Our View Cyprus should not be an Israeli military training ground

first_imgAKEL spoke for many people when it expressed its disapproval of the joint military exercise between the National Guard and the Israeli Defence Force on Cyprus Republic territory. Cyprus gained no benefit from the joint exercise and therefore had no reason to stage it. If anything, it could have harmed relations with neighbouring countries without giving the country any strategic, political or economic advantage.The exercise, said Akel, “not only does not serve the interests of our country, but involves us in dangerous war plans with an army that has been an occupying force for 50 years in the Palestinian territories.” It also sent out the “wrong message to Cyprus’ Arab neighbours with whom Cyprus has developed excellent relations over time.” It added that any “form of militarisation of the co-operation between the Republic of Cyprus and Israel is also dangerous for Cyprus and peace in the region.”Did this not occur to the government when it agreed to the use of Cyprus territory for IDF special forces’ drills? Does the government really think it can sell these drills as “joint exercises” that are “aimed at enhanced defence co-operation,” as the defence minister Christoforos Fokaides said on Tuesday? When, for instance will National Guard commandos take part in joint exercises in Israel as part of this “enhanced defence co-operation”?Israeli newspaper Haaretz, having failed to secure a detailed account of the drills from the IDF, speculated that Israeli commandos were being trained “on the Troodos mountains of all places, because they were similar to the mountainous regions in and around Israel.” It added that the IDF “has been trying to improve the quality of its drills so that they will be as similar as possible to the areas where combat could potentially take place.” There was no mention about any military co-operation with Cyprus.Stung by Akel’s criticism, the defence ministry issued a statement full of platitudes about the island “upgrading its geopolitical role as a security contributor and a factor for stability in our region.” It also had the nerve to accuse Akel’s rhetoric of “unjustifiably involving Cyprus in regional conflicts, when the only role we play as a country is a balancing and bridging role.” The absurdity of this argument defied belief. Was it Akel’s rhetoric that was unjustifiably involving Cyprus in regional conflicts or allowing the IDF to use the Troodos mountains for military drills so it could be better prepared to fight its neighbours?We suspect that President Anastasiades gave the go ahead to these drills because creating the impression there was a military alliance with Israel would help his re-election drive. There is no other plausible reason to explain it. There is no such alliance and no rational reason to have one. The government should carry on strengthening relations with Israel, but allowing it to use Cyprus for military training is step too far, from which Cyprus has nothing to gain.You May LikeFigLeaf Beta AppHow to Become Fully Anonymous Online in Less Than 3 Minutes? Better safe than sorryFigLeaf Beta AppUndoClassmates.comLook For Any High School Yearbook, It’s FreeClassmates.comUndoTruthFinder People Search SubscriptionOne Thing All Liars Have in Common, Brace YourselfTruthFinder People Search SubscriptionUndo Pensioner dies after crash on Paphos-Polis roadUndoTurkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img read more

Stability and confidence needed to reinvigorate economic activity

first_imgThe creation of conditions for stability and confidence is a prerequisite for reinvigorating the economic activity in Cyprus, Finance Minister Harris Georgiades said on Tuesday addressing the Reintroducing Ourselves, New Beginning conference in Nicosia.“This cannot be achieved with words but with specific moves and initiatives such as the continuation of prudent and responsible public financial management and to avoid deficits,” he said.In this way, Georgiades added, “we can continue to create the conditions for further reducing the tax burden, beyond the 15 policy measures already implemented introducing tax incentives and targeted tax relaxation.“The creation of the conditions for stability and confidence constitutes a prerequisite for reinvigorating economic activity,” Georgiades said.He added that through the creation of an environment of stability significant investments are being implemented such as marinas, new air carriers operating to Cyprus and new shipping companies establishing a base on the island.Georgiades said the continuation of the efforts to consolidate the banking sector is necessary, adding that the continuation of the reform effort in the public sector and the economy in general is also imperative.He said the strong recovery in the economy was unexpected for many both at home and abroad.“Many believed that the Cypriot economy would remain locked in a vicious circle of recession, downgrades and memorandums,” he said, but “our view was different because we knew problems were specific and could be addressed”.You May LikeLuxury Crossover SUV I Search AdsThese SUVs Are The Cream Of The Crop. Search For 2019 Luxury Crossover SUV DealsLuxury Crossover SUV I Search AdsUndoDr. Marty ProPower Plus Supplement3 Dangerous Foods People Feed Their Dogs (Without Realizing It)Dr. Marty ProPower Plus SupplementUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndo Concern over falling tourism numbersUndoTurkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoOur View: Argaka mukhtar should not act as if he owns the beachUndoby Taboolaby Taboolalast_img read more

Court hears concerns that dead baby was abused

first_imgThe parents of the three-month old baby boy who died last week from head injuries were remanded on Tuesday for six days by Paphos district court after suspicions were raised concerning the circumstances around the infant’s injuries.The baby died last Thursday, four days after his father rushed him to Paphos general hospital in a comatose state. Doctors initially declared him dead and said he had ingested his own vomit but they managed to resuscitate him 45 minutes later and transferred him to Makarios children’s hospital in Nicosia. A head scan showed brain injury and an epidural hematoma. He died on Thursday from his head injuries.The 29-year-old parents had said that the baby had fallen off the sofa three days before they sought medical assistance, but no one was concerned until he started vomiting. Police however are now investigating whether there is more to the case.The police investigator told the court the severity of the head injury suffered by the infant is incompatible with falling from a 70-centimetre high sofa. Such an injury, he said, is caused by a drop from a bigger height.He also told court that a friend of the family reported that the couple have quick tempers and the father consumes a lot of alcohol. They reportedly often left their children to go hungry and without proper sanitary care.A report against the couple was filed to social welfare services last May, the court heard. The couple has two more young children aged two and three, who have now been put in the care of the welfare office.The father reportedly told police that on February 17 he heard a thud and after rushing to the bedroom found the baby on the floor, bruised and with a slightly puffy forehead. The baby, the father told police, vomited twice that day, but his condition only raised alarm three days later, when milk was coming out of his nose. A neighbour, he said, took him and the baby to hospital.The mother told police the baby fell from the sofa while she was at work and they did not take him to hospital as he seemed well. She claimed that when she asked her husband to take the baby to the hospital he refused fearing they would lose custody of their children.The woman told police that she and her husband have been living in Paphos for the last six years. She described her husband as violent and aggressive and said in the past he had violently rocked the baby, throwing him violently into his crib. She also said her husband got annoyed by the baby when it disturbed him while he was playing TV games.Police said they have so far taken nine testimonies and will take 40 more from the couple’s family and friends and colleagues of the mother, as the husband is unemployed.The couple were both arrested on Monday.You May LikePopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoScience101Experts Evaluated All 190 Dog Breeds And Ranked Them According To Their SmartsScience101Undothedelite.comCancelled TV Shows: More Fan Favorites Cannedthedelite.comUndo Turkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoConcern over falling tourism numbersUndoPensioner dies after crash on Paphos-Polis roadUndoby Taboolaby Taboolalast_img read more

Two more suspects arrested in double murder Update 2

first_imgA further two suspects were arrested on Friday night in connection to the double murder which shocked the island, while police found the murder weapon used to stab a couple in their Nicosia home last week.A 33-year-old suspect who was remanded for eight days a day earlier was questioned for several hours on Friday where he told police they could find the knife used to commit the crime and clothes he wore when he entered the couple’s home on the night of the murder last Thursday.The clothes and the knife used to stab English School maths teacher Giorgos Hadjigeorgiou, 60, and his 59-year-old wife Dina Sergiou, who worked for the central bank, were found in the suspect’s fathers home.Tests are pending to confirm if the evidence matches his claims.At around 10pm, police said they had arrested a short while ago two people. A female, aged 21, reportedly his girlfriend and a 23-year-old man, his brother.The suspect was questioned between 3pm and 8pm on Friday. He had been remanded for eight days on Thursday and presented himself in court without a lawyer and did not object to the remand.Earlier on Friday, the couple’s 15-year-old son was interviewed by police for around three hours. He identified the suspect.The teenager, who is adopted, was in the house the night his parents were brutally killed.In his testimony on the day of the crime, he told police he saw two men. One, who had his face uncovered entered his room and allegedly told him he had killed his parents, asking the boy where the money was.He led him downstairs to the kitchen and on the way he told him not to be afraid.“I will not hurt you. I also have a son.”The suspect asked the boy to open the kitchen door, which he did, and a second, hooded individual, came in.The teen was then taken to the pantry where he was locked inside.Police said the boy managed to escape half an hour later by removing the louvers from the aluminium door, hurting his hands in the process.He then went upstairs to his parents’ room where he found them stabbed and then went outside to ask for help.A post-mortem found that Hadjigeorgiou had been stabbed 25 to 30 times while his wife suffered around 10 blows. They both had one defensive wound each on their right arms.The boy’s lawyer Giorgos Papaioannou spoke publically for the first time on Friday and said the arrest proved that the 15-year-old had not taken part in the affair and the boy had never been cautioned so as to be considered a suspect.He said he had an opinion on whether police considered the minor as a potential suspect but that ‘is not for publication. I am holding on to the fact that he has not been cautioned’.Papaioannou also voiced concern over the fact that the boy had been targeted from the onset, something that did a lot of damage.He said almost everyone was convinced about the boy’s guilt, and that a lot of scenarios had been mentioned that had no grounds.“In the condition he was in there were people who wrote on social media ‘confess so we can get it over with’. Why do I say all this? So you can understand the damage done to him,” Papaioannou said.Police meanwhile, continued their investigation into the heinous crime but also warned the media to be careful about what they publish.Following the arrest, spokesman Andreas Angelides said further investigations took place and additional evidence was collected and sent for forensics tests.“What we can say at this moment is that the investigation is going well,” Angelides said, adding that there was still a lot of work to be done.Angelides urged the media to avoid speculating and drawing scenarios and allow the authorities to get on with their work.Pathologist Marios Matsakis, who has been hired by the family, insisted it was a robbery gone wrong and that there was nothing else left but to arrest any other perpetrators.On Wednesday, police told the court they had learned that the crime had been planned for five years and that the perpetrators had inside help.The suspect also told investigators that he knew who was involved and what the motive was.No other details were heard in court and the general feeling afterwards was that the story was full of holes.For instance, police found a pair of shoes at the scene, which the suspect said were his. The boy also said he was awaken by a man who didn’t cover his face and who told him he had just killed his parents.Police also said they found two notepads in the suspect’s car during his arrest in which he allegedly wrote details of the crime.You May LikeInfo-life.xyzThe Motorcycle Of The Future From The BMWInfo-life.xyzUndoBestFamilyMag20 Epic Before and After PhotosBestFamilyMagUndoDestinationONEasiest Ways to Immigrate to Canada From United StatesDestinationONUndo Brazil prison riot kills 52, with 16 decapitatedUndoCyprus’ Dothraki warriorUndoClear winner in first round of Kition bishop voteUndoby Taboolaby Taboolalast_img read more

Court to rule Tuesday on BoC injunction

first_imgBy George PsyllidesTHE NICOSIA district court will announce its decision on Tuesday regarding an application for an injunction banning the administrator of the now defunct Laiki Bank from voting at a Bank of Cyprus (BoC) AGM, scheduled for September 10.Lawyers acting on behalf of the Archbishopric and five other individuals and companies, asked the court on Friday to issue an injunction excluding the 18 per cent from the vote.The administrator controls 18 per cent of BoC’s shares, which essentially belong to so-called legacy creditors.Kypros Chrysostomides, representing the plaintiffs, suggested the 18 per cent share was illegal, arguing that any decisions taken with their participation would also be illegal.During the lengthy hearing, Chrysostomides, claimed that the participation of Laiki’s administrator would cause irreparable damage to the BoC if the board was elected illegally.BoC lawyer Polys Polyviou argued that an injunction would not only be wrong but also illegal.Polyviou said the court was neither a securities and exchange commission, nor the Central Bank – issuing an interim order was not within its jurisdiction.The bank has yet to post its consolidated accounts.Chrysostomides argues there is a discrepancy of anywhere from €2.3bn to €2.6bn in funds that should have been credited to old shareholders – a glitch that could mean that pre-bail-in shareholders at BoC would see their stake revised from a diluted 1 per cent to nearer 40 per cent.Under the bailing-in of Bank of Cyprus Public Company Limited Decree of 2013 (as amended in July), the nominal value of all ordinary shares was reduced from €1.00 each to ordinary shares of nominal value of €0.01 each.The value of the old shares is the subject of separate applications already filed with the Supreme Court.Old ordinary shareholders and their lawyers are contesting this value, calling it arbitrary.They demand that the Central Bank promptly release the findings of audit firm KPMG, which carried out an independent evaluation of BoC’s assets.The Church of Cyprus used to control a 5.0 per cent stake in the bank and wants to have a say.Under a decision in March to ‘bail-in’ Cyprus’ two largest lenders, BoC and Laiki, losses were imposed on large savers in both banks.Laiki is being resolved, with all of its liabilities and some of its assets folded into BoC.The latter has been recapitalised by seizing large savers’ cash via a deposit-for-equity swap.Old shareholders were all but wiped out, with the bank’s creditors now forming the new shareholder base. You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoGundry MD PrebioThrive Probiotic SupplementBad Digestion Slowing You Down? Top Doctor Reveals What You Need To DoGundry MD PrebioThrive Probiotic SupplementUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoVarosha move merely a ‘PR stunt’ by Ozersay, expert saysUndoby Taboolaby Taboolalast_img read more

Tighter controls on sex offenders in the works Nicolaou says

first_imgA bill to amend the existing law on the Prevention and Combating of Sexual Exploitation, Sexual Exploitation of Children and Child Pornography, provides for victims to be informed of the release date of their assaulter, Justice Minister, Ionas Nicolaou, said on Friday.The bill aims to cover gaps and omissions found in the law since 2014 when it entered into force. After it is approved by the cabinet, it will be sent to parliament for discussion.During the presentation of the bill, Nicolaou said that the aim was to expand the powers of the Surveillance Authority of Sentenced Persons for Sexual Offences Against Minors so that it can carry out its mandate effectively. The authority, as well as an archive of convicted child sex offenders, was established in 2014. Currently, 25 persons are being monitored by the authority.“The purpose is also to enable law enforcement authorities to inform the victim or his or her guardian or representative of the possible date of release of the sentenced person,” Nicolaou said.The provision in question follows the public outcry last year over the early release of a man convicted of sexually abusing a minor. The man returned to his home, to live without supervision in the same neighbourhood as his victim who was unaware of the man’s release.Nicolaou analysed the amendments noting that the new proposed law provides for the possibility of the court to impose restrictive measures after the sentence has been imposed or even after the convict has been released. It also provides for the expansion of the restrictive measures the court may impose.In addition to the restrictive measures provided for in the existing legislation, Nicolaou said, the court would be able to impose one or more of the following measures: a ban on entering or staying in the victim’s home or of other children, in a school or a place where the victim or other children frequent, a ban on driving in areas where children or the victim frequent, a ban on the person convicted of contacting or communicating with the victim or his / her family or with any child. The court will also be able to ban perpetrators from accessing specific internet sites, from possessing or using material that might cause sexual stimulation and from possessing, buying or consuming alcohol.As regards the surveillance authority, the minister said that the proposed bill provides for the possibility of hiring persons for the supervision of convicted paedophiles after their release.Permanent secretary of the justice ministry and head of the surveillance authority, Andreas Assiotis, said that, since 2014, the authority has monitored 33 convicted paedophiles after their release.At the moment, he said, 25 persons are being monitored by the authority. He said that the authority has asked for a surveillance decree on another 10 persons.Assiotis said that gradual increase observed in the number of persons being monitored after 2014 also highlights the great importance of the surveillance authority’s work.The experience gained from the authority’s four years of operation, he said, has identified the need to amend the existing legislation as at this stage the authority is not given sufficient powers to effectively exercise its role and to impose substantial measures beyond the monitoring programmes offered by the competent services.The authority will also be able to expand the measures it can impose on a convicted paedophile such as house arrest, the obligation to report to a police station, participation in therapy programmes, the obligation to inform authorities of their new home or work address in case they change their job or move. They would also be obliged to inform authorities if they leave the country.MPs heard last year that convicted paedophiles who have been released from prison are visited once a week by social workers or psychiatrists, who then report to the Surveillance Authority. The authority convenes about once a month and reviews individual files of sex offenders. The archive is kept by the police. Sex offenders are currently offered treatment on a voluntary basis.You May LikePopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoYahoo SearchYou’ve Never Seen Luxury Like This On A Cruise Ship. Search Luxury Mediterranean CruisesYahoo SearchUndo Cruise passenger airlifted to Paphos hospitalUndoThree arrested in connection with hotel theftsUndoPensioner dies after crash on Paphos-Polis roadUndoby Taboolaby Taboolalast_img read more

Greece to commission feasibility study for Mediterranean gas pipeline

first_imgBy Karolina TagarisGreece launched an international tender on Monday for a study on the feasibility of a proposed pipeline to carry gas from Israel and Cyprus in an effort to reduce dependence on Russian supplies.The Eastern Mediterranean Pipeline is designed to initially carry 8 billion cubic metres a year of Israeli and Cypriot gas.It would stretch from Israel’s Leviathan natural gas field to Greece and onto European markets through the IGI-Poseidon pipeline, led by Italian utility Edison and state-controlled Greek utility DEPA.The European Commission has said Cypriot gas could play an important role in diversifying supplies but its development is complicated by the long-standing rift between Cyprus and Turkey. The pipeline would pass through disputed waters.Greece’s Energy Minister Yannis Maniatis said there was European interest in creating a new energy corridor, adding it could also reduce energy costs in the recession-hit country.He said the project was “one more step towards turning Greece into the main gateway to Europe for gas from the Caspian Sea, the Middle East and the southeastern Mediterranean.”For Cyprus, the pipeline is one of three so-called Projects of Common Interest (PCI) involving the island, approved by the European Commission, which has backed 250 power and gas projects designed to curb reliance on Russian gas imports and create a single market.The other two are Cypriot plans to create a Liquefied Natural Gas terminal on its southern coast, and a subsea electricity cable linking Israel, Cyprus and Greece.Cypriot energy minister George Lakkotrypis told Reuters the pipeline feasibility study would be led by Greece in collaboration with Cyprus.“We agreed that Greece will lead this one while Cyprus leads the PCI regarding the electricity interconnector,” he said.The highest-profile non-Russian gas project is one to ship Azeri natural gas from the Shah Deniz field, which has become a contest between the Nabucco West project into Austria, led by OMV and the Trans Adriatic Pipeline into Italy, led by Switzerland’s AXPO and Statoil.You May LikeSub Compact SUVs | Search AdsThese SUVs Are The Cream Of The Crop. Research Best New Sub Compact SUVSub Compact SUVs | Search AdsUndoNovelodgeBaby Photoshoots That Went Hilariously WrongNovelodgeUndoEditorChoice.comIf You See Square Waves In The Ocean Get Out Of The Water ImmediatelyEditorChoice.comUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img read more

Russians Cypriot haven undisturbed by sanctions tensions

first_imgBy Laura NoonanCypriots say their island paradise, home to thousands of Russians seeking sun, tax benefits and an EU entry point, has not suffered from deteriorating relations between Moscow and the West and some have seen benefits.The EU and euro member was worried its close links between the two would be put to the test when Europe and the United States started talking about sanctions on Russia to protest its seizure of the Ukrainian territory of Crimea.Any deepening of the crisis could still hurt the economy. US President Barack Obama appeared to toughen his stance on Wednesday and agreed with the EU at a summit in Brussels to work on possible harsher economic sanctions.But the sanctions so far — on individuals and one bank — have not had an impact and some businesses have even reported that interest has picked up from Ukrainian and Russian customers since the crisis began.“When they talked about sanctions first we were very scared (of what it could mean for Cyprus), when we saw what they want, (we see) it is a joke,” said Phidias Pilides, president of the Cyprus Chamber of Commerce, which represents about 8,000 businesses. “It’s not just limited … these are just for appearance.”Some 40,000 Russians live in Cyprus out of a total population of 800,000. Many live in Limassol where shop and menu signs in Russian are common on the main seafront boulevard. There are three local Russian newspapers and children can attend a Russian school.Christos Panagi, general manager of Limassol-based property developer Pandomus, said the bonds between Russia and Cyprus could grow deeper as a result of the crisis.Cypriot law allows those who buy a house worth €300,000 to claim permanent residency rights, while those who spend €5 million of more on property can apply for passports.Panagi said he had seen an increase in Russian and Ukrainian interest in property that would qualify them for residency or passports in the weeks since the crisis broke. “People don’t say that this (the crisis) is the reason,” he said but added that the timing of the interest suggested an obvious link.Cyprus has long straddled the line between the powerhouses of the east and west. It was a dynamic that featured prominently a year ago when Cyprus agreed to rescue its banks by seizing money from big savers, many of them Russian, as a condition of a 10 billion euros bailout from the EU.Some Russians abandoned Cyprus after losing their savings but most stayed.Andreas Neocleous, chairman of the Limassol-based legal firm Andreas Neocleous & Co whose work includes advising Russian investors in Cyprus, said his clients had not been affected by the political drama in Ukraine.Further sanctions would not affect businesses and individuals’ setting up holding companies in Russia, he said.“There were some wheelers and dealers who left Cyprus (after the banking crisis) but the good businesses and good business people are still here,” he said.“The bonds and relations between us and Russia go back in history to the Byzantine times…I don’t think the political situation between the U.S. and Russia will be able to affect those good relations.”However, Pilides said tourism could suffer if Russians were forced to get visas for trips to EU countries as part of further sanctions or if the Russian rouble became so weak against the euro it becomes too expensive for Russian tourists to visit.Data from the Cyprus Tourism Organisation (CTO) shows the number of Russian visitors to Cyprus was second to visitors from the UK in the first ten months of 2013. The CTO was expecting Russian visitor numbers to increase by 25 percent in 2014.Rouble weakness would also make it expensive for Russians to do business in Cyprus. The rouble fell against the dollar and the euro yesterday.Natalia Seleari, owner of a Russian bookstore in Limassol, said up to 30 per cent of her summer trade comes from tourists but a weaker rouble would reduce the cost of her stock. She said she was not worried about an escalation of the crisis.The United States and EU agreed to work together to prepare possible further economic sanctions against Russia.But both Neocleous and Pilides say that other top locations for Russians including the Netherlands, Luxembourg and Britain would have a lot to lose from tighter restrictions.“There are a lot of very wealthy Russians in London…There are more Russians in London than in Limassol,” said Neocleous. (Reuters)You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoKelley Blue BookYou Won’t Believe How Affordable These Ford Car Models AreKelley Blue BookUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img read more

Investors to sue Cyprus over seized deposits

first_imgBy Angelos AnastasiouA group of Greek investors filed a notice of dispute against Cyprus on Monday over losses arising from the Cyprus financial crisis and the March 2013 bailout of Cyprus.The group of nearly 100 investors, including individuals and institutions, is comprised of depositors and bondholders of the Bank of Cyprus and now-defunct Laiki Bank whose funds were confiscated by the Cyprus government following the country’s €10 billion bailout.Leading financial litigation law firms Grant & Eisenhofer, Kessler Topaz Meltzer & Check and Kyros Law, along with public international law firm Volterra Fietta, have filed the notice of dispute as a class claim on behalf of the Greek investors to recover their losses, estimated to be well over €50 million.The notice has been submitted under a 1992 bilateral investment treaty between Greece and Cyprus, which provides that the parties must first attempt to settle their dispute amicably for at least six months.If the parties do not reach a settlement in that timeframe, the claim would then be submitted for resolution by binding arbitration at the International Centre for Settlement of Investment Disputes (ICSID).“This is the first time that the bilateral treaty will be tested as a class action for investors who have suffered losses stemming from the European financial crisis, which gripped Greece and Cyprus particularly hard,” said Grant & Eisenhofer co-managing director Jay Eisenhofer. “We believe strongly in the merits of the aggrieved investors’ claims as a class, and will be working closely with Kyros Law and Volterra Fietta to recover their lost funds.”The investor claimants, who are all Greek citizens or are based in Greece, seek recovery of the value of their deposits or bonds lost as a result of the Cyprus bailout.Their claims arose out of Cyprus’ response to its financial crisis, following Greece’s default on its own bonds in 2012.This development caused a banking meltdown in Cyprus and prompted the negotiation of a bailout loan by international institutions, comprised of the European Commission, the European Central Bank and the International Monetary Fund – collectively known as the Troika.Bondholders were also negatively affected. In July 2013, the Bank of Cyprus announced that holders of convertible bonds and various types of securities would be reduced to 1/100th of their original value.“The unfair terms of the revised bailout agreed between Cyprus and the Troika targeted and discriminated against Greek investors who placed their money and trust in Bank of Cyprus and Laiki Bank,” Eisenhofer said. “Notably, foreign investors made up the bulk of depositors in these two banks. Considering how Cyprus long marketed itself as a tax haven, and had attracted many international investors, the government’s abrupt U-turn and inequitable conduct toward investor funds takes on an even more egregious pall.”Eisenhofer further pointed out that while Greek depositors were subject to extreme bailout measures, many Cypriot public institutions were made exempt. The decree specifically excluded, among others, credit institutions, insurance companies, general government entities and domestic financial auxiliaries.John Kyriakopoulos, managing partner of Kyros Law, said that “the Cyprus government wrongfully deprived many Greek investors of their property and treated them unfairly as a result of the 2012-2013 crisis.”“Not only that, none of the bailout funds will be used to assist the recapitalization of the Bank of Cyprus,” he added.“Instead, shareholders — many of them former Laiki Bank depositors — as well as bondholders and depositors are bearing the entire burden of recapitalization.”Eisenhofer argued that “in the event our clients cannot come to an agreement with the government of Cyprus, our clients are prepared to commence binding arbitration before ICSID.”You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoKelley Blue BookYou Won’t Believe How Affordable These Ford Car Models AreKelley Blue BookUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img read more

Economists disagree on impact of foreclosure legislation as lawmakers debate presidents veto

first_imgBy Stelios OrphanidesLawmakers are meeting this afternoon to decide whether to accept a presidential veto to the December 18, law which suspended foreclosure legislation amid conflicting assessments of the latter’s impact.Two academic economists interviewed by the Cyprus Business Mail said they considered unlikely that the foreclosure legislation would spark massive foreclosures of collateralised homes. They contradicted earlier comments made by former central bank governor Athanasios Orphanides who said that the public cannot take assurances seriously that no mass foreclosures will follow once the legislation is in place.You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoKelley Blue BookYou Won’t Believe How Affordable These Ford Car Models AreKelley Blue BookUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img read more

Franz applauds senior volunteers

first_img State Rep. Ray Franz was on hand at the May 30 Senior Companion and Foster Grandparent Annual Appreciation Luncheon at Crystal Mountain Resort to recognize volunteers over 55 who make a difference in our communities by providing assistance and friendship to local adults and youths. Senior Companions help others with daily living tasks, such as shopping or paying bills so they can remain independent in their homes instead of having to move to more costly institutional care. Foster Grandparent volunteers serve an average of 20 hours a week as role models, mentors, and friends to children in need through local organizations such as faith-based groups, Head Start Centers, schools, and other youth facilities. Categories: News 05Jun Franz applauds senior volunteerslast_img read more

Big Rapids officials join Rep Potvin to support recreation partnership

first_img Categories: News 02Oct Big Rapids officials join Rep. Potvin to support recreation partnership LANSING – State Rep. Phil Potvin, R-Cadillac, welcomed Big Rapids City Manager Steven Sobers and Big Rapids Public Schools Superintendent Tim Haist to the House Committee on Local Government this week for testimony to support legislation that could create more recreation opportunities in the Big Rapids area.House Bill 4578, sponsored by Rep. Potvin, would amend the Recreational Authorities Act to add school districts  to the list of entities allowed to join a recreational authority. Currently only a city, county, village or township are allowed to come together and form an authority. The creation of such an authority would occur after a vote of the citizens in the area.The City of Big Rapids and Big Rapids Public Schools have been working together on ways to join, expand community resources, and recreational offerings in the greater Big Rapids area. Possible projects that may come from the creation of a recreational authority could be community centers, gardens, pools, farmers markets, park improvements, and even historic restoration.“Recreational opportunities in a community are part of what gives a community its character, charm and allure for families and visitors alike,” said Rep. Potvin. “Partnering with schools is a common sense addition that will help create additional investments and more opportunities within our communities.”“This city sees this as more than just a networking opportunity,” said Sobers. “This would bring added facilities and opportunities for the older generation, as well as our youthful population.”Also joining Sobers and Haist in Lansing, but not speaking to the House committee were Nate Scheible of Big Rapids Public Schools and Heather Bowman of the Big Rapids Parks and Recreation Department.The committee listened to testimony on the bill and is expected to revisit the bill in the near future.last_img read more

New treatment forms aim to improve endoflife patient care

first_img Tags: Health Policy 14Nov New treatment forms aim to improve end-of-life patient care A bill sponsored by state Rep. Laura Cox requiring the development of a standardized Physician Ordered Scope of Treatment (POST) form has been signed into law by the governor. A POST form is an advance care planning tool designed to ensure people forced to make difficult end-of-life medical treatment choices are given the respect they deserve in multiple health care settings. The form guides emergency medical personnel and health care providers in whether to administer life-sustaining measures, such as CPR, intubation, antibiotics and feeding tubes, when the patient is no longer able to do so. “We must do everything we can to respect patients’ wishes at the most vulnerable time of their lives,” said Cox, of Livonia. “The form ensures people are able to voice their wishes for end of life care before it’s too late.”  The bill is part of a four-bill, bipartisan package to establish a standard practice for POST forms in Michigan. Twenty-two states have POST programs and 23 have developing programs in the works. Cox’s bill in the package specifically allows a guardian to execute or revoke a POST form on behalf of an individual. Other bills in the package require the Department of Health and Human Services to develop a standardized form, require adult foster care facilities to comply with medical orders provided for on a POST form, and requires health professionals to comply with the most recent order or form when both a DNR order and a POST form exist for a patient. House Bill 4171 is now Public Act 155 of 2017.###center_img Categories: Cox Newslast_img read more

Rep Griffin Legislation an important step in licensing reform

first_img03Oct Rep. Griffin: Legislation an important step in licensing reform The Michigan House today overwhelmingly approved a plan sponsored by state Rep. Beth Griffin making it easier for an individual applying for a state occupational license to have his or her application accepted based on a determination of his or her moral character.Griffin’s legislation, House Bill 6111, is part of a bipartisan, five-bill plan to reform the state’s review of occupational licensing.State regulations often refer broadly to “good moral character” as a requirement for holding a license. In practice, this has often led to those on the licensing board to interpret anyone with a criminal record to be ineligible for an occupational license.“Through data, we are seeing many people – despite spending valuable time and money on obtaining an occupational license – be denied a license after review because of a minor criminal conviction on their record,” said Griffin, of Mattawan, who is a member of the House Regulatory Reform committee. “I understand people convicted of major crimes should be barred from a job for the safety of the community, but in regard to more minor crimes, there are people trying to get their lives back on track and are facing obstacles to obtaining steady employment.”A total of 77 million Americans, or one out of every three adults, have a criminal record according to the National Council of State Legislatures – making it difficult, or even impossible to find work that requires an occupational license. In 2014, employment barriers faced by people with felony convictions – including occupational licensing – were associated with a reduction in the overall employment rate amounting to a loss of at least 1.7 million workers from the workforce and a cost of at least $78 billion to the economy nationwide.“Some Michiganders are missing out on the opportunity to work and provide for their families because of past mistakes they have already paid for,” Griffin said. “This legislative package aids workers in search of employment, helps job providers fill open positions and will work to stop the revolving door some people are experiencing when being released from prison.”House Bills 6110-13, along with 6381, now move to the Senate for further consideration. Categories: Griffin Newslast_img read more

The French Tribunal de Grande Instance de Paris ha

first_imgThe French Tribunal de Grande Instance de Paris has ordered Apple to pay €5 million to Copie France after failing to pay taxes on devices that can make private copies of content.France levies a ‘private copy’ tax on the sale of devices, including tablets, which is then redistributed to content rights holders.Copie France claimed the US consumer electronics giant owed it €7.2 million for 2011 on the sale of its tablets.last_img

German media services provider Media Broadcast has

first_imgGerman media services provider Media Broadcast has taken capacity on two Eutelsat satellites to provide coverage of the German federal elections on September 22.The Eutelsat 3D and 16A satellites will be used by Media Broadcast over the weekend of September 21-22 to transmit live coverage from major sites across Germany including voting booths, the headquarters of the country’s political parties and the Bundestag in Berlin. Over 200 hours of capacity has so far been booked, equivalent to 250MHz of bandwidth on the two satellites.last_img

USbased video ad platform BrightRoll is extending

first_imgUS-based video ad platform BrightRoll is extending its reach into Europe after signing an agreement with data centre company Equinix.BrightRoll has built a new data centre within Equinix’s AM3 facility – which is connected to European interconnection hotspot, the Amsterdam Internet Exchange.“The BrightRoll expansion into Europe represents the company’s commitment to building the world’s leading technology platform that enables advertisers to maximise ROI on video ad spend, while helping publishers maximise revenue for their video ad inventory,” the company said in a statement.The move comes after BrightRoll agreed a similar technology infrastructure deal with Equinix in the US last year.last_img

Shipments of Ultra High Definition UHD TV panels

first_imgShipments of Ultra High Definition (UHD) TV panels exceeded one million for the first time in March, a more than threefold increase month-over-month according to IHS stats. The research firm said that UHD TV panel shipments reached 1.1 million in March, up from 384,300 units in February. In March 2013, shipments were fewer than 150,000.“Contributing to the market’s exceptional showing in March were UHD pre-stocking orders for China’s Labour Day holiday at the beginning of May, and the FIFA World Cup in June,” said IHS.The research found that the top-three biggest panel makers in March were Taiwan’s Innolux in first place, followed by South Korea’s Samsung Display  and LG Display in second and third.Demand for UHD panels will grow to 68.4 million units by 2018, up 350% from 2014, predicts IHS. By comparison, TV panel shipments in general will rise by just 12%, it said.last_img read more

Sarah Barnett BBC America 499 stakeholder AMC N

first_imgSarah BarnettBBC America 49.9% stakeholder, AMC Networks, has appointed SundanceTV executive Sarah Barnett as president and general manager of BBC America.Barnett, who has been at AMC-owned SundanceTV for ten years and is the network’s president and general manager, will replace BBC America’s current general manager, Perry Simon.She is due to begin her new role in early 2015, overseeing both BBC America and Sundance TV for an interim period until a successor at Sundance TV is named.With the move, Simon will take up an exclusive production deal with BBC Worldwide North America. Development commitments are already in place from BBC America and AMC Networks.“I’m delighted Sarah is to lead BBC America as the new general manager within the joint venture. She has a fantastic track record in the kind of intelligent, creative content that is BBC America’s hallmark. And as a highly respected, collaborative team leader I have every confidence she will deliver success for both joint venture partners,” said BBC Worldwide CEO, Tim Davie.Barnett will be based in New York and will lead BBC America’s day-to-day operations, including overall creative and brand strategy, production and development, digital strategy and marketing. She will continue to report to AMC Networks’ chief operating officer Ed Carroll.Barnett joined SundanceTV in 2005 as senior vice president of marketing, becoming head of SundanceTV in 2009 and a year later launched the network’s scripted strategy. Previously she was vice president of on-air for BBC America for four years, after spending 12 years with the BBC in London.The BBC Trust last month approved the partnership between BBC Worldwide and AMC Networks that saw the latter take a 49.9% stake in BBC America.last_img read more

Judit Minda The central Europe division of AMC Net

first_imgJudit MindaThe central Europe division of AMC Networks International has rejigged its operation and will now run across two distinct areas, film and entertainment, and kids and infotainment.The channel operator has brought in CEE TV industry veteran Judit Minda to oversee programming at the new kids and infotainment unit. She was at MTG until recently, and has also worked at HBO Hungary and HBO Central Europe and Spektrumm, as well as prodco Havas Films, which she co-owned.Katalin Radóczy will oversee the film and entertainment division. Both of the divisions will sit alongside the AMCNI’s sports operation in CEE, and there are no changes at that part of the business.Minda and Radóczy will both report to regional CEO Levente B. Málnay.“We are pursuing this reorganisation with the objective to increase profitability on existing markets and to enter new territories. Our goal is to further expand both these programming divisions,” said Málnay.The new units will cover nine of the thirteen AMCNI channels in the CEE region, including AMC, Filmcafe, Film Mania and Spektrum, TV Paprika and Minimax.last_img read more