Cyprus stock market spooked by Greece

2011-06-17

 

GREECE’S mounting debt crisis had the Cyprus stock market spooked yesterday, with leading economists sounding the alarm that the economy could be on a slippery slope unless immediate corrective steps are taken.

The Cyprus Stock Exchange (CSE) closed on a 27-month low, the index dropping to 743.6 and registering losses of 3.11 per cent.

In particular bank shares took a tumble, with Marfin Popular Bank falling almost five percentage points, Hellenic’s 3.28 per cent and Bank of Cyprus 2.48 per cent down, closing at €1.98.

Our View: Greece’s national interest requires a unity government before it’s too late

2011-06-17

IT IS QUITE astonishing that while their country is facing the worst crisis since World War II, Greece’s political parties still cannot unite and provide the kind of leadership necessitated by circumstances. The two main parties, which should have put all differences behind them long before now and agreed on a common strategy for dealing with painful consequences of their economic mismanagement, are squabbling and looking to score political points over each other.

Cabbies threaten to close airport access over demands

2011-06-17

FAMAGUSTA district taxi drivers are threatening to block access to the island’s airports, ports and main traffic arteries if the government fails to satisfy their demands.

Demands include an increase in bus fares, to increase the drivers’ clientele.

The professional drivers made their demands felt during a planned protest yesterday that saw traffic jams build up on the highway and at the entrance to Nicosia.

The demo started at around 10am at the highway’s Ayia Napa exit, by Olympic Lagoon Hotel. On entering Nicosia the cabbies parked along the highway, reducing traffic to one lane.

Cyprus has cleanest bathing water in Europe

2011-06-17

CYPRUS HAS aced an EU 2010 bathing water survey for a second year running, after 100 per cent of the island’s coastal bathing sites met EU guidelines.

The European Environment Agency (EEA) and the European Commission survey examined 112 bathing sites in the government controlled areas of Cyprus, including 58 high quality, or ‘blue flag’ bathing areas. A total of 979 samples were collected and analysed, with all gaining top marks.

After Cyprus, the most clean bathing waters are in Croatia (97.3 per cent), Malta (95.4 per cent), Greece (94.2 per cent ) and Ireland (90.1 per cent).

Reports on semi-government authorities highlight waste of tax payers’ money

2011-06-17

QUESTIONABLE decisions, selective enforcement of the rules, dubious procedures and squandering of taxpayers’ money are once again the highlights of the auditor-general’s reports on semi-governmental organisations.

The reports were submitted to parliament on Wednesday and cover a number of semi-government organisations, including the electricity authority (EAC) and telecommunications company CyTA, which was censured over its promotions procedures that cost thousands in wasted taxpayer money.

Meanwhile the government yesterday said the auditor-general’s reports were necessary tools for the state to solve the problems and improve procedures within the organisations

Fruit sold cheap to protest high prices

2011-06-17

CHERRIES, apricots and peppers were offered at cheaper prices yesterday during a protest by a consumer rights group outside the Commerce Ministry.

The Consumers and Quality of Life Union said it was protesting the high prices of Cypriot fruit and vegetables in Cyprus, which are higher than those of local produce sold in Paris.

“The price of fruit and vegetables in France are three times lower than prices here; for example in France they are €2 to €3 whereas here they are €8 to €9 per kilo, that’s a huge difference,” said Christina Voniati, a member of the union.

UN backed July meeting could have ‘positive result’

2011-06-17

 

THE TRIPARTITE meeting in Geneva on July 7 between the UN Secretary-General and the two sides could end with a positive result, President Demetris Christofias said yesterday.

Speaking after a meeting with Turkish Cypriot leader Dervis Eroglu, the president said the goal was to close the chapter on international agreements in the talks, as well as on internal security, before the Geneva meeting. Whether this was at all possible would become clear very soon since Geneva was “not very far off”, he added.

Christofias said a lot depended on how Eroglu approached certain issues in the talks for which the Greek Cypriot negotiating team came very close to reaching convergence with his predecessor Mehmet Ali Talat.

Graduates call for action to stop English School slide

2011-06-17

THE ENGLISH School is once again being dragged into the spotlight after a group of former students raised the alarm on what they say is the school’s apparent disintegration.

An email is being distributed among members of the English School Old Boys and Girls Association (ESOBGA) calling for immediate action to “Save Our School Now!”

Former students are invited to meet at the entrance of the school next Thursday at 7pm to discuss the future of the “beloved school”.

In the email, graduates are warned: “We must ALL take action NOW to Save Our School or whatever is left of our beloved school TODAY.”

According to the letter, “the situation calls for immediate action because continued deterioration could culminate to (sic) the school’s closure”.

Excavations shed light on ancient Paphos city

2011-06-17

ARCHAEOLOGICAL investigations at the edges and to the south of the Hellenistic-Roman theatre of Nea Paphos have identified significant structures of the ancient city, according to an official announcement by the Department of Antiquities yesterday.

The investigations were carried out October 6 to November 17 of last year by the University of Sydney, under the direction of Emeritus Professor Richard Green, Dr Craig Barker and Dr Smadar Gabrieli.

The announcement said the work had aimed at exploring the relationship between the theatre and the ancient city’s infrastructure.

To this end, a ground-penetrating radar (GPR) survey had been carried out to record a large area to the south of the theatre.

Gene mutations found that are unique to Cyprus

2011-06-17

TWO Cyprus-specific gene mutations that increase the likelihood of breast cancer have been identified by the Institute of Neurology and Genetics.

The genetic changes – in genes BRCA1 and BRCA2 – “haven’t been found anywhere else in the world – not even Greece,” said head of electron microscopy and molecular pathology Kyriacos Kyriacou.

Kyriacou said that whereas the average European family would run a risk of 10 to 12 per cent of getting breast cancer, a Cypriot family with the genetic mutation would have a seven-fold higher risk of developing cancer.

The institute has identified about 70 to 80 families carrying the genetic mutations in either gene (but not both).

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.