassaemia Association (PTA) whose members believe that physical proximity to chemotherapy treatment drugs puts them at undue risk, as accidental exposure to them may prove fatal due to their weak immune systems.

The minister visited the hospital on Tuesday to address the issue and met with the hospital’s administration in order to examine options.

Petrides’s subsequent tour of the ward sparked the reaction of thalassaemics who assaulted him verbally, while physical violence was threatened when some of the protesting patients managed to shove the minister, despite police efforts to restrain them.

Following consultation with hospital officials and a review of the premises, Petrides instructed administrators to adapt a temporary structure outside the hospital so that haematology patients’ chemotherapy sessions could be transferred there, announcing the construction work would take no more than one week.

“I have committed that appropriate alterations will be made to the existing structure, with sufficient office equipment and beds so that haematology treatments can be accommodated there, and have asked for one week’s patience until the work is completed”, he said.

The decision was hailed by the Thalassaemia Association but met with dismay by some thalassaemics who realised that chemotherapy sessions would continue to take place in their treatment facility for one more week.

While condemning the assaults, Pancyprian Thalassaemia Association head Natalia Michaelidou noted that “thalassaemics are also patients, who have found themselves under fear and distress for their own health and are suspicious of the risks of chemotherapy – they read internet studies but are not fully informed.”

“The health minister”, she added, “is a steadfast ally of thalassaemics. We are confident that any minor differences that may arise can be bridged.”

Send to Kindle

Bondholders try to storm BoC headquarters

0
0
unnamedggggg

By George Psyllides

OUTRAGED investors who claim they were duped into buying high-risk bonds tried to enter the Bank of Cyprus (BoC) headquarters in Nicosia on Tuesday after the lender’s brass declined to meet them outside.

They were stopped by police in riot gear as others pelted the building with tangerines, and tried to smash windows using an outdoor ashtray.

Flower pots were broken and bricks removed from the courtyard were dumped in front of the entrance.

Things calmed down when two representatives of the bondholders association were allowed inside to meet with BoC chairman Christis Hassapis and CEO John Hourican.

They were not satisfied however with the bank’s suggestion to discuss their demands next week.

The association rejected the proposal, warning that they would escalate their actions depending on the results of a meeting with President Nicos Anastasiades in the coming days.

“This is a warning; we are expecting the response of the Presidential Palace, to tell us on what basis to claim our compensation,” said Phivos Mavrovouniotis, head of the association.

Many bondholders in the island’s major banks claim they were duped into investing high-yield bonds without being informed of the risks, and some have sued the banks because they were allegedly not properly informed of the risks

The total amount put in securities across Cyprus’ banks is said to be about €1.4 billion – €600 million concern BoC and €800 million at Laiki

Laiki Bank stopped paying interest on the bonds after incurring losses from a Greek sovereign debt write-down in 2011. The bonds offered an attractive return of 7.0 per cent in some cases. They were later converted to shares.

Laiki is in the process of shutting down while BoC is struggling to get back on its feet after being forced to raid customers’ deposits to recapitalise.

Mavrovouniotis said they expect the government to guarantee financing for them, the way they did on Monday for BoC.

“We owe to other banks and we cannot pay. Patience has limits. We are expecting a political solution,” he said.

It was the last time extension they gave, Mavrovouniotis said.

“The next day we will launch a relentless fight for vindication, through court suits, continuous demonstrations and bank closures,” he said. “The cost they will incur will be a hundredfold.”

Send to Kindle

Making homes energy efficient could boost economy

0
0
Nees katoikies_Tsiakkilero Larnaka

By Constantinos Psillides

MAKING homes energy efficient could boost the economy by up to €2 billion and create 30,000 new jobs, the Technical Chamber (ETEK) argued on Tuesday while proposing the creation of a loan fund to shoulder the projected expenses.

ETEK along with the Cyprus Energy Agency, the Environment Commissioner Ioanna Panayiotou and the Association of Building Contractors submitted their proposals to President Nicos Anastasiades, asking the government to take swift action on the matter.

According to ETEK’s head Stelios Achniotis, around 100,000 homes in Cyprus are not energy efficient, costing their owners a lot of money in heating and related expenses.

Achniotis argued that there was a market demand for making homes energy efficient and that the state should do everything in its power to encourage businessmen in that field.

“By strengthening productivity and encouraging competition the state won’t endanger future generations but will secure a better future for them,” said Achniotis, urging the government to also cut back on red tape to make it easier for companies to conduct business.

According to the ETEK’s head, each homeowner in Cyprus must spend €6,000 to €10,000 to make their house energy efficient. Recognising that these are dire financial times for Cypriots, Achniotis proposed establishing a loan fund with low interest for people who want to invest in reducing energy consumption.

Acnhiotis claimed that a €160 million starting fund should cover the initial cost. As to where the money would come from, Achniotis asked the government to sign a loan with the European Investment Bank (EIB) for a €100 million and secure another €60 million from European structural funds.

“This loaning mechanism can be self-sufficient. The money collected from people paying back their loans can be utilised to give out new loans and once the programme is done, that money can be used to pay back the loan secured by the EIB,” explained Achniotis, adding that commercial banks could greatly benefit by joining the loaning mechanism.

The head of ETEK  argued that the benefits of implementing a comprehensive energy efficiency policy can be immediate, so it should be a top priority for the state.

Anthi Charalambous, head of the Cyprus Energy Agency said that buildings were responsible for 30 per cent of the island’s energy consumption; the vast majority of those buildings did not fulfill basic energy efficiency standards. “By investing a sum of €6,000 to É10,000 once, a house in Cyprus can reduce its energy consumption by 40 per cent,” noted Charalambous, adding that a family of four spends around €3,000 annually on heating and energy bills.

Charalambous pointed out that similar programmes already existed in other countries, like Greece, and have been widely popular and successful.

The head of the Association of Building Contractors, Costas Rousias, said that the construction sector was facing many difficulties, and if they were not overcome would spell the end of several businesses. Rousias said that the proposed plan could save the contractors, if the state also invested in making public building energy efficient.

Rousias claimed that the biggest obstacle construction business face at the moment was securing bank loans. “By making it easier for construction companies to receive loans, the government opens the road for projects in Cyprus, such as making homes energy efficient, and will also make it easier for companies who are based in Cyprus to secure contracts for projects in other countries,” he said.

 

Send to Kindle

Cyprus hopes to lift capital controls in the coming months

0
0
President Anastasiades, with representatives of the Qatar Businessman’s Association.

By Angelos Anastasiou

PRESIDENT Nicos Anastasiades said the government hopes to lift capital controls, imposed after the March 2013 bailout, within the coming months.

Anastasiades was speaking at a business forum in Doha, Qatar, where he yesterday ended an official three-day visit.

“The capital controls imposed on the Cyprus banking system are to be completely lifted in the near future, in the coming months, and we are now witnessing increased inflows from foreign residents,” he said, appealing to Qatari businessmen to invest in Cyprus..

Anastasiades said that during his meeting with Emir of Qatar both sides reaffirmed their commitment to further enhancing Cyprus-Qatar cooperation, at all levels, including economic cooperation.

“Attracting investments is the Cyprus government’s top priority,” he said as investments were the catalyst for economic growth, job creation and prosperity.

He said despite its economic woes, Cyprus still retained its competitive advantages. These included its competitive corporate tax rate of 12.5 per cent, and an extensive network of double taxation treaties, including one with Qatar itself.

He spoke also of the safe and business-friendly environment and the highly qualified workforce.

“In Cyprus opportunities for growth exist in most economic sectors, including shipping, tourism, large-scale development projects, education, health and renewable energy,” said Anastasiades.

Cyprus’ hydrocarbons discovery created excellent prospects for investments and cooperation, he added.

Evaluating his visit to Qatar after its conclusion, Anastasiades described it as very “important and productive”, and announced forthcoming visits to Cyprus by delegations from various investors, or even “on behalf of the Emir himself.”

“That is an important element”, he said with regard to the imminent visits. “If we can be persuasive, we will benefit.”

With regard to the possibility of Qatari companies investing in Cyprus, Anastasiades noted particular interest shown in “Cypriot construction and other companies”, and referred to “interest in various sectors of the economy which we are in a position to respond to.” This includes a reported interest in the semi-state electricity authority, which is slated for privatisation.

Foreign Minister Ioannis Kasoulides also alluded to possible investments by Qatari state or private concerns. “We did not come here to ask for free funds. What we want is to ensure that investments by any party – whether state or private – will offer mutual benefit to both sides,” he said.

Minister of Energy, Giorgos Lakkotrypis reported “very encouraging messages from Qatar” but warned against complacency.

“The degree to which these opportunities are exploited, when and if the investment funds come to Cyprus, is also up to our side,” he said.

The minister visited the natural gas liquefaction terminal in Doha, the largest in the world, where he saw installations and asked for the exchange of technical knowledge, which is one of the items agreed in the Memorandum of Understanding signed on Monday with Qatar.

Send to Kindle

BoC receives six-month extension from CySEC

0
0
CYPRUS-EU-EUROZONE-FINANCE-BANK

The securities and exchange commission (CySEC) decided on Tuesday to extend the suspension of Bank of Cyprus (BoC) shares for a further six months until the end of July.

CySEC said it considered this “a reasonable period of time for the company to put in place the necessary measures” that will allow its shares to be traded again.

The shares have been suspended since March, after which the bank converted large deposits into stock to recapitalise as well as taking on some assets from the now defunct Laiki Bank.

Send to Kindle

Ukraine’s PM Azarov and government resign

0
0
Azarov submits resignation

Ukrainian Prime Minister Mykola Azarov resigned on Tuesday while deputies loyal to President Viktor Yanukovich, acting to calm violent street protests, back-tracked and overturned anti-protest laws they rammed through parliament 12 days ago.

The first real concessions by Yanukovich since the crisis erupted two months ago brought cheers from several thousand demonstrators on Kiev’s Independence Square, focal point of the protests. Opposition leaders said they would continue to harness street power to wring more gains.

“We have to change not only the government, but the rules of the game as well,” declared boxer-turned-politician Vitaly Klitschko. “We are sure the struggle will continue,” he said.

The 66-year-old Azarov tendered his resignation as parliament met for an emergency session to work out a deal that would satisfy the opposition and end protests in the capital Kiev and in other cities in which six people have been killed.

Yanukovich quickly accepted his resignation and that of his cabinet. First Deputy Prime Minister Serhiy Arbuzov will step in as acting prime minister and other ministers will stay on in caretaker roles until a cabinet is formed.

Azarov, a loyal lieutenant of Yanukovich since the president was elected in February 2010, said he was stepping down to help find a political compromise “for the sake of a peaceful settlement of the conflict”.

A Russian-born hardliner who has referred to the protesters as “terrorists”, Azarov was publicly humiliated by Yanukovich’s offer at the weekend to give his job to former economy minister Arseny Yatsenyuk, another opposition leader, in an effort to stem the rising protests against his rule.

The opposition has been calling consistently for the resignation of the Azarov government since the crisis started. But Yatsenyuk and other opposition leaders rejected Yanukovich’s offer of top government posts, seeing it as a trap intended to compromise them in front of their supporters on the streets.

The steward of the heavily-indebted economy through hard times and recession, Azarov backed the November decision to walk away from a free trade pact with the EU – the move which sparked the mass street protests. He took the heat in parliament, defending closer ties with Russia in a stormy debate.

REPEAL OF LAWS

Parliament went into emergency session on Tuesday with ministers loyal to Yanukovich saying they would press for a state of emergency to be declared if the opposition leaders did not rein in protesters and end occupation of municipal and government buildings across the country.

But then Yanukovich loyalists, clearly under pressure from the president and his aides to make a U-turn, voted to repeal anti-protest legislation they had pushed through on January 16.

It was these laws, banning virtually all form of public protest, which led to street violence between radical activists and police in which six people were killed.

Opposition leaders sought to keep up the pressure on Yanukovich, with Yatsenyuk calling on him to swiftly sign the repeal of the laws into force. Klitschko said opposition lawmakers would now press for amnesty for detained activists and a return to a 2004 constitution reducing the president’s powers.

“These decisions which parliament has adopted are good but it’s only a little progress. We won’t leave here until the system and the constitution have been changed,” said Ivan, 45, a protester from the Lviv region, who was at a barricade leading to Independence Square.

The crisis has revealed a sharp divide within Ukraine between those mainly from the Russian-speaking east who favour warmer ties with former Soviet master  Moscow and those in the west who want better relations with the EU.

In turning away from  Europe, Azarov’s government had argued that improving ties with Russia was urgently needed to win a financial bailout. Moscow responded last month with an offer of $15 billion in loans and discounts on gas.

But the chaos could now put that lifeline in jeopardy. Ratings agency Standard & Poors cut Ukraine to CCC+ on Tuesday.

“The downgrade reflects our view that the significant escalation of the political turmoil in Ukraine makes the expected financial support package from Russia less certain should the government of President Yanukovych fall,” it said.

In Brussels, President Vladimir Putin promised Russia would not cut off Ukraine if its government changed.

“Regarding your question whether we will review our agreements on loans and the energy sector if the opposition will take power … No, we will not,” Putin answered a reporter’s question after three hours of talks with EU leaders.

The aid was to “support the people of Ukraine, not the government. It’s the people, the common people that suffer.”

Though the protest movement began because of Yanukovich’s U-turn on policy towards Europe, it has since turned into a mass demonstration, punctuated by clashes with police, against perceived misrule and corruption under Yanukovich’s leadership.

Several hundred people camp round-the-clock on Kiev’s Independence Square and along an adjoining thoroughfare, while more radical protesters confront police lines at Dynamo football stadium some distance away.

A leader of ‘Right Sector’, a radical nationalist group involved in violent clashes with police, said members would stick to a truce which has held for several days as long as authorities adopt a conciliatory approach.

“If they (the authorities) make a move to compromise we will reduce our activities,” Petro Yarush told reporters.

Talk of a state of emergency being declared in the former Soviet republic of 46 million made the European Union’s foreign policy chief, Catherine Ashton, hastily bring forward a visit. She was due to arrive in Kiev on Tuesday night.

Send to Kindle

Private sector deposits in Cyprus banks tick down in Dec -ECB

0
0

Private sector deposits in Cypriot banks declined slightly in December, offsetting the November rise in a sign of stabilisation after 17 months of falls.
Deposits fell 0.8 per cent to €35.1 billion in December from the previous month, and were at the same level as in October, European Central Bank (ECB) data showed on Wednesday.
The deposits are still 30 per cent below their peak of €50.5 billion in May 2012.
Banks in Cyprus were shut for nearly two weeks last March after the government agreed a €10 billion bailout under which major depositors had to pay part of the cost of the rescue.
Capital controls are still in place, with limits on how much people can transfer from their accounts, although Cyprus is gradually easing the restrictions.
The ECB data showed deposits in other southern European countries mired in the debt crisis remained relatively stable.
Private-sector deposits rose by just over 1 per cent in Greece and slightly less than that in Portugal. The increase in Spain amounted to 0.1 per cent. In Italy, private-sector deposits declined by 0.9 percent and by 1.1 percent in Ireland.
Monthly fluctuations in the figures are common, though sharp consecutive drops in countries with stable banking systems are unusual.
The data, which are for all currencies combined, are not seasonally adjusted and differ slightly from national central bank figures. They exclude deposits from central government and banks. (Reuters)

Send to Kindle

Obama warns divided Congress that he will act alone

0
0
US President Barack Obama delivers his State of the Union address.

President Barack Obama vowed on Tuesday to bypass a divided Congress and take action on his own to bolster America’s middle class in a State of the Union address that he used to try to breathe new life into his second term after a troubled year.

Standing in the House of Representatives chamber before lawmakers, Supreme Court justices and VIP guests, Obama declared his independence from Congress by unveiling a series of executive orders and decisions – moves likely to inflame already tense relations between the Democratic president and Republicans.

While his rhetoric was high flying, Obama’s actions were relatively modest, collectively amounting to an outpouring of frustration at the pace of legislative action with Republicans in control of the House of Representatives and able to slow the president’s agenda.

“I’m eager to work with all of you,” Obama told the lawmakers gathered for the annual speech. “But America does not stand still – and neither will I. So wherever and whenever I can take steps without legislation to expand opportunity for more American families, that’s what I’m going to do.”

Obama’s orders included a wage hike for federal contract workers, creation of a “starter savings account” to help millions of people save for retirement, and plans to establish new fuel efficiency standards for trucks.

He said he was driven to act by the widening gap between rich and poor and the fact that while the stock market has soared, average wages have barely budged.

“Inequality has deepened,” Obama said. “Upward mobility has stalled. The cold, hard fact is that even in the midst of recovery, too many Americans are working more than ever just to get by, let alone get ahead. And too many still aren’t working at all.”

SALUTE TO WOUNDED SOLDIER

In an emotional, flag-waving finish to his speech, Obama drew a standing ovation from people of all political stripes by saluting the heroism of Sergeant First Class Cory Remsburg. The Army Ranger survived a roadside blast in Afghanistan and has recovered to the point where he attended the speech, seated next to first lady Michelle Obama.

“Like the America he serves, Sergeant First Class Cory Remsburg never gives up, and he does not quit,”Obama said.

In a nod to bipartisanship, Obama drew applause with a brief tribute to John Boehner, “the son of a barkeeper” who rose to become speaker of the House of Representatives and the top Republican in Congress. Boehner gave Obama a thumbs-up.

Obama’s political objective in the address was to create a narrative for Democrats to use as they seek to head off Republicans eager to wrest control of the Senate from Democrats in November elections and build on their majority in the House.

The party in control of the White House typically loses seats in these so-called mid-term elections, but Democrats feel they stand a chance of limiting their losses or even making some gains.

To that end, Obama drew loud applause by underscoring in particular the economic plight of women, who he noted make up about half the US workforce but still earn 77 cents for every dollar a man makes. Women voters helped re-elect Obama in 2012.

“This year, let’s all come together - Congress, the White House and businesses from Wall Street to Main Street – to give every woman the opportunity she deserves, because I firmly believe when women succeed, America succeeds,” he said.

Obama’s governing strategy means he has scaled back ambitions for large legislative actions and wants to focus more on smaller-scale initiatives that can reduce income inequality and create more opportunities for middle-class workers.

The wage hike for federal contract workers to $10.10 per hour, for example, will mean a pay raise for only about 560,000 federal contract workers.

That’s only a tiny fraction of the number who would see bigger paychecks under stalled legislation to increase the minimum wage.

Some 3.6 million workers were paid the federal minimum wage in 2012.

Obama spent a sizable part of his speech hammering away at issues that have long been debated but remain stalled, like closing the US military prison at Guantanamo Bay, Cuba.

He renewed an appeal for Congress to give him the authority to speedily negotiate international trade agreements, a proposal held up by Democratic opposition.

And on one of his biggest priorities, immigration reform, Obama urged Congress to work together on an overhaul. He tempered his criticism of Republicans who have held up the legislation, with signs of possible progress emerging in recent days among House Republicans.

Obama stopped short of taking a step that immigration reform advocates have called on him to take. He did not take executive action to freeze the deportations of parents of children brought to the United States illegally.

“Let’s get immigration reform done this year,” he said.

‘REFIGHTING OLD BATTLES’

On healthcare, the issue that rocked his presidency and caused many Americans to lose confidence in him, Obama defended the overhaul law he signed in 2010 but did not make it a centerpiece, urging Americans to sign up for medical insurance coverage by a March 31 deadline.

He challenged Republicans to come up with a viable alternative instead of repeating past failed attempts to repeal the law.

“Now, I don’t expect to convince my Republican friends on the merits of this law. But I know that the American people aren’t interested in refighting old battles. So again, if you have specific plans to cut costs, cover more people, and increase choice – tell America what you’d do differently,” he said.

Bill Galston, a Brookings Institution scholar, found Obama’s speech overall to be rather restrained compared to the usual partisan rhetoric in Washington.

“His language was mostly devoid of overt partisan provocation. On policy, he gave little ground to the Republicans, but he did little to confront them either,” said Galston, who had worked for Democratic President Bill Clinton.

Obama said nothing about whether he would approve the long-delayed Keystone XL Canada-to-Texasoil pipeline that environmentalists oppose.

Instead, Obama spoke passionately about the need to tackle climate change, a statement that could foreshadow more executive actions to reduce carbon emissions this year.

Obama said, “The shift to a cleaner energy economy won’t happen overnight, and it will require some tough choices along the way. But the debate is settled. Climate change is a fact.”

Republicans clambered for some of the same rhetorical ground as Obama in pledging to narrow the gap between rich and poor but staked out a different vision for doing so.

US Representative Cathy McMorris Rodgers, chairwoman of the House Republican Caucus, said in her party’s official response to Obama’s speech that Republicans want to rely on free markets and trust people to make their own decisions, not have the government make decisions for them.

“The president talks a lot about income inequality, but the real gap we face today is one of opportunity inequality,” she said, videotaped seated on a couch in a living room setting.

With three years left in office, Obama is trying to recover from a difficult past year in office, when immigration and gun control legislation failed to advance in Congress and the rollout of the key provisions of his healthcare law stumbled.

Polls reflect a dissatisfied and gloomy country. An NBC News/Wall Street Journal poll released on Tuesday showed 68 percent of Americans saying the country is either stagnant or worse off since Obama took office. People used words like “divided,” “troubled” and “deteriorating” to describe the state of the country, the poll showed.

Obama dwelled mostly on domestic issues in his hour-long address, but warned Congress he would veto any effort to increase economic sanctions on Iran as he tries to reach a comprehensive deal with Tehran to ensure it does not obtain a nuclear weapons capability.

A CNN poll found that 44 per cent of respondents viewed Obama’s address very positively while 32 per cent felt somewhat positively about it and 22 per cent were negative toward it.

Obama will talk up the economic themes from the speech in a two-day road trip starting on Wednesday that will include stops in Maryland, Pennsylvania, Wisconsin and Tennessee.

Send to Kindle

Russia to await new Ukraine government before fully implementing rescue

0
0
Former Ukrainian Prime Minister Azarov shows the way for acting Prime Minister Arbuzov as he takes leave during a cabinet meeting Kiev

President Vladimir Putin raised the pressure on Ukraine on Wednesday, saying Russia would wait until it forms a new government before fully implementing a $15 billion bailout deal that Kiev urgently needs.

Putin repeated a promise to honour the lifeline agreement with Ukraine in full, but left open the timing of the next aid instalment as Kiev struggles to calm more than two months of turmoil since President Viktor Yanukovich walked away from a treaty with the European Union.

A day after Prime Minister Mykola Azarov resigned on Tuesday, hoping to appease the opposition and street protesters, Russia tightened border checks on imports from Ukraine in what looked like a reminder to Yanukovich not to install a government that tilts policy back towards the West.

Ukraine’s new interim prime minister promised to try to limit the economic damage inflicted by the sometimes violent street protests, and said he expected Russia to disburse a further $2 billion aid instalment “very soon”.

Putin had less of a sense of urgency. “I would ask the (Russian) government to fulfill all our financial agreements in full,” he said, repeating a promise made on Tuesday after the government resigned in Kiev.

However, he signalled that the latest instalment was on hold in remarks he made during a meeting with senior government officials, extracts of which were broadcast later on Russian TV.

“Let’s wait for the formation of a Ukrainian government,” he said, before telling the meeting: “But I ask you, even in the current situation, not to lose contact with our (Ukrainian) colleagues,” adding that discussions should continue before a new government is formed.

Putin agreed the aid package with Ukraine in December, throwing the ex-Soviet state a lifeline in what the opposition and the West regard as a reward for scrapping plans to sign political and trade deals with the EU and promising to improve ties with Russia.

WESTERN ALARM

Alarm about Ukraine is growing in the West. German Chancellor Angela Merkel telephoned Putin and Yanukovich on Wednesday, urging a constructive dialogue between the government and opposition in Kiev. “The situation must not be allowed to spiral again into violence,” a German governmentspokesman quoted her as saying.

NATO Secretary General Anders Fogh Rasmussen was more forthright, blaming Russia for Kiev’s failure to sign the EU deals. “An association pact with Ukraine would have been a major boost to Euro-Atlantic security, I truly regret that it could not be done,” he told the French newspaper le Figaro. “The reason is well-known: pressure that Russia exerts on Kiev.”

Ukraine badly needs the Russian money. Figures compiled by UniCredit bank before the bailout put its gross external financing requirements at $3.8 billion in the first three months of this year alone, including $2.29 billion for gas which is covered by the deal with Moscow.

That rises to $5.5 billion in April-June, including repaying a $1 billion bond which matures then. Altogether the government would need $17.44 billion this year to pay its foreign bills, including for Russian gas.

The EU’s foreign policy chief, Catherine Ashton, called for sincere discussion during Ukraine’s crisis. “The dialogue which has happened from time to time needs to become a real dialogue. We hope to see real progress in these coming days. Time is really of the essence,” she said after meeting Yanukovich.

RUSSIAN CHECKS

In an apparent sign of further pressure from Moscow, the Ukrainian association of producers said Russia had started extra border checks, backed by demands for increased duties, on cargoes of food and machinery being shipped into the country by road and rail.

Russia took similar action in August in what was seen as part of Moscow’s campaign to dissuade its neighbour from signing the association and trade agreements with the EU.

Ukraine has been gripped by mass unrest since Yanukovich walked away from the EU deals last November.

Leonid Kravchuk, the first president of independent Ukraine, stressed the depth of the crisis on Wednesday.

“The state is on the brink of civil war. We must call what is happening by its proper name. What is happening is revolution because we are talking about an attempt to bring about a change of power,” he told parliament.

With Yanukovich and loyalist deputies in parliament now making concessions to defuse the crisis and with Azarov, a Russian-born hardliner, gone there had been speculation that Moscow might slow or even halt the stream of aid.

But acting prime minister Serhiy Arbuzov appeared to have been cheered by Putin’s promise on Tuesday to extend the $15 billion in credits and cheaper gas.

“We have already received the first tranche of $3 billion and expect to receive the second tranche of $2 billion very soon,” he said, chairing his first cabinet meeting. Russia is offering the funds by buying Ukrainian government bonds.

BACK-ROOM TALKS

In Kiev opposition deputies and Yanukovich loyalists were in back-room talks on Wednesday over the wording of a draft law under which protesters detained by police would get amnesties.

In an unusual move, Yanukovich himself was reported to have gone to parliament to intervene in the debate. Opposition leaders, quoted by local media, said he was insisting any amnesty law should conditional on barricades being removed and government offices occupied by protesters being cleared.

Though the unrest began because of Yanukovich’s U-turn on policy towards Europe, it has since turned into a mass demonstration, punctuated by violent clashes between radical protesters and police, against perceived misrule and corruption under Yanukovich’s leadership.

Several hundred people camp round-the-clock on Kiev’s Independence Square and along an adjoining thoroughfare, while more radical activists confront police lines at Dynamo football stadium less than half a kilometre away.

Anti-Yanukovich activists have also stormed into municipal buildings in many other cities across the sprawling country of 46 million. Hundreds of protesters in Kiev have occupied City Hall and the main agricultural ministry building.

Opposition leaders, including boxer-turned-politician Vitaly Klitschko, were resisting demands by Yanukovich’s Regions Party for barricades to be removed from roads and for protesters to leave occupied buildings as a pre-condition for an amnesty for detained activists.

Klitschko, in a comment which also highlighted the tenuous control the opposition leaders have over sections of the protest movement, said: “For us to simply say to people ‘you have done your job, now go home’ is now not possible.”

In a big concession to the opposition and the protest movement, pro-Yanukovich deputies voted on Tuesday to repeal a series of sweeping anti-protest laws which they brought in hastily on January 16 in response to increasingly violent clashes.

But opposition leaders, who also include former economy minister Arseny Yatsenyuk and nationalist Oleh Tyahnibok, have won a mandate from protesters on the streets to continue to press for further gains from Yanukovich.

PREVIOUS CONSTITUTION

The opposition also wants a return to the previous constitution which would represent another significant concession since it would reduce Yanukovich’s powers.

Speculation that Russia might cut the financial lifeline it has offered prompted the Standard & Poorsagency to cut Ukraine’s credit rating to CCC+ on Tuesday.

Arbuzov said the central bank was ensuring stability on the financial markets and he made no mention of any changes to his predecessor’s policy of keeping the hryvnia currency pegged close to the dollar and maintaining subsidies for domestic gas – both criticised by the International Monetary Fund.

Send to Kindle

Turkey Bank Chief ignores Erdogan to save reeling lira

0
0
turkish_lira

Torn between an angry prime minister railing against an interest rate hike and punitive markets baying for a rise, Turkish Central Bank Governor Erdem Basci opted for a bold increase in rates that has stunned investors.

On Tuesday morning, he faced a front-page headline “Stand firm, don’t raise” in Yeni Safak, a paper close to the government, ahead of an emergency policy meeting, called as the lira plunged to unprecedented lows.

A few hours later, he calmly fielded questions from critical international analysts and the press, insisting the central bank had the resources and strategy to overcome the biggest bout of volatility in Turkey’s markets in a decade.

And shortly after that, the 47-year-old risked Prime Minister Tayyip Erdogan’s wrath, putting up interest rates dramatically in a move that spurred the lira to its biggest jump in five years and boosted investors’ hope that a cycle of selling in emerging markets may have been short-circuited.

In one of the world’s most unorthodox policy mixes, the bank had been battling to support the weak lira with foreign exchange auctions, liquidity adjustments and verbal intervention while avoiding outright rate hikes.

Erdogan’s government has condemned rate increases as pandering to an “interest rate lobby” of foreign investors and harmful to economic growth, creating a political climate in which those calling for rate hikes are left feeling like enemies of the state.

CRISIS AVERTED

But on Wednesday, Basci, was being congratulated for bold action that also averted a domino crisis in emerging markets.

“The policy response to severe financial stability risks was punchy, aggressive and credible. An amazing job overall,” said economist Benoit Anne at Societe Generale.

“The Central Bank of Turkey is now back in the game after going through a few tough weeks during which its credibility was heavily challenged by emerging market investors.”

Many Turkish newspapers used pictures of Basci looking determined, his fists clenched.

“Hawkish step from Basci,” said Milliyet, with a cartoon of the governor as a weight lifter. “The central bank pulled out its interest rate gun,” said the daily Taraf.

But the pro-government Sabah newspaper took a more critical line, predicting that the economy would stall.

Alarmed investors have fled Turkish assets as a high-level graft case engulfed figures close to the government, hastening an exit that followed curbs in U.S. monetary stimulus.

Erdogan has launched a purge of the judiciary and police in response to the corruption probe, testing investors’ faith in the independence of state institutions and adding to pressure on Basci to show that the bank does not bow to politicians.

Former academic Basci has seen his name become so synonymous with opaque, elaborate monetary policy since taking the helm in 2011 that some analysts had speculated the midnight-hour announcement might herald yet more monetary black magic.

But during a presentation of the bank’s quarterly inflation report earlier on Tuesday, Basci made clear he would take decisive action to fight rising inflation and a tumbling lira.

“Actually I think this is about a return to orthodoxy for now,” Murat Ucer, an analyst at Istanbul-based investment consultancy Global Source Partners, told Reuters on Tuesday.

HOT MONEY

Basci took charge as Turkey emerged from the global financial crisis and faced dizzying growth rates and a rush of speculative hot money.

Highly respected for his prodigious command of academic theory, he viewed himself as a maverick central banker experimenting with policy tools often untested by more orthodox peers, according to those who have worked closely with him.

To deter destabilising flows of speculative money into Turkey, Basci created a wide “corridor” between the rates at which the central bank borrows and lends in the overnight money market, and manipulated funding costs inside the corridor.

The result has been one of the world’s most complex monetary policy mixes, often to the frustration of economists who have at times accused him of trying to do too much in too complex a way.

To general surprise, the bank has now raised its overnight lending rate to 12 percent from 7.75 percent, its one-week repo rate to 10 percent from 4.5 percent, and its overnight borrowing rate to 8 percent from 3.5 percent – all much sharper moves than economists had forecast.

Central bank insiders describe a highly centralised decision-making process around Ankara-born Basci, who is surrounded by monetary policy committee members also largely from academic backgrounds and reluctant to challenge him.

Ideologically close to Erdogan’s Islamist AK party, he was a childhood friend of Deputy Prime Minister Ali Babacan, seen by international investors as one of the more trusted members of the government’s economic team.

His wife wears the Islamic head scarf, possibly one of the reasons why he didn’t get the governorship in 2006 when he was vetoed by Turkey’s staunchly secular then-president.

Basci taught in Turkey and Britain before becoming central bank deputy governor in 2003.

In January 2013, the London-based magazine The Banker named him central bank governor of the year, saying the bank “had moved ahead of other emerging markets” in designing steps to cope with volatile international capital flows.

Send to Kindle

McIlroy willing to take risks for Dubai hole-in-one jackpot

0
0
Deutsche Bank tournament

By David French
Rory McIlroy will happily chance his arm to bag a $2.5 million prize pot with one swing of his club at this weekend’s Dubai Desert Classic, as the twice major winner aims to continue his encouraging form in the Middle East.

Organisers in the Arab city-state, which has a penchant for extravagance such as breaking the world record for the largest fireworks display to mark the start of 2014, are offering the sum for a hole-in-one at the Emirates Golf Club’s 17th.

Given hole-in-one opportunities are normally reserved for par-3s, trying to land one on a par-4 is not without risks. But, with such a tempting prize on offer, the Northern Irishman is unlikely to be the only one willing to take a chance.
“There are not many chances you have to win $2.5 million in one shot, so I’ll give it a go,” McIlroy told a news conference ahead of the event in Dubai, which starts on Thursday.

Asked if he would risk such an attempt if he was three shots clear in the final round, McIlroy replied: “I mean, if you’re confident enough with your driver, yeah, why not.
“It mightn’t even be a driver, that’s the thing. If they move the tee up, it’s only going to play 295 or 300 yards. It’s a 3-wood. Yeah, why not?”

Whether the 24-year-old would actually take such a gamble remains open to debate but McIlroy’s confidence will have been boosted by his recent showings.
Having endured a pretty torrid 2013, the former world number one has begun to find his form in recent weeks, securing the Australian Open title in December before finishing joint-second at the Abu Dhabi HSBC Golf Championship earlier this month.

McIlroy has also achieved plenty of success in the past in Dubai – his first ever pro tournament win was the 2009 Desert Classic, while his last victory on the European Tour came in November 2012 at the DP World Tour Championships in the emirate.

“Yeah, I’m playing well. I played well in Abu Dhabi and feel like my game has came on a little bit since then as well,” he said when asked about his chances this weekend.
“It’s always good to get a win early on in the season, and it would be nice to be up there at least and challenging for the trophy on Sunday.”

Send to Kindle

They’re back! Troika inspectors to look at NPLs, capital controls

0
0
2troika Christos

By George Psyllides

INSPECTORS from the troika of international lenders started contacts with Cypriot authorities yesterday as part of the island’s third review following the bailout last March.

Perhaps the most pressing issues concern the banking sector, with lenders and Cypriot officials focusing on non-performing loans, the Bank of Cyprus and supervision.

Liquidity and the roadmap for lifting capital controls were also on the agenda of discussions at the Central Bank.

Lenders held talks with finance ministry and legal service officials on the matters of state revenue management, compliance with the new tax framework, and the next steps of merging the inland revenue department with the VAT service.

The reform of the public service will also be discussed with special emphasis on payroll, performance-based employee appraisals and studies prepared by British and other experts.

Cyprus and the troika of the European Commission, European Central Bank and the International Monetary Fund agreed on March 25 to a €10bn bailout, which included imposing losses on uninsured deposits in banks as well as fiscal consolidation measures amounting to 7.2 per cent of GDP by 2016.

Cyprus has passed two previous reviews with flying colours though observers suggest it would be an uphill battle from now on as the government must implement privatisations, which are fiercely opposed by unions.

Send to Kindle
Viewing all 6907 articles
Browse latest View live




Latest Images