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Ex Anorthosis chairman out on bail

07/04/12
 FORMER CHAIRMAN of Anorthosis football club, Andreas Panteli, was released on bail yesterday in Nicosia after being brought to Cyprus on a European arrest warrant. The 52-year-old businessman was arrested in the Bulgarian capital Sofia in connection with attempting to obtain money under false pretences and issuing bounced cheques and brought to Cyprus on Thursday evening. The Nicosia District Court released him yesterday after he posted a bail bond of €15,000 and ordered him to report to a police station twice a week and hand in all travel documents. He is due again in court on April 30.  ... Read on

Remand for ATM scam

05/04/12
PAPHOS court yesterday remanded three people aged 33, 45 and 52 for eight days in connection with installing fraud devices on ATM machines. The Bulgarian men allegedly installed card skimming devices on ATMs to capture data from the cards and steal from bank accounts. The police started investigating in collaboration with JCC payment systems after a member of the public told the police on March 17 that he had spotted an ATM skimming device, police spokesman Andreas Angelides said.During a search at the men’s home in Paphos, the police  found a number of fraud devices for both making, and capturing data, 20 fake credit cards and €4,500. ... 6 comments

Urgent need to focus on reversing downgrades

By George Psyllides 14/03/12
THE FRESH downgrade inevitably prompted criticism from the opposition, which called for additional measures to prop up the economy.DIKO vice chairman Nicolas Papadopoulos said that one of the reasons for the downgrade was the condition of the economy.“Unfortunately it seems that the consolidation measures put in place last December, despite recognised as being in the right direction, were not enough and not convincing,” Papadopoulos said. The DIKO MP said he hoped the government would not restrict its reaction to the usual attacks against the ratings agencies but also “present specific proposals on how to get out of the current financial deadlock... 6 comments

Saving energy...and money

By Poly Pantelides 08/03/12
THOSE looking to lower their energy and water consumption should pay a visit to the state fair between March 16 and 18, stopping by stands five and six.SAVENERGY 2012 will provide information to businesses and home owners on products and services, including renewable energy systems, and energy-saving services for businesses, hotels or homes.ENVIROTEC 2012 will provide information on schemes to save water, improve its quality and use it efficiently. ... 8 comments

Millions wasted on land used as car park

By Poly Pantelides 08/03/12
 THE SUPREME Court ruled against the Finance Ministry this week for using a plot requisitioned over two decades ago as a car park, refusing to return it to its owner.The court said that this behaviour could cost the taxpayer “millions”.Some 21 years ago, the government paid over €200,000 to buy a plot in the Ayios Omologites area in Nicosia to construct a state archive building.“Ever since, various things were done to implement this work,” the court said, but cited a number of false starts.A competition for tenders’ proposals was announced in 1995 for interested architects.Six years later, in 2001, an architectural study was assigned to the winners of that competition, the court said... 5 comments

Change in taxation suggestions would net government more money

By Elias Hazou 07/03/12
CYPRUS should adopt a taxation regime for remote gambling based on a tax on gross profits rather than on turnover, a KPMG study recommends.The study, commissioned by the Remote Gambling Association (RGA), concluded that a taxation regime based on gross profits tax (GPT) would result in more income for the government and better social protection measures for Cypriot consumers.The RGA commissioned KPMG Cyprus to test the effectiveness of the government’s proposal to impose a 3% turnover tax on online betting... Read on

Our View: A rare positive sign: minister and central bank governor working together

06/03/12
IT WAS very surprising to hear Finance Minister Kikis Kazamias offer public support to the governor of the Central Bank Athanasios Orphanides. He is after all a member of the government that has been at loggerheads with the governor and publicly criticised him on countless occasions... 2 comments

Our View: Protecting the privileged at the expense of the poorest

04/03/12
THE CONSUMER Protection Service of the Commerce Ministry announced it had taken all necessary steps to ensure there was no exploitation by retailers of the increase of VAT from 15 to 17 per cent on March 1. Officials from the service had recorded prices of goods before the increase in VAT and would be carrying out checks at supermarkets, which advertised that they would not pass on the two per cent increase to customers... 5 comments

Bearing the brunt of the crisis

By Zoe Christodoulides 04/03/12
“IT FEELS terrible, having to call people up asking for money and relying on charities for help. I can’t even begin to tell you what that does to me psychologically. It’s absolutely awful,” says Yiannoula Theodorou.The 46-year-old mother glances up from her living room couch with tears in her eyes as she speaks of the continuous struggle to keep her large family above water. She is just one of the many whose families have been struck badly by the recession and growing unemployment. A number of health issues within the family have deepened the crisis... 3 comments

Our View: Warped populist tradition of keeping tobacco prices low

03/03/12
 ONLY the deputy of the Green Party Giorgos Perdikis voted in favour of the government bill that would have increased the tax on hand-rolling tobacco. The bill, which had been classed as urgent and submitted to the House Finance Committee on Thursday morning, was voted down in the afternoon’s plenum, the government failing to secure even the support of AKEL’s deputies, all of whom abstained... 12 comments
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