Oh what a tangled web we weave

2010-10-27

Millions of US mortgages have been sold and resold by firms without the documents that traditionally prove who legally owns the loans. Many of these loans have fallen into default and banks have sought to seize homes, but judges around the country have increasingly ruled that lenders had no right to foreclose since they lacked clear title. The court decisions, should they continue to spread, could call into doubt the ownership of mortgages throughout the country. This raises urgent challenges for both the real estate market and the wider financial system.

‘Powerful’ sports bands win Australian ‘lemon’ award

2010-10-27

(Reuters) RUBBER wrist bands claiming to promote natural energy flow for greater strength and poise were among the products “named and shamed” by an Australian consumer group yesterday.

The “Power Balance” band was one of eight winners of this year’s “Shonky Awards” handed out by CHOICE, an Australian consumer watchdog that vowed to “put the squeeze on this year’s lemons.”

“Year after year, we are continually amazed by marketers’ efforts to take Australians for a ride,” said CHOICE spokesman Christopher Zinn.

“We don’t actually invite people getting awards because they tend to send us injunctions, but it does come as a surprise for them.”

US slips to historic low in global corruption index

2010-10-27

 

* Somalia, Myanmar, Afghanistan, Iraq judged most corrupt

* Denmark, New Zealand and Singapore top ratings again

(Reuters) THE United States has dropped out of the “top 20” in a global league table of least corrupt nations, tarnished by financial scandals and the influence of money in politics, Transparency International said yeserd.

Somalia was judged the most corrupt country, followed by Myanmar and Afghanistan at joint second-worst and then by Iraq, in the Berlin-based watchdog TI’s annual corruption perceptions index (CPI).

The United States fell to 22nd from 19th last year, with its CPI score dropping to 7.1 from 7.5 in the 178-nation index, which is based on independent surveys on corruption.

World Cup soccer’s psychic octopus dies in Germany

2010-10-27

(Reuters) PAUL, the oracle octopus who shot to fame in the World Cup this summer for his uncanny ability to predict the results of Germany’s soccer matches, has died at his home in Oberhausen at the age of two.

English-born Paul made headlines across the globe after he correctly forecast how Germany would fare in seven matches, before his psychic powers were tested again for the final.

After Germany’s semi-final defeat, Paul tipped Spain to beat the Netherlands in the final, which prompted one news agency to report he had spurred a jump in demand for Spanish government bonds. Paul’s prediction duly came to pass: Spain won.

Our View: Can the minister really be serious?

2010-10-27

A FEW WEEKS ago, Finance Minister Charilaos Stavrakis said that the pensions system in Cyprus was a ticking time-bomb in desperate need of reform. Nobody could ever accuse Stavrakis of being alarmist. On the contrary, he makes a habit of putting a positive spin on all issues, even at the risk of being laughed at. This was a warning we are obliged to take very seriously.

Secret service reportedly behind theft of UN documents

2010-10-27

THE SECRET SERVICE (KYP) was behind last year’s theft of documents from the United Nations, Greek Cypriot and Turkish media have reported.

Daily Politis ran a story Sunday saying KYP was responsible for intercepting the emails of UN Special Envoy Alexander Downer’s aide. Parts of some 6,500-page documents were published by Phileleftheros and have been given extensive coverage by Antenna television channel.

Politis said the “clear goal” of the theft was to derail the ongoing peace talks. The intercepted correspondence apparently portrayed the UN as pushing for arbitration in the talks, and President Christofias as “resisting” these efforts.

AKEL calls on central bank governor to stand by his warnings

2010-10-27

 

THE OPPOSITION yesterday attributed AKEL leader Andros Kyprianou with “political impudence” regarding his statements directed at Central Bank Governor Athanasios Orphanides.

DISY spokesman Haris Georgiades accused AKEL of double standards after Kyprianou called on Orphanides to acknowledge his mistake should his predictions for this year’s state finances prove to be wrong.

Orphanides warned parliament on Monday that government estimates of a 6.0 per cent deficit in 2010 – double the EU recommended ceiling – could prove to be overly optimistic, adding that the deficit may well reach seven per cent of GDP next year.

Fourth prison guard remanded over role in contraband scandal

2010-10-27

A FOURTH PRISON guard was yesterday arrested and remanded in police custory in an ongoing contraband scandal that has turned the Nicosia Central Prison into a shopping centre for convicts.

The 30-year-old guard was remanded by the Nicosia District Court for six days. The guard who maintains his innocence was implicated in the scandal by a convict who said the guard had been responsible for smuggling over 90 phones into the prison.

Last week a Prison Senior Security Inspector, a Sergeant and a Corporal were also arrested and remanded. Yesterday Deputy Director of Prisons George Tryfonides said that the three have already been placed on a three month suspension.

Mechanic handed life imprisonment after stabbing victim 27 times

2010-10-27

A 21-YEAR-OLD car mechanic was yesterday sentenced to life in prison for the premeditated murder of another man, who he stabbed 27 times.

Andreas Spirou, from Pallouriotissa, stabbed Stavros Georgiou, from Analiontas, in the head, back and chest when an argument over €540 got out of hand in October last year. Spirou had confessed to killing Georgiou and then dumping his body in the middle of a busy road in the Dhali Industrial area. The pair had fought over a payment of €540 made to Spirou from Georgiou for a car spare part.

Yesterday the court dismissed defence lawyer Elias Pekris’ claim that the killing was manslaughter, and handed Spirou a life sentence after finding him guilty of premeditated murder.

Banks could be fined up to €500,000 for unfair price hikes

2010-10-27

BANKS WHO do not act in ‘good faith’ toward their customers before cranking up charges will be liable to fines of up to €500,000 under a new law prepared jointly by the House Legal Affairs and Commerce committees.

The bill aims to harmonise local legislation with an EU Directive that makes it obligatory for banks to consult customers before imposing any changes in their fees.

It introduces the notion of ‘good faith’ and aims to protect consumers from unnecessary increases or changes in their loan charges.

Recently thousands of bank customers have received letters informing them that bank fees would be increased in the coming weeks.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.