Michele's Feed
Jul 25, 2014

Tanzania takes control of bank accused of money laundering

DAR ES SALAAM/NICOSIA, July 25 (Reuters) – Tanzania’s
central bank said on Friday it had taken over the management of
a bank accused by the U.S. government of large-scale money

The decision comes after the Central Bank of Cyprus (CBC)
placed two branches of FBME Bank under its control following a
report from the U.S. Treasury’s Financial Crimes Enforcement
Network (FinCEN) describing the bank as a “primary money
laundering concern”.

Jul 24, 2014

Almost 20 companies interested in Cyprus Airways sale – minister

NICOSIA (Reuters) – Almost 20 companies have submitted non-binding expressions of interest in Cyprus Airways CAIR.CY, a state-owned carrier that the government wants to privatise, Cypriot Communications Minister Marios Demetriades said on Thursday.

Aegean Airlines (AGNr.AT: Quote, Profile, Research), Ryanair (RYA.I: Quote, Profile, Research) and Israel’s Arkia were among those firms, Demetriades told Reuters.

Jul 17, 2014

Diary offers glimpse of 1974 Cyprus war through teenage eyes

NICOSIA (Reuters) – On a balmy July morning in 1974, Victoria Harwood Butler-Sloss was awoken by the sound of gunfire outside her childhood home in Cyprus’s capital Nicosia.

Aged 13, she started to document a defining moment in one of the world’s most intractable conflicts – a coup against a democratically elected government, engineered by Greece’s military junta, triggering a Turkish invasion five days later.

Jul 4, 2014

Hurt by division, Cyprus’s Othello Tower gets new lease of life

FAMAGUSTA Cyprus (Reuters) – The Cypriot castle where Shakespeare set his drama “Othello” is getting a badly needed makeover after years of neglect stemming from the Mediterranean island’s long-time division.

Ravaged by natural decay and the politics splitting the island for at least 40 years between the Turkish-controlled north and the Greek Cypriot south, the citadel which came to be known as ‘Othello Tower’ will undergo emergency stabilisation work over the next eight months.

Jun 25, 2014

Cyprus central bank sees shallower 2014 recession than forecast

NICOSIA (Reuters) – Cyprus’s economy could contract less this year than the 4.2 percent expected by the euro zone country’s bailout lenders, its central bank governor said on Wednesday.

The European Union and International Monetary Fund, which will lend Cyprus 10 billion euros under a year-old rescue deal, revised the projected drop in output lower last month from an earlier estimate of 4.8 percent.

Jun 18, 2014

Yield hunt ensures smooth market return for bailed-out Cyprus

LONDON/NICOSIA, June 18 (Reuters) – Cyprus returned to
markets on Wednesday little more than a year after it was bailed
out, with investors snapping up a five-year bond that offered
the highest yield of any comparable euro zone debt.

Its comeback – the fastest of any country rescued by euro
zone peers during the bloc’s debt crisis – comes while capital
controls are still in place following its 10 billion euro EU/IMF
bailout, which also imposed losses on bank depositors.

Jun 10, 2014

Cyprus names lead managers for first post-bailout bond

NICOSIA, June 10 (Reuters) – Cyprus appointed lead managers
on Tuesday to arrange its first post-bailout bond, underpinning
its ambitions for a swift comeback to international markets just
a year after teetering on the verge of bankruptcy.

The Cypriot finance ministry said it had mandated Deutsche
Bank, Goldman Sachs International, HSBC, UBS Investment Bank and
VTB Capital to handle briefings for investors. A
euro-denominated transaction may follow, subject to market
conditions, the finance ministry said.

May 29, 2014

Cyprus’s first gay pride march will highlight lack of rights

NICOSIA (Reuters) – Cyprus’s first Gay Pride march on Saturday will highlight the lack of legal rights for lesbian, gay, bisexual and transgender (LGBT) citizens 16 years after homosexuality was decriminalized.

Gay couples in Cyprus do not have the same rights to social housing and other benefits as heterosexuals and miss out on other entitlements such as being consulted over medical treatment if a partner is ill.

May 22, 2014

Biden says solution to division of Cyprus may be in reach

NICOSIA, May 22 (Reuters) – U.S. Vice President Joe Biden
said on Thursday rival leaders in divided Cyprus had agreed to
speed up slow-moving peace talks to heal one of Europe’s most
intractable rifts.

Biden, the most senior U.S. official to visit the island in
more than half a century, said he hoped a solution could be “in
reach” to a dispute that for decades has kept Greece and Turkey
at loggerheads and their ethnic kin in Cyprus estranged.

May 17, 2014

Cyprus lenders say recession not as bad as expected

NICOSIA (Reuters) – International lenders anticipate a shallower recession in Cyprus this year as private consumption continued to drive the economy, authorities said on Saturday, holding out the possibility of an earlier than envisaged return to international markets.

Lenders concluded their fourth mission to the island and said an economic adjustment program was on track, Finance Minister Haris Georgiades told reporters.