Michele's Feed
Jul 9, 2013

Ex-Cypriot defense minister found guilty of 2011 munitions blast

NICOSIA (Reuters) – A former Cypriot defense minister was found guilty of manslaughter on Tuesday over a deadly munitions blast two years ago that killed 13 people and crippled the economy in the island’s worst peacetime disaster.

A court ruled that Costas Papacostas, who served in the former communist government, bore direct responsibility for a sequence of failures to safeguard a cargo of confiscated Iranian munitions that exploded in the early hours of July 11, 2011.

Jul 2, 2013

Bank of Cyprus launches voluntary redundancy scheme

NICOSIA (Reuters) – Bank of Cyprus (BOC.CY: Quote, Profile, Research, Stock Buzz) is introducing a voluntary redundancy scheme for staff to cut costs after assuming the assets of a rival lender under an international financial program for the island.

The bank, owned by its biggest clients after their uninsured deposits were seized and converted to equity to help its recapitalization, said the scheme would be open to all staff, including those at subsidiaries.

Jun 26, 2013

Cyprus aims to be region energy hub with LNG terminal

NICOSIA, June 26 (Reuters) – Aiming for energy hub status
and hoping to reboot an economy hobbled by a debt bailout -
Cyprus started talks with three energy firms for the development
of a liquefied natural gas (LNG) terminal.

The terminal, with an estimated cost of $6 billion, will
process the vast natural gas reserves off the east Mediterranean
island. Based on its current timeframe, Cyprus hopes to start
exports by 2020.

Jun 25, 2013

Cyprus says not seeking re-work of debt bailout, but tweaks

NICOSIA, June 25 (Reuters) – Cyprus said on Tuesday it was
not trying to wriggle out of terms of an EU/IMF bailout imposed
on the island, but said some provisions of the deal needed
tweaking to address problems in its battered banking sector.

“Every effort will be applied so our positions are met with
understanding by our partners… We are not seeking
re-negotiation but an adjustment of certain measures,” Cypriot
President Nicos Anastasiades told reporters.

May 31, 2013

Cyprus freezes assets of former bank executives

NICOSIA, May 31 (Reuters) – Cypriot authorities said on
Friday they had temporarily frozen assets of three former senior
executives of a now-defunct bank whose demise triggered Cyprus’s
chaotic bailout.

Cyprus’s central bank said the administrator it appointed
for Popular Bank, also known as Laiki, secured an interim court
order freezing assets of Greek businessman Andreas Vgenopoulos
and two others.

May 17, 2013

Risks for Cyprus are ‘unusually high’, adoption of austerity plan imperative: IMF

NICOSIA (Reuters) – The IMF said on Friday that risks for Cyprus were “unusually high” given its weak banking sector and economy and the island’s full adoption of an economic austerity plan was imperative.

The island’s 17.5 billion euro economy faced risks from the uncertain impact of the crisis in its banking sector and the possibility that its economic contraction could be deeper than projected, the IMF said in a staff report.

May 16, 2013

Cyprus gas has big role in weakening Russia gas role

BRUSSELS/NICOSIA, May 16 (Reuters) – Cyprus could use its
reserves of gas to meet up to 40 percent of Europe’s additional
gas needs over the next decade, helping to curb the European
Union’s reliance on Russia, the head of the island’s national
gas firm said.

Europe has hopes Eastern Mediterranean gas reserves can help
to diversify its supply sources, as well as easing Cyprus’s
economic pain and potentially playing a role in healing the rift
between the northern and southern parts of the island.

May 15, 2013

Cyprus banks more vulnerable than previously thought -auditors

HELSINKI/NICOSIA, May 15 (Reuters) – Cyprus’s banking
system, which is being restructured under an international
bailout, is more vulnerable to money laundering than previously
thought, a report commissioned as a condition of the rescue
said.

Auditor Moneyval and financial advisory firm Deloitte found
due diligence and safeguards by Cypriot banks to be insufficient
in some cases, according to a summary report of their findings.

May 15, 2013

Insight: Bank documents portray Cyprus as Russia’s favorite haven

NICOSIA (Reuters) – When the Cyprus bank run began earlier this year, Russians set much of the pace. Documents seen by Reuters show that as the Mediterranean island headed towards financial meltdown in March, most notable among companies transferring money from the country’s two main banks were Russians and East Europeans.

At least 3.6 billion euros ($4.67 billion) was removed in two weeks by big depositors, according to the documents. Though many companies listed initially appear obscure, a Reuters analysis shows a significant proportion are vehicles for foreign investors more at home in Moscow or Kiev than Nicosia.

May 15, 2013

Bank documents portray Cyprus as Russia’s favourite haven

NICOSIA, May 15 (Reuters) – When the Cyprus bank run began
earlier this year, Russians set much of the pace. Documents seen
by Reuters show that as the Mediterranean island headed towards
financial meltdown in March, most notable among companies
transferring money from the country’s two main banks were
Russians and East Europeans.

At least 3.6 billion euros ($4.67 billion) was removed in
two weeks by big depositors, according to the documents. Though
many companies listed initially appear obscure, a Reuters
analysis shows a significant proportion are vehicles for foreign
investors more at home in Moscow or Kiev than Nicosia.