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2011-10-06

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2011-10-06

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Green light for Russian €2.5b loan

2011-10-06

THE cabinet yesterday approved a deal for Cyprus to borrow €2.5 billion from Russia and authorised the finance minister to finalise the loan as soon as possible.

“It is a bilateral agreement (between Cyprus and the Russian Federation) starting January 2012,” government spokesman Stefanos Stefanou said.

“(This deal) opens yet another market for the financing of the Republic of Cyprus in addition to the traditional European market, and creates even more prospects for deeper economic cooperation between Cyprus and Russia,” Stefanou said.

Cyprus would have to pay off the loan in 4.5 years, paying a 4.5 per cent interest rate, he said, with no strings attached. The interest rate is less than half market rate, Reuters reported.

Our View: Alternative Dispute Resolution law could be a blessing to our society

2011-10-06

THE MINISTER of Commerce and Industry Praxoulla Antoniadou yesterday welcomed the introduction of the Alternative Dispute Resolution law which would enable consumer disputes to be settled out of court, by an arbitration system. She was speaking at a seminar at which the new law, titled ‘Out of Court Settlement of Consumer Claims by Referral to Arbitration’ was presented.

The new law, the result of an EU directive, would offer a low-cost and speedy procedure for resolving consumer claims. These claims would be examined by an independent arbitrator who would issue a decision within a short period of time. It is a step in the right direction as it offers consumers an affordable and speedy way to claim compensation from suppliers. 

Circle of opposition closing in on president

2011-10-06

A CIRCLE of opposition appeared to be closing in on President Demetris Christofias yesterday, with all parties repeating calls for his resignation. 

Government spokesman Stefanos Stefanou warned that opposition DISY’s demand for the president to either step down or call early elections would set a “dangerous precedent”. 

Christofias has come under severe criticism after refusing to accept the conclusions of investigator Polys Polyviou’s report into the Mari naval base blast, announced on Monday. Polyviou largely pointed the finger of blame at Christofias, saying he had political and personal responsibility for the explosion, which killed 13 people on July 11. 

Seismic vessel spotted west of Paphos

2011-10-06

ANOTHER SEISMIC vessel, believed to be French-owned and hired by Turkey, was yesterday found close to the Akamas peninsula, moving in straight lines around 50 nautical miles west of the island, it transpired yesterday. 

The ship was spotted on the website marinetraffic.com, which tracks ships’ positions in real-time based on received Automatic Identification System data. 

According to the ‘Live Ships’ map on the website, the vessel is the Norwegian-flagged 

Bergen Surveyor, owned by French-based geophysical services company CGG Veritas. 

Homes use on average 6,000KW of electricity a year

2011-10-06

 

A TYPICAL household in Cyprus is estimated to have spent nearly €1,500 on its energy needs in 2009, according to the Statistical Service.

An ad hoc survey shows that a typical household in Cyprus is estimated to consume 1,142kgoe (kg of oil equivalent) and to spend an amount of €1.374.

Some 44.8 of consumption went on heating, 8.3 per cent on cooling, 5.7 per cent on water heating, 14.0 per cent on cooking and 27.2 per cent on electrical appliances and lighting. 

A typical household annually consumes 6,288KWh (Kilowatt-hour) of electricity.

A KWh refers to the use of electrical appliances that use 1000 watts over an hour of time. 

A device using 100 watts running for 10 hours equals 1KWh.

Old town parking scheme underway

2011-10-06

THE NICOSIA Municipality kicked off its pilot scheme of residential on-street parking permits this week in an effort to solve the notable problem of parking in the city’s inner-walls neighbourhoods.

The old-town’s permanent residents will be given a permit to park in allocated spaces on the street, while anyone violating this will incur the usual parking fine. 

The project is a response to the consistent complaints by old-city residents that there is a lack of parking spaces. Ledra Street’s commercial character and the old-city’s vibrant nightlife have led to a tussle for parking in recent years, and local residents have struggled to find parking in front of their homes.

Oral history of 1974 presented

2011-10-06

ACADEMICS will gather at Frederick University in Nicosia tomorrow night to hear the findings of a pioneering study into the oral history of Cyprus since the 1960s.

The study, entitled “The Cyprus Oral History and Living Memory Project” brings together a team of qualitative researchers from Cyprus and abroad, including oral history expert research Dr William Ayers, and led by Frederick University’s Nicoletta Christodoulou.

Radiomarathon enters its 22nd year

2011-10-06

FINANCIAL aid of over €2.5 million was distributed to people with special needs and relative institutions by the Radiomarathon Foundation during the year 2010; an increase of approximately €40,000 from the previous year according to the foundation’s management committee.

Radiomarathon provides financial aid and support to children up to the age of 18 suffering from any illness and also people with special needs of any age. Its annual October fund-raiser is by far the biggest fund-raising event in Cyprus’ calendar and aims at raising awareness on the issues faced by people with special needs.

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.