EXTRADITED former director at now-defunct Marfin Popular (Laiki) Bank, Michael Fole, was remanded Wednesday for one day by a Nicosia court. On his next appearance
(Adds comment by police spokesman in seventh paragraph) By Stelios Orphanides The special administrator of Cyprus Popular Bank Chris Pavlou said that its Russian unit
A Greek court on Monday acquitted two reporters in a slander suit filed by former Laiki bank strongman Andreas Vgenopoulos over publication of his activity
THE NON-PAYMENT of the CyBC’s staff wages on time was still the main news story on the state corporation’s current affairs shows yesterday. It is quite remarkable how a decision taken by the legislature last Thursday – not to approve the budget of the CyBC – could still be hogging the corporation’s radio, television and web headlines four days later. Nothing new has happened since apart from the fact that staff unions had decided to stage two, 10-minute work stoppages every day in protest against the decision.
INSURERS of the island’s largest power plant in Vasilikos have agreed to cover the damages to the station, allowing essential restoration work there to get underway.
The plant sustained heavy damage in the July 11 blast from Mari naval base, effectively knocking it off the grid and leading to rolling power cuts as the system struggled to cope with the load.
Discussions between the Electricity Authority of Cyprus (EAC) and the insurers and re-insurers (16 companies in all) had been ongoing for months.
The power plant (excluding combined cycle unit no 5) is insured with Cyprus-based Atlantic Insurance for up to €700 million.
A GROUP of helmet-wearing, black-clad assailants stormed the hall where student elections were taking place at the University of Nicosia yesterday, assaulted people and made off with four ballot boxes.
Police spokesman Michalis Katsounotos said the incident occurred at around 5.30pm, when “between 10 and 15 people wearing helmets and in black uniforms, entered swiftly and suddenly in formation into the hall where elections were taking place”.
According to the spokesman, “they started throwing chairs, pushing people while at the same time one or two of them used spray on students in the hall who tried to respond”. They then stole four ballot boxes and marched out swiftly in formation again from the hall.
THE CYPRUS stock market was reeling yesterday when the the index slid to a record low after a bad week and uncertainty over the euro zone debt crisis.
The general index plunged 7.16 per cent, a new record.
The main market index fell by 7.61 per cent while banking index fell 7.8 per cent.
Bank of Cyprus shares plummeted by 7.77 per cent followed by Marfin Laiki at 9.27 per cent and Hellenic Bank 3.39 per cent.
The FTSE/CySE 20 index fell by 6.99 per cent.
The hotels index marked no change, the alternative market rose slightly by 0.19 per cent while the parallel market rose by 1.52 per cent.
Total transactions for the day amounted to €1.42 million.
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.
